Travel insurance payouts hit record high in 2023
Travel insurance payouts hit record high in 2023 | Insurance Business America
Travel
Travel insurance payouts hit record high in 2023
How much do insurers pay on average?
Travel
By Mika Pangilinan
The travel insurance sector saw a 30% uptick in the total value of claims paid out to policyholders in 2023.
Travel insurance marketplace Squaremouth.com says this is a historic peak, with payouts averaging at $1,900 per claim.
Additionally, the amount reimbursed to travelers on average was six times the cost of purchasing a travel insurance policy.
Nearly half of the claims paid in 2023 were for trips that…