Travel Insurance Sales Keep Climbing

by Richard D’Ambrosio
Travel Insurance Sales Keep Climbing

Photo: Pictures of Money


In a report released this week, Berkshire Hathaway Travel Protection (BHTP) is predicting a rise of nearly 5% in travel insurance sales in 2017, to $2.2 billion.

“The State of Travel Insurance 2017” found that “consumers and travel agencies indicated they would be buying/selling more travel insurance in 2017.” The increase this year follows on a 2016 where sales grew nearly 13%.

BHTP president Dean Sivley told TMR that “the sheer volume of trips” is driving the increase in travel insurance sales, with a smaller percentage of the increase due to the increased cost of traveling, or overall cost of a trip.

Nearly 100 travel agencies responded to the BHTP survey, and 81% of them said they expect consumers to take more trips in 2017 than in 2016, while 61% expect travelers to purchase more travel insurance.

BHTP said “travel advisors are currently the best marketers of travel insurance, but that may not be the case for long.” Sivley noted that little hard data about sales market share exist right now, but it doesn’t appear aggregators are taking travel insurance sales away from agents. Instead, travel insurance aggregators like Squaremouth are helping expand the travel insurance market and raise its overall visibility to consumers.

Sivley also said that in April BHTP will launch a new set of products under the ExactCare brand: ExactCare Value, an “affordably priced comprehensive protection with 24/7/365 worldwide travel assistance,” and ExactCare Extra, a hybrid product combining traditional trip-interruption/cancellation and emergency-medical benefits with the fixed flight-related benefits popularized by BHTP’s AirCare insurance product.

BHTP also is working on an adventure travel product, Adrenaline Care, which it hopes to release by the end of the year, Sivley said. 

  0
  0
Tip of the Day
Daily Top List

Best New York Pizzerias According to Reviews

1. SottoCasa Pizzeria

2. Song’ e Napule Pizzeria

3. Juliana’s Pizza

4. Numero 28 Pizzeria

5. San Matteo Pizza Espresso Bar

Source: TripAdvisor

TMR THIS WEEK
http://services.travelsavers.com/AMGService.svc/REST/GetImage?ImageID=dab35eef-ff9e-e811-853f-782bcb667b27

FOMO Strikes Again! Yep, They Booked It Without You

Should you resist the temptation to unfriend or confront them? Hear the advice of agents who have been there and know how best to handle these unfortunate, but all-too-common scenarios.

TMR Recommendations
Top Stories
Theft of Alaska Airplane by Employee Exposes Gaps in Airport Security
Theft of Alaska Airplane by Employee Exposes Gaps in Airport Security

Tragic event leads to serious concerns about a loophole in the post-9/11 airport security system, questioning how someone could simply hop into a plane and take off unnoticed at one of the busiest airports in the country.

Millennials Seek Safety and Convenience for Family Vacations
Millennials Seek Safety and Convenience for Family Vacations

The search for simplification leads one out of three Millennials with children to work with a travel agent to plan their vacation.

How to Become a Travel Agent: A Guide for the Perplexed
How to Become a Travel Agent: A Guide for the Perplexed

Selling travel is not all about free trips — but the hard work can pay off in a career that is rich in adventure and personal relationships, if you start off right.

ASTA Rebrands and Reorganizes, Drawing NACTA and Smaller Members in Closer
ASTA Rebrands and Reorganizes, Drawing NACTA and Smaller Members in Closer

The NACTA name will go away as members are folded more into the mainstream of its parent organization, and ASTA rebrands from “Agents” to “Advisors.”

For Special Needs Travelers, Travel Agents Can Make All the Difference
For Special Needs Travelers, Travel Agents Can Make All the Difference

Accessible travel is on track to soon account for 25 percent of the overall travel market, as aging Baby Boomers with disabilities retire — and they have the desire and the money to travel.

From Retainers to Hourly Billing, Two Travel Agents Outline Fee Models
From Retainers to Hourly Billing, Two Travel Agents Outline Fee Models

Some are just beginning to charge fees, while young professionals like Kathleen Sullivan say an annual retainer, covering all of a client’s trips for 12 months, are the key to the future for travel agents.

News Briefs
TMR Report Cards
Advertiser's Voice
Advertiser's Voice: Norwegian Cruise Line