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Terrorism insurance coverage has quadrupled in just three years

Terrorism insurance coverage has quadrupled in just three years

Tuesday, April 18, 2017

ST. PETERSBURG, Fla. — In what can be regarded as a sign of the times, a travel insurance comparison site has reported that the number of travel insurance policies purchased with Terrorism coverage has reached an all-time high, nearly quadrupling in the past three years.

According to sales data from Squaremouth, more than 1 in 10 travellers search for Terrorism coverage on its website, with numbers increasing each year since 2012. In the past three years, the number of customers who specifically searched for and purchased a policy with Terrorism coverage has increased by 280%; in the past year alone, that number increased by 165%.

The site also compiled a list of the three-year growth percentage of American travellers buying Terrorism coverage for top destinations. The most popular destination among travellers is the United States, with a growth percentage of 268%. Mexico (364%), Italy (242%), Canada (313%) and United Kingdom (344%) rounded out the top five destinations.

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Over the past three years, the number of U.S. travellers searching for Terrorism coverage when buying insurance for trips to top European destinations increased by 332%. And with a 506% increase, American travellers heading to Germany were the most concerned.

The Terrorism insurance benefit provides cancellation coverage if a traveller is unable to take their trip due to a terrorist attack at their destination. In order for a traveller to be covered to cancel a trip due to terrorism, the attack must meet the following requirements:

  • It must be deemed an act of terrorism by the U.S. Department of State
  • It must be within 7-30 days of the traveler’s departure date, depending on the policy
  • It must occur in or near a city listed on the traveller’s itinerary
  • The traveller must have purchased their policy prior to the attack
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