Fear of losing money is the most common reason why US travellers are purchasing travel insurance, according to research from Aon Affinity. More than two in five (41%) gave this reason.

The survey, conducted by The Harris Poll on behalf of Aon Affinity, queried over 2,000 American adults aged over 18 about their attitudes towards travel and travel insurance.

Just under two-fifths (39%) cited fears about “unexpected issues arising before departure after booking months in advance” as their top concern.

Other concerns driving the purchase of travel insurance included worries about getting sick prior to travel (28%), bad weather and natural disasters (26%), needing supplemental medical coverage while abroad (22%), economic uncertainty (21%), and the impact of global conflicts (19%).

Despite this, only half (50%) of Americans have purchased travel insurance, with only 15% buying it for every trip.

Men are more likely to buy travel coverage, with 53% saying they have purchased it, compared with 47% of women.

Younger travellers were more likely to purchase coverage, with 60% of Generation Z (18–27) and 54% of millennials (aged 28–43) saying they have purchased it. This compares with 45% of Generation X (aged 44–59) and 43% of baby boomers (aged 60–78).

The global travel and tourism market is predicted to grow by 5.3% until 2031.