Americans spent nearly $2.8 billion on all types of travel insurance in 2016, an increase of 19% from the last time spend was analyzed by the U.S. Travel Insurance Association (UStiA), two years ago.
According to the UStiA, 42.6 million people were covered by policies purchased in 2016 through UStiA members. The number of plans sold increased by 28.5%.
Plans including trip cancellation/interruption benefits accounted for more than 87% of the travel protection products purchased in 2016, while medical and medical evacuation benefits accounted for 7.8% of the plans sold. The 2014-2016 Travel Protection Market Study was conducted for UStiA by Willis Towers Watson, an independent actuarial and benefits consulting firm. The study is produced every two years.