According to survey results by Mondial Assistance USA, a travel insurance company, the majority of Americans intend to take a vacation in 2011, a situation that has not been seen since the start of the global economic crisis.
The insurer, based in Richmond, Virginia, found that 51 percent of Americans claim to be either “somewhat confident” or “confident” that they will be taking a vacation of a minimum of one week in length, and that will be at least 100 miles away from their primary residence. This is an increase of 13 percent over last year.
That said, the vacation season appears to be slow getting started this year, as only 9 percent have already taken their vacations this year, while another 39 percent believe that they will not be able to take a vacation in 2011.
Peter Wiesinger, the chief marketing officer at Mondial Assistance USA, stated that the survey results are promising for the travel insurance industry. He explained that even though there remains some economic uncertainty, more than half of Americans feel that they are able to take a vacation in 2011, “some of the pent-up demand for travel is now working its way through the system.”
The travel insurance industry is highly dependent on people’s willingness to travel away from home, as it provides coverage for the length of the trip in order to address travel-related risks such as baggage loss, medical care, driving insurance outside the country, and many emergency-related expenses. It is important for travelers no matter whether they are driving, taking a bus, taking a train, or flying to their destination.
Though the desire to travel does appear to be improving, the survey also found that only 57 percent of the participants in the survey stated that they felt that it was important to them to take a vacation every year. This is a 67 percent decrease from 2009.