Redeeming airline miles has become increasingly challenging as demand for award tickets has surged by 44% in the wake of recent flight disruptions and geopolitical tensions. Passengers are utilizing miles as a hedge against uncertainty, leading to clogged award inventories and diminishing the value of loyalty points. Travel experts suggest that the flexibility offered by award tickets, which typically carry minimal cancellation fees, is now seen as a form of low-risk insurance. However, this has resulted in a scarcity of available award seats. Airlines are responding by tightening rules on speculative bookings, with Etihad Airways implementing a 72-hour cutoff for cancellations and Qantas Airways automating systems to detect duplicate bookings. Additionally, credit card companies like American Express are reducing conversion ratios for airline partners, further decreasing the value of miles. As airfare prices remain high, travelers are increasingly opting to use their miles for economy seats rather than saving them for premium upgrades.