Share to Facebook Share to Twitter Share to Linkedin More and more travelers are opting in on buying travel insurance. When planning a trip, whether it's a quick weekend getaway or an elaborate vacation abroad, most people focus on destinations, flights, and accommodation. What often gets overlooked is an important aspect of travel—insurance.
As Elad Schaffer, Co-founder and CEO of Faye Travel Insurance , notes, “If something goes wrong when you’re traveling, it can not only be incredibly stressful, it can have a monumental impact on your bank account.” This sentiment echoes the increasing awareness of the need for travel insurance as more people recognize its value in protecting their trips. Travel Insurance on the Rise getty Since the onset of the COVID-19 pandemic, there has been a surge in the number of travelers purchasing travel insurance.
According to a report by the US Travel Insurance Association (USTIA), there was a 67% increase in the purchase of travel insurance from 2020 to 2022. This upward trend stems from a heightened concern for potential travel disruptions, health risks, and the changing landscape of global travel. In fact, in 2023, the USTIA reported that 56% of leisure travelers in the US opted for travel insurance, reflecting a significant shift from pre-pandemic norms.
This rise in interest speaks volumes about the changing priorities of modern travelers. With uncertainty around every corner, from potential trip cancellations to unexpected illnes.
