Travel Insurance Claims Paid Out 8x Policy Premium in 2022

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Apr 25, 2023, 15:00 ET

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. [email protected] (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.

SOURCE Squaremouth