According to insurance company Berkshire Hathaway Travel Protection’s (BHTP) recent State of Travel Insurance research report, for the second consecutive year, younger travellers (those aged 25-44) have reported the greatest increase in travel insurance buying intent. According to the report, 33 per cent of Millennials with children intend to purchase more travel insurance in 2019, while 29 per cent of travellers aged 55 to 74 (Boomers) said they plan to buy less travel insurance in 2019.
“Now in our fourth year of conducting the State of Travel Insurance research, we are seeing a trend that not just Millennials, but more specifically Millennials with children are showing the most notable increase in travel insurance purchase intent,” said Dean Sivley, President of BHTP. “Millennials with children are also reporting that they travel to the most places and have indicated they are doing so even if risk, real or perceived, is involved.” Millennials with children are most concerned about threats that could impact their family, with 47 per cent of this segment citing disease outbreaks as a travel fear, compared with 38 per cent of Millennials without children.
Further findings included that: younger travellers cite tech-driven and customisable travel insurance as most important, with 43 per cent of younger travellers indicating that they would buy more travel insurance if they were able to customise their travel insurance compared to 21 percent of older travellers; 38 per cent of younger travellers wish their travel insurance was as technologically advanced as the rest of their travel experience, compared to 16 per cent of older travellers; and younger travellers are much more likely than older travellers to be mindful of travel issues, with Millennials pointing to long-term concerns such as climate change and vanishing destinations.