ST. PETERSBURG, Fla., Oct. 5, 2021 /PRNewswire/ — For the primary time because the onset of Covid-19, journey insurance coverage gross sales have surpassed pre-pandemic numbers, in line with journey insurance coverage aggregator Squaremouth.com. Nevertheless, as journey rebounds, new developments have emerged that present it’s nonetheless removed from “regular.
Squaremouth Analytics in contrast hundreds of journey insurance coverage insurance policies bought pre-and-post-pandemic to establish developments and modifications in how vacationers are reserving their summer season journeys. The info revealed 5 journey developments that showcase the brand new regular.
Worldwide Journey Approaches Pre-Pandemic Ranges
Whereas worldwide journey has at all times accounted for almost all of Squaremouth gross sales, border closures in 2020 compelled vacationers to remain nearer to house.
- Previous to the pandemic, worldwide journey comprised almost 90% of Squaremouth gross sales
- In summer season 2020, over 40% of vacationers remained stateside, the very best quantity in Squaremouth historical past
- In summer season 2021, worldwide journey rebounded to roughly 80% of gross sales
Final Minute Journeys Develop in Reputation
As borders reopen, a pent-up demand has led to vacationers reserving final minute journeys overseas.
- Traditionally, vacationers bought insurance coverage at the very least 50 days earlier than their journey
- In 2020, vacationers had been planning even additional forward, as this quantity doubled to over 100 days for worldwide journeys
- In summer season 2021, Squaremouth experiences vacationers going overseas bought insurance coverage simply 25 days earlier than their journey
Spending Extra to Keep Nearer to Dwelling
For the primary time, home vacationers are spending greater than worldwide vacationers.
- In summer season 2021, the common price of a home journey was 22% greater than a global journey
- General, vacationers are spending about the identical as they did previous to the pandemic, with a median journey price round $3,600
Child Boomers Aren’t Again But
The common age of the journey insurance coverage shopper remains to be properly beneath the historic common.
- Previous to the pandemic, vacationers within the Child Boomer and Silent generations comprised almost half of all Squaremouth clients
- In summer season 2021, solely 25% of vacationers got here from the Child Boomer and Silent generations
- Millennial and Gen X vacationers at the moment are the most important demographic, every accounting for greater than 25% of vacationers
Caribbean Locations Nonetheless Lead the Pack
Caribbean nations that remained open all through the pandemic proceed to steer in recognition, at the same time as borders reopen.
- This summer season, Mexico, Turks and Caicos, and Costa Rica had been the highest 3 worldwide locations on Squaremouth.com
- Previous to the pandemic, Canada, Italy, France, and the UK had been the preferred amongst US vacationers
Notes to editors
Out there Subject Knowledgeable: Megan Moncrief, Chief Advertising and marketing Officer, is offered for remark and interview. [email protected]
Squaremouth maintains a listing of nation insurance coverage necessities right here: https://www.squaremouth.com/locations
Squaremouth.com, and their multi-award successful customer support staff, has helped over 2 million vacationers save money and time to search out the very best journey insurance coverage coverage for his or her journey.
Leveraging a long time of journey experience, and industry-leading know-how, Squaremouth.com hosts essentially the most intuitive journey insurance coverage quoting and comparability engine available on the market at the moment.
Coupled with verified buyer evaluations and the most important portfolio of merchandise, Squaremouth permits vacationers to immediately buy a journey insurance coverage coverage from each main supplier within the US.