Travel insurance becoming increasingly popular

On Behalf of | Aug 3, 2018 | Insurance Law

It appears that international vacations are something more and more Americans are taking these days. According to AAA, the number of American family travelers that engage in international travel is expected to be 9 percent higher in 2018 than it was two year ago.

This trend is having many impacts, including potential impacts for the insurance industry. It appears that, as more Americans are taking international vacations, travel insurance is growing in popularity.

International vacations can have many complex aspects and can be expensive. This may be driving travelers to seek out travel insurance policies to provide some financial protections just in case things like flight delays, flight cancellations, economic uncertainties, health issues or baggage problems strike.

In a recent survey by AAA, nearly two out of every five respondents indicated that they planned to get travel insurance for future international travel. A very common reason given for wanting such insurance was to have financial protection in the event that a trip had to be cancelled.

So, it appears that travel insurance is on the minds of a lot of Americans these days.

One wonders what overall impacts these recent trends of growth of in the popularity of international trips and travel insurance will have on companies that provide insurance to travelers.

How long do you think these trends will last? What do you see as that most important things for providers of travel insurance to keep in mind and prioritize in today’s environment?

As with any types of policy, there can be the potential for complicated issues to arise for insurers regarding claims on travel insurance policies they provide. Skilled insurance lawyers can help insurers address the situation when such issues come up.