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London, December 16, 2022 /PRNewswire/ — Consumer travel insurance markets have been significantly impacted by the COVID-19 pandemic, particularly among older travelers that disrupt international travel. Both the acceptance rates and the types of policies purchased have changed, and consumers are now well aware of the risks that may occur due to the epidemic.
Finaccord has released independent consumer research across ten key markets detailing how the travel insurance landscape has changed across different geographies and demographic groups.
Key findings include:
- As expected, there has been significant disruption to core travel markets. International travel was especially influential among older travelers. The proportion of older travelers (55 plus) taking a trip abroad decreased from 44% to 22% in 2017 compared to the 2017 Finacord survey. This was much larger than the 18 to 34 age group, which dropped from 46% to 38% over the same period. Domestic travel was also affected, although the decline was less severe than international travel.
- As a result, the type of guide travelers buy has changed: Domestic-only policies will account for a quarter of all policies acquired in 2022, up from 9 percent in 2017. In contrast, standard policies fell from 73 percent to 44 percent, while all other non-standard policies (eg for backpackers, elderly travelers or people with pre-existing medical conditions) were more popular among insured travelers.
- Claims increased overall, although claims acceptance rates remained stable: It increased from 10 percent in 2022 to 14 percent in 2017, with these ten countries. Canada And the UK doubles the frequency of claims. Despite this, claims acceptance rates are remarkably consistent across many countries. Covid-19 was a factor in 56% of the claims reported by respondents.
- Most consumers are willing to pay more for future travel insurance: Except for France And the US, the majority of respondents in all countries surveyed by Finaccord are willing to pay more for travel insurance if it includes pandemic coverage.
Note to editors:
Finaccord is a financial services-focused market research, publishing and consulting firm, part of Aon plc (NYSE: AON ), a subsidiary of Aon Global Operations SE Singapore. It provides its clients with insight and information on key issues in financial services worldwide, with a particular focus on marketing and distribution.
Finaccord’s series of reports examine consumer attitudes and behavior towards travel insurance and assistance in ten major countries (Australia, Brazil, Canada, China, France, Germany, Italy, Spain, United Kingdom and USA). It uses nationally representative samples to provide insight into key global travel insurance markets, using Finaccord’s survey results of over 13,000 respondents.
To prepare these reports, at least 1,000 respondents were surveyed each Australia, Canada, France, Germany, Italy, Spain and England more than 1,500 inches Brazil And around 2,000 each China and the US. Respondents were asked about their travel in the past 12, 24 or 36 months. To be consistent with previous reports and to capture the impact of the epidemic, only respondents who traveled in the past 24 months were included in the study’s analysis.
Analysis is provided in five main areas: underlying travel trends, travel insurance uptake, characteristics of travel insurance policies, trends in consumer travel insurance and claims during the pandemic.
SOURCE Finacord, Aon Company
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