Canadian travel insurance quotes have surged 293 per cent in the third quarter of 2021, compared with the same period in 2020, according to rate comparison site RATESDOTCA.
RATESDOTCA produced the figures by analysing data from its travel insurance quoter between the third quarter of 2019 and Q3 2021.
The aggregator says that the rise in quotes indicates that an increased number of Canadians are planning out-of-province or international trips as travel restrictions ease following a rapid decline in interest in 2020 during the onset of the coronavirus pandemic. Further growth is forecast as more countries ease their border restrictions.
Domestic travel interest driving insurance quotes
The rise was primarily driven by growing interest in domestic inter-provincial travel, which saw searches jump 330 per cent in Q3 2021 compared with the same period in 2019.
In Q3 2019, only four per cent of travel insurance quotes by RATESDOTCA were for domestic travel. This more than tripled for the same period in 2020, rising to 14.49 per cent of all quotes generated, and has now reached 17.5 per cent of all travel quotes for Q3 2021.
However, interest in international travel remains below pre-pandemic levels, falling from 95.53 per cent of total travel quotes provided by RATESDOTCA in Q3 2019, to just 82.5 per cent in Q3 2021.
Despite this, the US remains the top destination choice for Canadian travellers, following the recent opening of US borders to Canadians who meet entry requirements. However, interest in visiting has fallen by 66 per cent from 2019. Domestic travel to other destinations in Canada itself has moved to second place in the past two years, rising 94 per cent to surpass previously popular destinations such as Mexico and the UK.
Older travellers, particularly those born between 1928 and 1945, appear to be less interested in purchasing travel insurance, with travel quotes from this generation falling 76 per cent between Q3 2019 and Q3 2021. Individuals born between 1946 and 1964, ‘Baby Boomers’, saw a decrease in demand 56 per cent for the period. Generation X (1965-1980) and Millennials (1981-1996) saw a decrease of 52 per cent and 43 per cent respectively, with those born between 1997 and 2012 falling the least at just 22 per cent.