ST. PETERSBURG, Florida., April 25, 2023 /PRNewswire/ — New Data Reveals Travelers Who Filed a Travel Insurance Claim Saved on Average $1,891 in 2022.
Squaremouth.com, America’s leading travel insurance marketplace, reports that travelers have spent on average $266 per policy last year, and received an average reimbursement of $2,157 when filing a complaint.
Compensation paid varied considerably by benefit, from an average of $213 over $80,000exceeding the cost of the policy by 8 times on average.
Medical evacuation payments have averaged more than $80,000 in 2022
In 2022, the three highest travel insurance claims were from medical evacuations and canceled or interrupted trips.
Notable stats:
- Cancellation requests refunded to travelers $4,110 on average
- The highest paid claim was for a traveler who was medically evacuated, resulting in a payout of more than $223,000
Delays and cancellations account for nearly two-thirds of claims paid
Most travelers filed complaints due to their trip being delayed or canceled.
Notable stats:
- Travel delay was the most frequently paid claim in 2022 with 25%
- Pre-departure cancellations accounted for over 21% of all claims paid last year
- One in five paid claims were related to a medical emergency
|
Complaint type |
Average claim |
Highest claim |
% of complaints |
|
Medical evacuation |
$82,896.39 |
$223,100.82 |
0.22% |
|
Trip cancellation |
$6,448.24 |
$207,894.00 |
18.99% |
|
Trip interruption |
$1,992.07 |
$27,818.28 |
18.48% |
|
Cancel for any reason |
$1,592.35 |
$7,417.78 |
2.09% |
|
Medical emergency |
$763.56 |
$18,847.91 |
21.73% |
|
Travel delay |
$610.37 |
$3,600.00 |
24.69% |
|
Missed connection |
$281.69 |
$736.92 |
3.90% |
|
Loss of baggage |
$271.72 |
$1,000.00 |
4.91% |
|
Baggage delay |
$213.05 |
$434.02 |
4.98% |
Methodology: Squaremouth Analytics compared travel insurance claims data from Tin Leg between January 1 and December 31 from 2019 to 2022 to compare policy prices to claim payments. Tin Leg has been a travel insurance provider and member of the Squaremouth Group since 2014.
Notes to Editors
Thematic expert available: Megan MoncriefPresident, is available for comments and interviews. [email protected] (727) 378-0938
About Squaremouth: Squaremouth.com has insured over 3 million travelers. With Squaremouth’s intuitive quote and comparison engine, award-winning support team and verified customer reviews, travelers can save time and money finding the best travel insurance policy for their trip.
SOURCE Squaremouth
