Travel Insurance Claims Paid Out 8x Policy Premium in 2022
ST. PETERSBURG, Fla., April 25, 2023 /PRNewswire/ -- New data reveals travelers who filed a travel insurance claim saved an average of $1,891 in 2022.
Squaremouth.com, the leading US travel insurance marketplace, reports that travelers spent an average of $266 per policy last year, and received an average reimbursement of $2,157 when filing a claim.
Claim payouts ranged drastically depending on the benefit, from an average of $213 to more than $80,000, exceeding the policy cost by 8 times on average.
Medical Evacuation Payouts Averaged More Than $80,000 in 2022
In 2022, the three highest travel insurance claim payouts came from medical evacuations, and canceled or interrupted trips.
Notable stats:
- Cancellation claims reimbursed travelers $4,110 on average
- The highest paid claim was for a traveler who was medically evacuated, resulting in a payment over $223,000
Delays and Cancellations Account For Nearly Two Thirds of Paid Claims
Most travelers filed claims due to their trip being delayed or canceled.
Notable stats:
- Travel Delay was the most commonly paid out claim in 2022 with 25%
- Pre-departure cancellations accounted for more than 21% of all paid claims last year
- One in five paid claims was related to a medical emergency
|
Claim Type |
Avg Claim |
Highest Claim |
% of Claims |
|
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 % |
|
Emergency Medical |
$763.56 |
$18,847.91 |
21.73 % |
|
Travel Delay |
$610.37 |
$3,600.00 |
24.69 % |
|
Missed Connection |
$281.69 |
$736.92 |
3.90 % |
|
Baggage Loss |
$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 of 2019 to 2022 to compare policy prices to claim payouts. Tin Leg is a travel insurance provider and member of The Squaremouth Group since 2014.
Notes to editors
Available Topic Expert: Megan Moncrief, President, is available for comment and interview. mmoncrief@squaremouth.com (727) 378-0938
About Squaremouth: Squaremouth.com has insured over 3 million travelers. Using Squaremouth's intuitive quoting and comparison engine, award-winning support team, and verified customer reviews, travelers can save time and money to find the best travel insurance policy for their trip.
View original content:https://www.prnewswire.com/news-releases/travel-insurance-claims-paid-out-8x-policy-premium-in-2022-301807290.htmlSOURCE Squaremouth
