ICICI Lombard General Insurance recently released the results of a consumer study on International Travel Behaviors of Indians in celebration of World Tourism Day on September 27th. The study revealed several key insights into the travel insurance habits and preferences of Indian travelers.
According to the study, 76% of Indian travelers purchased travel insurance for their most recent trip, and a significant 92% expressed their intent to purchase travel insurance for their next trip. This indicates a growing awareness of the importance of safeguarding travel experiences.
The study also highlighted that awareness of travel insurance increases as individuals progress through different family life stages. The highest travel insurance purchasing class consisted of married couples with kids at 78%, followed by married couples without kids (67%), and singles (66%).
Ms. Sheena Kapoor, Head of Marketing, Corporate Communications & CSR at ICICI Lombard, commented on the findings, stating that the statistics reflect a growing consciousness among travelers to protect themselves against unforeseen events during their journeys. She emphasized that travel insurance is no longer an afterthought but a proactive choice for the majority of respondents. ICICI Lombard is committed to providing comprehensive and tailored travel insurance solutions to cater to the diverse needs of its customers.
As international travel continues to rise, the need for travel insurance has also increased. ICICI Lombard has been promoting travel in collaboration with Radio One, featuring Bollywood superstar Ranveer Singh as the host of the #1 travel show “Get Some Sun.”
The survey results revealed that 70% of respondents liked the show, and 62% found the concept to be excellent. The show has contributed to the preference for ICICI Lombard as the travel insurance provider for 97% of the respondents for their next international trip.
The survey also confirmed that ICICI Lombard is one of the top three purchased brands in the travel insurance industry. ICICI Lombard’s travel insurance offers a medical cover of up to 5 lakh USD and covers travelers from 3 months to 85 years without requiring a medical check-up for policy issuance. The policy also provides value-added services for families back home.
Additional findings from the study include: Respondents with kids are more inclined to take more than 2 trips a year. Awareness of travel insurance increases with the family stage, with married couples with kids having the highest awareness. Safety and financial protection, coverage and claim limits, and the travel destination are the top factors motivating people to purchase travel insurance. Southeast Asia (47%) and the Middle East (40%) are the most popular travel destinations among respondents for their next international trip. 71% of respondents consider the destination when determining the need for travel insurance. and 92% of respondents intend to purchase travel insurance for their next international trip.
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