Understanding trending destinations and leveraging data is crucial for travel insurance providers in designing products that resonate with current consumer needs. At WorldTrips we use deep insights into travel trends to help develop more targeted and relevant insurance offerings.
Destination data offers invaluable insights into the risks and requirements specific to different locations. For instance, areas prone to natural disasters, such as hurricanes or earthquakes, may necessitate different coverage elements for travellers. We can also use average trip cost data to better understand the expenses incurred by our policyholders and reasons for protecting that trip investment.
By analysing such data, we can, for example, customise their policies to include specific coverages, ensuring that travellers receive the most appropriate and comprehensive coverage for their chosen destination.
When it comes to data, WorldTrips data shows that Europe was the top destination for our customers in 2023, while Central America was the least expensive region to visit.
In terms of trip cost, travellers spent approximately 22% more on trips in 2023 compared with 2022. Africa saw the largest increase in cost, with travellers paying US$4,259 more this year than last, while the Caribbean increased $361 since 2022.
Africa saw the largest increase in cost, with travellers paying US$4,259 more this year than last