Travel insurance trends head toward protecting travelers from terrorism losses
Interest in these coverage products has been on the rise due to a growing number of global events.
Leading travel insurance trends aren’t just focused on hurricanes and illness anymore. A considerable number of traveler inquiries are now seeking to make certain that they are protected against losses from terrorism, too.
This shift in the market has been greatly driven by the rise in terrorist attacks happening in popular travel destinations.
Travelers feeling a growing concern about the way terrorism could affect their plans and are requesting information and are purchasing coverage far more regularly, say the latest travel insurance trends. According to a recent Squaremouth data analysis, the number of travel insurance policies bought to include terrorism coverage have increased by almost four times over the past three years.
Over 1 in every 10 travelers look into terrorism coverage, says current travel insurance trends data.
The research indicated that since 2012, the number of people who have searched for terrorism travel insurance on the company’s own website has increased every single year. Moreover, over the past three years, there has been a 280 percent increase in the number of travelers who have actively sought and purchased a travel insurance policy that specifically included terrorism coverage.
During the year prior to the research, there was a 165 percent increase in the number of people specifically looking for and buying terrorism coverage as a part of their travel insurance.
According to the data, American travelers are feeling an increasing threat of terrorism even when heading to some of the most popular destinations in the world. The report on the analysis included the top 10 destinations and the growth in terrorism insurance coverage purchases among travelers headed there. These included:
• Israel (149 percent)
• Italy (242 percent)
• United States (268 percent)
• Bahamas (290 percent)
• Canada (313 percent)
• United Kingdom (344 percent)
• France (351 percent)
• Mexico (364 percent)
• Spain (470 percent)
• Germany (506 percent)
Among the most notable travel insurance trends identified in the report was that travelers headed to Europe showed the largest amount of concern when it came to terrorism risk.