An increase of a third in travellers to London for the Summer Olympics has seen a rise in travel insurance sales.
The 2012 Summer Olympics has caused a 30% increase in the number of travellers going to London compared with the same period in 2011. Travel insurers are benefiting from this upsurge in business. Allianz Global Assistance USA, the country’s leading provider of travel insurance and travel assistance, says that sales of travel insurance to Americans headed to London between late July and early September are up by 36% compared to the previous summer.
“Summer travel to Europe is always strong, but the 2012 London Olympics is creating a perfect storm of potential headaches for travelers,” said Robert Pearson, Director of Market Intelligence at Allianz Global Assistance USA. “Unexpected illness or injury, significant airline delays and lost or delayed baggage are some of the concerns that consumers have when traveling and they are using travel insurance as a strategy to mitigate those risks.”
According to a study by travel data intelligence firm, Amadeus and Forward Keys, the 36% rise in travel insurance sales exactly matches an expected 36% increase in Americans travelling to London compared with the same period last year.
In addition to coverage for travel-related losses, Allianz Global Assistance provides travelers with 24/7 emergency travel assistance, which can help Americans navigate any medical or travel related situation they may encounter while in London.
Allianz Global Assistance also found that their customers’ trips to London during the Olympics will last about 26 days, which is 22% longer than the average visit to London last summer. Longer stays increase the chance that a traveller may become ill, injured or experience some other event which may require them to file a travel insurance claim or seek emergency travel assistance.