The US Travel Insurance Association (UStiA) Quick Fact Sheet
The UStiA is a national non-profit organization with a mission to foster ethical and professional standards of industry conduct, cultivate effective state and federal government relations, inform and assist members, and educate consumers.
UStiA members account for an estimated 90% of the US Travel insurance market.
Americans spent nearly $1.8 billion on all types of travel insurance and assistance services in 2010.1
Approximately 27 million American insureds were covered by per trip and annual travel insurance plans purchased from a UStiA member company, and 80% of these plans were package policies that included trip cancellation/interruption.1
Over 124 million insureds in the US were covered by some type of travel insurance and emergency service products provided by UStiA members. Included in this number are annual, per-trip, and travel medical policies as well as credit card and other membership based programs.1
Travel insurance policies that include trip cancellation/interruption benefits represent the largest share of travel insurance purchased, at over 94% of total sales.1
Travel medical and medical evacuation products account for over 6% of total travel insurance sales.1
Traditional distribution channels travel agencies and travel suppliers such as cruise lines and tour operators are responsible for 66% of the market. Online channels including agencies, airlines and internet aggregators, direct to consumer sales, sales from brokers and others, account for 34% of sales.1
Consumers' top misconceptions about travel insurance are that credit cards cover trip cancellation and that travel suppliers provide reimbursements to travelers who have to cancel trips.2
Americans are most likely to purchase travel insurance plans that include trip cancellation insurance when they are traveling internationally or on cruises.2
1 The Travel Insurance Market Survey 2008-2010, conducted by the USTIA. 2 The 2004 - 2006 Travel Insurance Market Survey, conducted by Avalon Actuarial Consulting; an independent Actuarial and Benefit Consulting Firm.