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A lot can go wrong is a lessons-learned moment for many travelers during the pandemic, and a recent report from a travel insurer says consumers are buying protection at more than twice the rate pre-COVID.
Insurance as the “it” travel accessory was named one of the key trends in the tourism industry highlighted in the “States of Mind Travel Report” published Monday by Allianz Partners, a provider of travel insurance and assistance services.
The data revealed that demand has seen customer intentions to purchase travel insurance across five major European markets (Belgium, France, Germany, Italy and the United Kingdom) increase substantially from 21% in 2019 to 55% in 2022 for international travel, and from 12% to 26% for domestic travel.
Allianz officials say “the increase in stress factors facing travelers today” has created the greater demand.
“As well as navigating ongoing health-related concerns, travelers now face geopolitical turbulence, high inflation and wider economic uncertainties,” Allianz reported. “This is leading to a new attitude to travel, where in-built flexibility and protection against the ‘what-ifs’ are even more important.”