Quotes for travel insurance in Canada have increased by 293 %

Key Takeaways:

• With pandemic restrictions gradually easing worldwide, Canadians have expressed a strong desire to travel both within Canada and abroad, according to a new report from insurance comparison site RATESDOTCA.

RATESDOTCA reported that travel insurance quotes in the third quarter of 2021 were 293 percent higher than the same period last year, based on data from its travel insurance quote platform. While quotation levels have not yet reached pre-pandemic levels, the significant increase suggests that many Canadians are eager to plan vacations.

The report also discovered that, while overall international travel insurance quotes outnumber domestic quotes, a more significant proportion of Canadians travel to domestic destinations than in previous years. As a result, domestic travel insurance quotes for Q3 2021 increased by 330 percent compared to Q3 2019. Meanwhile, international travel insurance quotes fell 14% year on year in the third quarter of 2021.

According to the report, fewer senior travelers are looking for travel insurance when categorized by age. For example, travel quotes from the Silent Generation fell by 76%, while those from the Baby Boomer generation fell by 56%.

Read Also: Know about Canada’s new domestic travel vaccine regulations

According to RATESDOTCA, Canadian travelers will likely increase as more countries relax travel and border restrictions. In addition, several provinces and cities in Canada have also seen a reduction in conditions due to increased vaccine uptake.

The website also stated that, while international travel advisories remain in effect, it is understandable that Canadians would prefer to travel within their borders, increasing domestic travel interest.

The report also suggested that the increase in domestic travel interest could be due to the new normal of remote work, which allows Canadians to take their work with them wherever they go in the country.

Although travel insurance remains expensive compared to pre-pandemic levels, industry insiders believe prices will stabilize once the federal government lifts its blanket advisory on non-essential travel. According to Flight Center spokesperson Allison Wallace, flights for Christmas vacations have already begun to fill up quickly, with so-called “sun destinations” seeing high demand.

Source: insurance-business mag