Most Indian travellers plan to buy travel insurance
A majority of international travellers from India had a high awareness of the benefits of travel coverage
Nine out of 10 (92 per cent of) international travellers flying from India intend to purchase travel insurance for their next trip, according to a report published by ICICI Lombard General Insurance.
About 73 per cent of those surveyed also reported having a high level of awareness of the importance of travel insurance.
Respondents perceived the need to get insurance as highest when visiting Australia and New Zealand – 83 per cent said that they would consider insurance when visiting these destinations. By contrast, only 69 per cent of respondents said they would consider purchasing insurance when visiting other Asian countries.
Single travellers with no dependents were the least likely to express interest in purchasing travel insurance for their next trip, at 87 per cent, with the report noting that as the level of interpersonal responsibility rose, so did interest in travel insurance. Interest among couples was higher, with 92 per cent expressing interest in buying insurance, while among couples with children, this was even higher, at 94 per cent.
“It is encouraging to see that travel insurance is no longer an afterthought, but a proactive choice for a majority of respondents,” said Sheena Kapoor, Head of Marketing, Corporate Communications and CSR at ICICI Lombard. “Additionally, the correlation between family stages and travel insurance awareness is a noteworthy discovery, demonstrating that individuals are increasingly recognising the importance of securing their travel plans, particularly as they progress through various life stages.”
The Indian life insurance industry is also expected to grow at a compound annual growth rate (CAGR) of 12.5 per cent over the next five years.