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Stevens
Point, WI – November 2021 / Newsmaker Alert / Berkshire
Hathaway Travel Protection (BHTP), announces the findings of its seventh
annual State of Travel Insurance survey, which revealed that while
travel volume is reaching some of its highest levels since the start of
the pandemic, consumers look at travel with new skepticism and caution,
largely due to widespread flight disruptions and epidemics. This is fueling
a greater awareness of what travel insurance does and driving consumers
to purchase it more often.
According
to the survey:
-
29% of
respondents purchased travel insurance most of the time they traveled in
2021, compared to only 7% who purchased it for most of their 2020 travels.
-
41% said
epidemics were a reason to buy travel insurance more frequently in 2021,
up from 30% in 2020.
-
30% of
respondents cited knowing what travel insurance covers as a reason to buy
insurance more frequently in 2021, compared to 23% in 2020, an indication
that the upheavals of the pandemic drew travelers to educate themselves
on travel insurance benefits.
“With
widespread flight cancellations and travel disruptions dominating the news
recently, it's no surprise that more travelers are buying insurance more
often,” said Carol
Mueller, Vice President of Berkshire Hathaway Travel Protection. “During
these uncertain times, people want to protect their travel investments
and health while traveling and are actively educating themselves about
coverage that can help with extra expenses that come with common inconveniences.”
The
following are additional key findings from the State of Travel Insurance
related to traveler safety and travel behaviors and intentions.
-
Behavioral
changes travelers adopted during the pandemic will continue into next year,
with respondents indicating they will continue to travel to see family,
wear masks, wash hands more often, and keep distance from crowds.
-
Safest
and least safe destinations, as rated in our survey:
-
A low
incidence of violent crime and crimes/harassment against travelers of color
and the LGBTQ+ community ranked among the most important factors that contributed
to a traveler feeling safe at a destination. These factors influenced perceptions
of safety more than a location being free from disease and terrorist incidents.
-
Montreal
and Singapore ranked as the safest cities among the 30 frequently traveled
destinations listed by respondents, while survey participants rated Rio
de Janeiro, Cairo and Mexico City as less safe than other cities.
-
Canada
and Iceland ranked in the top positions of the 30 safest countries listed
by respondents, while Israel and Egypt were rated less safe than others.
-
Millennials,
who are leading international travel numbers, consider Europe and Asia
the safest destinations.
-
Millennials
(particularly high-income Millennials) have the highest intentions to travel,
with 70% agreeing they would spend $10,000 on travel in 2022.
BHTP’s
State of Travel Insurance research has been conducted each fall
since 2015 by Polymath Research
+ Marketing, using independent national panels surveying thousands
of consumers on future expectations in travel insurance and travel habits.
For a full report, please email the contact below.
About
the State of Travel Insurance
The
State of Travel Insurance is an annual survey that reports insights
on not only travel insurance purchase trends, but also travel expectations.
This year’s survey collected responses from approximately 1,500 U.S. travelers
about their travel habits, their experiences in 2021 and expectations for
2022.
About
Berkshire Hathaway Travel Protection
Berkshire
Hathaway Travel Protection (BHTP) is a registered trademark and a subsidiary
of Berkshire Hathaway Specialty Insurance Company, a leader in specialized
casualty and liability insurance. Berkshire Hathaway Specialty Insurance
Company provides underwriting and claims administration services for some
of the largest distributors of travel insurance in the United States. Created
under the Berkshire Hathaway Travel Protection trade name is the ExactCare®
line of travel insurance, AirCare® flight, WaveCare®, AdrenalineCare®,
LuxuryCare® and other travel-related protections. The AirCare®
and ExactCare® products are provided by Berkshire Hathaway Specialty
Insurance Company. Visit www.BHTP.com
for more information.
About
Polymath Research + Marketing
Polymath
Research + Marketing is a full-service market-research and marketing
agency that specializes in crafting custom research and content to help
organizations reach their business and marketing goals. PRM currently services
firms in the insurance, travel, sports, and manufacturing industries, and
provides research and content support to several top agencies. To learn
more visit www.PolymathPower.com.
Media
Contact:
Carol
Mueller, Vice President
Berkshire
Hathaway Travel Protection |
