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In the United States, more than $1.3 billion was spent on travel insurance in 2006, representing a growth of 20% over 2004, according to the 2007 Travel Insurance Market Survey, which was conducted by the U.S. Travel Insurance Association (UStiA).
The survey reported that, in 2006, more than 67 million Americans had coverage by a variety of travel-related insurance and emergency assistance services from UStiA member companies, an increase of 18% over 2004. What's more, of these individuals, one-third of them – 23 million Americans – bought a per-trip policy, a 20% increase.
Business travel often includes flight delays and cancellations, as well as lost luggage. In addition, emergency medical care is sometimes needed while on the road. Before the next business trip or corporate event, consider purchasing a business travel insurance policy.
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