Last year, travel insurance contracts were concluded for 25.7 million euros, in 2022 – for 22.4 million euros. How many Estonians use travel insurance and for what amount? In today's statistics blog, Statistics Estonia analyst Egle Loorits presents the latest data on travel insurance. The purpose of travel insurance is to compensate for possible unexpected expenses that arise during travel. These include, for example, accidents, illnesses, flight delays and cancellations, as well as delays, theft and loss of luggage. If necessary, additional insurance coverage can be purchased. For example, if you plan to engage in extreme sports during your trip, it would be wise to purchase additional insurance coverage. According to the latest data from Statistics Estonia, the amount of travel insurance payments increased by 11% in the second quarter of 2024 compared to the same period last year. Contracts were concluded for a total of 7 million euros. In the first half of 2024, the largest number of travel insurance payments were received in April, while in recent years this month was October. The total amount of travel insurance payments in the second quarter of this year was 3.9 million euros, compared to 3.5 million euros in the same quarter last year. In 2023, the amount of travel insurance payments remained unchanged compared to 2022 and amounted to 14 million euros. Swedbank P&C Insurance AS received the largest number of travel insurance payments in the second quarter of this year (2.8 million euros), followed by Salva Kindlustuse AS (1 million euros) and the Estonian branch of Compensa Vienna Insurance Group UADB (733,000 euros). The changes indicate that more and more people have begun to understand the need for travel insurance. For example, in 2023, a young man contracted leptospirosis while on holiday in America. Since the incubation period of this disease is one week, the symptoms did not appear until after the trip. In America alone, the medical expenses reached 30,000 euros, which the family was reimbursed by the insurance company (source: Õhtuleht, 21 April 2023). Insurance provides us with financial protection in the event of unforeseen circumstances, such as accidents, thefts and crashes. To reduce the financial risks of such incidents, insurance companies offer both life and damage insurance. The best known and most used types of damage insurance are motor insurance, travel insurance and home insurance.
