The average cost of a trip increased by 5%, while premiums held steady
Generali Global Assistance’s Travel Insurance division (“the Company), has released its findings on travel and insurance trends – compiled from the Company’s proprietary data on insured travel – from the 2018 season.
For the year, the average cost of a trip that travelers insured was $1,976.83 – a slight increase of 5 percent compared to 2017. The average premium remained the same as 2017 at $139 per trip. The average number of people on each plan also got a slight bump up to 1.80 in 2018 from 1.75 the year prior. The average length of a trip has held steady at 9 days for three years running. The average number of days between the purchase of a trip and departure rose to a high of 90 days compared to an average of 81 days in 2017.
Commenting on today’s news, Chris Carnicelli, CEO, Generali Global Assistance said “Natural disasters continued to dominate headlines in 2018, disrupting travel on a global scale. As these types of events proliferate, consumers will continue to look for ways to help protect their valuable travel investments.”
The vacation rental space also saw slight increases from last year, but with a large portion of vacation renters being repeat customers many of the other metrics remained the same as the years prior. In 2018, the average trip cost for vacation home rentals was $1,878 an increase of 1.4 percent from the year prior and 5.6 percent increase over 2016. Meanwhile, average premium cost increased by 1.5 percent, up to $80.16. The average duration remained at 6 days, the same as the three years prior – the average number of days between the purchase of a trip and departure increased to 90 days.
In 2018, insured cruise trips increased by 1,211% compared to 2017, while insured air travel trips rose by 43%. Interestingly there was some movement in the top five travel destinations with the U.S. and Europe swapping spots and Alaska beating out Mexico for a spot in the top five. Rounding out the list we have Italy and Bermuda bumping Canada and Australia out of the top ten and Hawaii moves up a spot to number nine on the list.
“The significant rise in both insured cruise and air travel is encouraging as it is an indication that consumers are gaining a fuller understanding of the need to insure their trips. We will continue to work diligently to educate consumers to not only explain the benefits of travel insurance, but how it works. There are still misconceptions about travel insurance in general and through greater transparency we are striving to clear those up,” Carnicelli added.
Top ten most booked destinations by travelers (compiled from the Generali Global Assistance’s proprietary data on insured travel) were:
About Generali Global Assistance
Generali Global Assistance, formerly Europ Assistance USA, has been a leading provider of travel insurance and other assistance services for more than 25 years. The Company offers a full suite of innovative, vertically integrated travel insurance and emergency services, identity protection solutions, and beneficiary companion services. Generali Global Assistance is part of the multinational Generali Group, which for over 185 years has created a presence in 60 countries with over 76,000 employees. Our success has been built on the foundation of trust that clients have placed in our ability to provide assistance in the most difficult of circumstances.
Generali Global Assistance offers travel insurance through vacation rental and property management companies, leading travel agencies, online travel agencies, other travel suppliers and directly to consumers. For more information on Generali Global Assistance and the policies offered for travelers, please visit: www.generalitravelinsurance.com.
M Group Strategic Communications (for Generali Global Assistance North America)
+1 212 266 0192
Travel insurance plans are administered by Customized Services Administrators, Inc., CA Lic. No. 821931, located in San Diego, CA and doing business as Generali Global Assistance and Insurance Services. Plans are available to residents of the U.S. but may not be available in all jurisdictions. Benefits and services are described on a general basis; certain conditions and exclusions apply. Travel Retailers may not be licensed to sell insurance, in all states, and are not authorized to answer technical questions about the benefits, exclusions, and conditions of this insurance and cannot evaluate the adequacy of your existing insurance. This plan provides insurance coverage for your trip that applies only during the covered trip. You may have coverage from other sources that provides you with similar benefits but may be subject to different restrictions depending upon your other coverages. You may wish to compare the terms of this policy with your existing life, health, home and automobile policies. The purchase of this plan is not required in order to purchase any other travel product or service offered to you by your travel retailers. If you have any questions about your current coverage, call your insurer, insurance agent or broker. This notice provides general information on Generali Global Assistance’s products and services only. The information contained herein is not part of an insurance policy and may not be used to modify any insurance policy that might be issued. In the event the actual policy forms are inconsistent with any information provided herein, the language of the policy forms shall govern.
Travel insurance plans are underwritten by: Generali U.S. Branch, New York, NY; NAIC # 11231. Generali US Branch operates under the following names: Generali Assicurazioni Generali S.P.A. (U.S. Branch) in California, Assicurazioni Generali – U.S. Branch in Colorado, Generali U.S. Branch DBA The General Insurance Company of Trieste & Venice in Oregon, and The General Insurance Company of Trieste and Venice – U.S. Branch in Virginia. Generali US Branch is admitted or licensed to do business in all states and the District of Columbia.