Generali analyses 2018 trends

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Travel insurance

The travel insurance division of Generali Global Assistance, having sifted through and analysed its proprietary data on insured travel, has released its findings on last year’s travel and insurance trends.

The 10 most commonly booked destinations in 2018 were the Caribbean, the US, Europe, the Bahamas, Alaska, Mexico, Asia, Italy, Hawaii and Bermuda; in 2017, the top 10 comprised the Caribbean, Europe, the US, the Bahamas, Mexico, Alaska, Asia, Canada, Australia and Hawaii.

Generali found that the average cost of an insured trip in 2018 was US$1,976.83, an increase of five per cent compared with 2017. Average premiums remained equal to 2017 at $139, while the average number of people on each travel insurance plan rose slightly, from 1.75 in 2017 to 1.8 in 2018. The average length of a trip was nine days, as it has been now for three years running, while the average number of days between a trip being purchased and the departure date rose to 90 days, compared with an average 81 days the previous year.

The company’s data also found that the vacation rental space slightly increased compared with 2017, although a large portion of vacation renters were repeat customers, which meant that many metrics remained roughly the same as preceding years. The average rental stay duration was six days, unchanged for three years.

Insured cruise trips increased by an eye-popping 1,211 per cent in 2018, while insured air travel trips rose by 43 per cent.

“Natural disasters continued to dominate headlines in 2018, disrupting travel on a global scale,” said Chris Carnicelli, CEO of Generali Global Assistance. “As these types of events proliferate, consumers will continue to look for ways to help protect their valuable travel investments. 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.”