Insurers expect international travel to fully recover in 2023

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Insurers expect international travel to fully recover in 2023

According to research , nearly 90 percent of insured trips will be to international destinations. This suggests that international travel will reach pre-pandemic levels for the first time.

The study also predicts that in 2023, Antarctica will enter the list of top destinations for the first time, joining Israel, Costa Rica, Japan, and also France and Spain.

In terms of insured trips, Mexico tops the list with 2,362 sales and an average trip cost of €3,858, followed by Italy — 1,377 tours sold and an average bill of 8,146 euros. Sales to France and Spain amount to 770 and 595 euros respectively, the average cost in these areas varies from 7,711 to 6,790 euros. Antarctica is expected to be the most expensive destination, with a trip there costing more than 17,700 euros.

At the same time, the study shows that travelers will become more frugal in 2023 given economic uncertainty and rising prices. In 2022, travelers spent an average of 25.53 percent more on travel than before the pandemic. Millennials suffer the most from price pressure — they will spend an average of 40 percent more on tourism compared to 2019.

On the other hand, older travelers have already reached the same level of activity as in 2019, but Millennials and Generation Z will continue to spend more for travel insurance.

“More than 60% of travel insurance buyers were born before 1980, including Generation X and Baby Boomers. Collectively, this group is expected to spend over $2 billion on travel in 2023, — insurers comment on the situation.

In 2023, travelers will not worry about the coronavirus as much as in previous years, and airlines will be the focus of travelers. Claims for travel insurance covering COVID-19 risks fell in 2022, while “Trip Cancellation for Any Reason” insurance and “Not to leave”, on the contrary, became more common.

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