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 channelsâ€”travel agencies and travel suppliers such as cruise lines and tour operatorsâ€”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.