Younger demographics show higher interest in travel insurance

Covid-19 has changed almost every aspect of the travel industry, leading to a significant shift in who is travelling amid the pandemic and who is buying travel insurance. Here’s some of the key data revealed by Squaremouth:

  • Millennials and Gen Z travellers accounted for more than 40 per cent of travel insurance policy purchases through in 2021, compared to under 30 per cent in 2020.
  • Just 24 per cent of travellers this year are baby boomers, compared to 40 per cent in 2020.
  • The average trip cost in 2021 is down to US$3,951, a six-per-cent drop from the same period in 2020, partially due to travellers taking shorter trips in 2021.
  • Travellers in the Gen Z, Millennial, Gen X, and baby boomer demographics are all spending less on trips this year compared to last year.

An uptick in travel across all age groups

“Overall, we’ve seen an uptick in travel across all age groups since the rollout of the Covid-19 vaccine,” said Squaremouth Lead Data Analyst, Steven Benna. “Although older travellers are showing that they are more willing to travel than they were a few months ago, younger travellers are still the most comfortable taking trips right now.”

Squaremouth maintains a large portfolio of travel insurance products that offer coverage related to the Covid-19 pandemic, including cancellation and emergency medical benefits that cover the virus, and Cancel For Any Reason coverage. The company recently earned its third international award for its customer service response to the pandemic.

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