Half of Americans (50%) have purchased travel insurance, according to a new survey from Aon Affinity.
Among those who have opted for coverage, most (41%) did so to avoid losing money in case they had to cancel the trip. Many (39%) purchased coverage due to fears about unexpected issues arising before departure after booking months in advance.
“Americans view travel insurance as an essential tool,” said Beth Godlin, president of Aon Affinity Travel Practice, in a statement. “It helps travelers protect their trips from potential disruptions in today’s unpredictable world.”
According to a report from the IMARC Group, the global travel insurance market reached $20 billion in 2024 and is expected to be $50.4 billion by 2033.
The Aon study found 1 in 5 Americans (21%) have purchased travel insurance for several trips, while 14% have bought it for only one trip.
In addition to fears around trip cancellations and unforeseen events, other top reasons for buying travel insurance include worries about getting sick and not being able to go on the trip (28%) and concerns about bad weather and natural disasters (26%). Traveling abroad and needing supplemental medical coverage (22%), uncertainty with the economy (21%) and concerns about global conflicts (19%) were other motivators.
Men (53%) are more likely to say they’ve purchased travel insurance than women (47%). Men are also more likely to buy travel insurance for every trip (18%) than women (13%).
Gen Z (60%) and Millennials (54%) are more likely to buy travel insurance than Gen X (45%) and Boomers (43%).
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