Travelers Spent Almost 25% More on Trips in 2023

Travelers spent approximately 22% more in trips in 2023 than they did in 2022, according to insurance policies issued by WorldTrips for travel around the world last year. The largest increase was in Africa, which saw travelers paying more than $4,000 more per trip in 2023.

Travelers to the Caribbean saw the smallest increase over travel in 2022.

In a bit of good news for travelers, when looking at 2024 trips that have so far been insured by InsureMyTrip, pricing is trending downwards for some of the most popular destinations (as compared to WorldTrips’ 2023 data).

For instance, the average cost of a trip within the U.S. in 2023 cost $6,723 according to WorldTrip, while the average cost of a U.S. trip insured by InsureMyTrip in 2024 is currently around $4,026. Similarly, the average cost of a trip to the Caribbean in 2023 cost $5,939 according to WorldTrip, while the average cost of a Caribbean vacation insured by InsureMyTrip in 2024 is so far $3,857.

Here were the top 10 destinations for travel insured by WorldTrips in 2023 and the average cost, as compared to 2022.

1. Europe
2023: $7,687
2022: $6,869
Difference: + $818

2. United States
2023: $6,723
2022: $5,880
Difference: + $843

3. Caribbean
2023: $5,939
2022: $5,579
Difference: +$360

4. Asia
2023: $6,108
2022: $4,193
Difference: + $1,915

5. Central America
2023: $5,692
2022: $4,903
Difference: + $789

6. Middle East
2023: $6,758
2022: $5,934
Difference: +$824

7. British Isles
2023: $7,192
2022: $6,215
Difference: + $977

8. Africa
2023: $15,542
2022: $11,283
Difference: + $4,259

9.South America
2023: $7,523
2022: $5,827
Difference: + $1,696

10. Canada
2023: $7,148
2022: $5,871
Difference: + $1,277