New research from Aon Affinity, the affinity business of Aon plc, found that more than three quarters (78 percent) of Americans participated in leisure travel in the past two years, and among those who did, about two in five (41 percent) experienced some sort of travel issue. Interestingly, about the same number, 2 in 5 leisure travelers (43 percent), say they purchase travel insurance when it’s available.
“While we’ve seen awareness and interest in travel protection products on the rise across the industry, disparity still exists between the vast volume of leisure travelers and investment in travel insurance products,” said Beth Godlin, president, Aon Affinity Travel Practice, in a written release. “This divide has been fading over time though as travelers better understand what travel insurance covers, what it costs and its value in offering them peace of mind.”
The study, conducted online by Harris Poll on behalf of Aon Affinity Travel, queried more than 2,000 American adults ages 18 and older, among whom more than 1,700 have done leisure travel in the past two years:
- Travel delays (48 percent) and trips being postponed (28 percent) or cancelled (29 percent) top the list of travel issues among those who have had any travel issues in the past 2 years
- A majority of Americans (88 percent) believe it is important that travel insurance for leisure trips cover the cost of their travel in the event of cancellation while 84 percent say it is important that it cover the cost of lost, damaged or stolen items. Three in four (75 percent) believe it is important that travel insurance cover costs for medical treatment while traveling
- About one third (34 percent) of those who have traveled by air for leisure say they have purchased travel insurance for their air travel, however only 9 percent always do so
- Nearly a third (29 percent) of Americans say if they were booking leisure travel, they would pay up to 5 percent of the cost of their travel to insure their trip, but only 14 percent would pay up to 10 percent of their travel costs for insurance
“We’ve seen travel protection policies and resources evolving over the years to better meet consumer needs,” added Godlin. “Both the purchase experience and claims process have become easier and more frictionless for consumers, helping them find the services they need most as well as manage the claims process more seamlessly.”