Multi-trip policies on the up
There has been a boom in consumers switching from single-trip travel insurance policies to multi-trip annual policies, said Ciarian Mulligan, managing director of Blue Insurance in Ireland.
Speaking on an Irish news outlet RTE radio show, Mulligan asserted that the trend his company is seeing suggests that more people are taking two to three holidays a year, which in itself signals economic recovery.
Though consumers are still taking out annual insurance policies, said Mulligan, the number of people taking multi-trip insurance increased by 30 to 35 per cent in 2017.
Though Blue Insurance is seeing a hit from Brexit as its currency hedging ran out after the outcome of the vote, Mulligan said that the company has put in a ‘good hedge’ for 2017.
During the interview, Mulligan also stated that he believes that the excess cover holidaymakers must pay when hiring a car abroad is the biggest rip-off in the holiday insurance industry currently. He advised customers to read the terms and conditions of their car hire policies thoroughly to avoid surprise costs.