Now let’s see who is leading the trend as demand for travel insurance grows. Matures show an incredible 14-point jump since last year in their intention to buy travel insurance, climbing to 39 percent. However in 2017, Millennials outpaced Matures with 30 percent having bought it. Factoring in their market size and Millennial families’ expectation to exceed Matures’ average annual vacation spending this year, Millennials remain the dominant generation protecting their trips today. Their intent to buy jumped 3 percentage points to 33 percent in 2018.6
More Boomers bought insurance than predicted last year, with 24 percent having bought it (up from 19 percent in 2015), which will see a modest two percent growth in 2018. Although Gen X’ers are least likely to insure their trip, they show a promising four-point increase in their intent, climbing to 18 percent in 2018.7
Consequently, travel organizations should be adapting their marketing efforts to reach Millennial families, a crucial, growing travel segment.
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Insurance Insurance benefits underwritten by BCS Insurance Company (OH, Administrative Office: 2 Mid America Plaza, Suite 200, Oakbrook Terrace, IL 60181), rated “A-” (Excellent) by A.M. Best Co., under BCS Form No. 52.201 series or 52.401 series, or Jefferson Insurance Company (NY, Administrative Office: 9950 Mayland Drive, Richmond, VA 23233), rated “A+” (Superior) by A.M. Best Co., under Jefferson Form No. 101-C series or 101-P series, depending on your state of residence and plan chosen. Plans only available to U.S. residents and may not be available in all jurisdictions. Allianz Global Assistance and Allianz Travel Insurance are marks of AGA Service Company dba Allianz Global Assistance or its affiliates. Allianz Travel Insurance products are distributed by Allianz Global Assistance, the licensed producer and administrator of these plans and an affiliate of Jefferson Insurance Company. The insured shall not receive any special benefit or advantage due to the affiliation between AGA Service Company and Jefferson Insurance Company. Any Non-Insurance Assistance services purchased are provided through AGA Service Company. Except as expressly provided under your plan, you are responsible for charges you incur from third parties. Contact AGA Service Company at 800-284-8300 or 9950 Mayland Drive, Richmond, VA 23233 or firstname.lastname@example.org.
1. GTIM, Allied Market Research, October 2016
2. Portrait of American Travelers, MMGY Global, 2017
3. Vacation Confidence Index, Ipsos and Allianz Global Assistance, 2018
4-7. Portrait of American Travelers, MMGY Global, 2017