Overseas travel insurance purchase grows 75% post pandemic: ICICI Lombard

Overseas travel insurance purchase grows 75% post pandemic: ICICI Lombard


The post Overseas travel insurance purchase grows 75% post pandemic: ICICI Lombard appeared first on TD (Travel Daily Media) Travel Daily.

 

Research by ICICI Lombard has proven a rise of 76 % in India’s travel insurance on worldwide travels post-pandemic in comparison with 50% earlier than pandemic, as 94 per cent of these planning to travel abroad will subsequently purchase travel insurance for his or her journey. Additionally, digital adoption is excessive for travel insurance purchases, as nearly 1/third of consumers in search of travel insurance go to the insurance firm web sites to purchase the travel insurance, whereas the opposite 30% purchase from on-line aggregators and on-line travel platforms.

Commenting on the analysis Sanjeev Mantri, government director, ICICI Lombard, mentioned, “Our research indicates that the outbreak has raised awareness of the importance of travel insurance. Before the pandemic, only 50% of international travellers purchased travel insurance, but after the pandemic, that number has risen to 76%. Customers are increasingly cautious and seek adequate medical cover, including COVID-19 cover for overseas trips. The bulk of travel purchases always took place digitally, with the numbers now only increasing. Once perceived to be not so important, travel insurance is now a necessity. With ‘revenge travel ‘ now back in vogue, we see a huge opportunity and are delighted to note that one-third of respondents chose ICICI Lombard as the preferred partner of choice.”

ICICI Lombard, to grasp buyer perceptions in direction of travel insurance performed the survey to grasp traveller’s buying behaviours. The survey additionally helps to grasp the distinction in notion between leisure and enterprise travel, willingness to purchase insurance, and the significance of travel insurance in present eventualities & consciousness on COVID-related protection. The research additionally highlights that worldwide travel post-pandemic is extra purpose- pushed, i.e., for enterprise/work and medical causes.

The survey factors out the impetus of pandemic driving travel insurance from being only a commodity to a necessity as post-pandemic, consciousness and adoption of travel insurance elevated considerably. COVID protection is the important thing profit vacationers search whereas in search of travel insurance, not simply medical protection as greater than 1/4th of consumers purchased travel insurance insurance policies resulting from a COVID medical cowl. Also, a rise in post-pandemic journeys to USA/Canada (1.6x) and Europe (1.4x) much like Asia and Australia was noticed.

 

 

The post Overseas travel insurance purchase grows 75% post pandemic: ICICI Lombard appeared first on Travel Daily.



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