Only 24% Of People Bought Travel Insurance In Their Most Recent Trips, 92% Intend To Buy: ICICI Lombard Study
Only 24 per cent of individuals bought journey insurance coverage for his or her most recent journeys, and 92 per cent plan to purchase it for future journeys, in line with a report by ICICI Lombard. The report titled “Research around Travel Behaviors” sheds gentle on journey preferences of people aged 21 to 55 years. Almost 50 per cent of respondents confronted a problem whereas buying their journey insurance coverage, ICICI Lombard mentioned in a press launch on Wednesday citing the research.
The research interviewed 757 people who made at the very least one worldwide non-work-related journey over the previous 12 months and people planning worldwide journey within the subsequent one to 2 years.
Travel Insurance
Furthermore, of some 50 per cent of respondents who confronted a problem whereas shopping for journey insurance coverage, an awesome 80 per cent mentioned they discovered buying journey insurance coverage probably the most
troublesome when another person is reserving their insurance coverage protection.
Preferred Travel Destinations And Travel Trends
Southeast Asia and the Middle East emerged as the highest selections for travellers. European locations are additionally well-liked, significantly amongst North Indian travellers. Additionally, the research unveiled that 47 per cent of respondents supposed to journey throughout the summer time, coinciding with college holidays, whereas the monsoon season is the least well-liked journey season. The younger folks want to journey to the Middle East, whereas the middle-aged group leans in the direction of Southeast Asia.
Respondents with youngsters are extra inclined to have greater than two journeys a 12 months. Those aged 21 to 55 stand out, with 61 per cent saying they undertake two or extra journeys yearly. Similarly, such journeys are one in three for these aged 45 and above. Those who take two or extra journeys have shorter holidays, 11 to 12 days. People taking one journey yearly spend 13-14 days on trip.
Destination Choice And Its Impact On Insurance
The analysis underscores the numerous position journey locations play in travellers’ choices to buy insurance coverage. As a lot as 71 per cent of respondents famous that their alternative of vacation spot determines the necessity for journey insurance coverage. The strongest inclination to purchase insurance coverage was noticed when travellers deliberate to go to Australia or New Zealand, at 83 per cent. The Middle East noticed the bottom demand for insurance coverage, with 74 per cent.
Challenges In Travel Planning
Two in 5 respondents encountered points whereas planning their latest worldwide journey. For younger travellers, visa purposes and finalising bookings posed the largest issues (each at 51 per cent). In distinction, the middle-aged group struggled with airline bookings and arranging logistics between cities at 48 per cent every. Both age teams noticed fewer journey insurance coverage points.
Interestingly, prospects who had been married with out kids appeared to face probably the most challenges, with 48 per cent reporting points. A extremely confronted downside recognized was arranging logistics or transport between cities, no matter whether or not travellers dealt with it independently or by means of journey businesses or a complete tour package deal.
