Travel insurance comparison site Squaremouth, whose platform hosts the largest portfolio of travel insurance providers and policy options offering COVID-19-related coverage, has just released a breakdown of emerging summer 2021 travel trends.
Squaremouth Analytics conducted a comparison of thousands of travel insurance policies purchased by customers both pre- and post-pandemic to detect changes in consumer behavior, as well as shifts on the part of travel insurance providers, in response to COVID-19's impact, as we head into the second summer season that promises to be overshadowed by this continuing global health crisis.
It seems that Americans' summer 2021 getaways are largely going to be of the domestic variety, with an estimated 48 percent of insured trips being booked within the U.S. This represents a sizable increase in comparison with last summer when just 19 percent of travelers kept their vacations within the country.
Squaremouth's study also found that more people are purchasing travel insurance with COVID-19 benefits this year, as almost 35 percent of all policy purchases on summer trips had the "COVID-19" filter applied so that searches would only display policies that provide Coronavirus Cancellation or Coronavirus Medical coverage.
And, given the continued climate of uncertainty when it comes to foreseeing one's personal circumstances and inconstant conditions at the planned time of travel, roughly 27 percent of purchasers are springing for the 'Cancel For Any Reason' upgrade, as compared to the 19 percent who did so in 2020. Squaremouth also noted that, prior to the pandemic, this figure had historically hovered at around only eight percent.
The analysis also revealed that, generationally, it's Baby Boomers who are most ready and willing to jump back into travel. Boomers actually account for 30 percent of this summer's travelers so far, trailed by Gen X at 24 percent and Gen Z at 18 percent.
Among those who bought travel insurance in the month of March, the average age was 41. That's a bit older than the average age seen among purchasers at the start of the pandemic, which fell as low as 38. Before the pandemic era, the average traveler who bought insurance through Squaremouth was 50 or over.
"The rise in travel among Baby Boomers is part of a trend we've seen since the vaccine rollout," says Squaremouth Lead Data Analyst, Steven Benna. "This trend is continuing as travelers begin to book their summer vacations."
Since older Americans were the first to be offered COVID-19 inoculations, and vaccine eligibility is progressing in terms of age, younger Americans may be soon seen to make more solid summer travel plans once more people are immunized.
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