Research by ICICI Lombard states a rise of 76 % in India’s journey insurance on worldwide travels post-pandemic in comparison with 50% earlier than pandemic, as 94 % of these planning to journey abroad will subsequently buy journey insurance for his or her journey. Additionally, digital adoption is excessive for journey insurance purchases, as nearly 1/third of shoppers on the lookout for journey insurance go to the insurance firm web sites to buy the journey insurance, whereas the opposite 30% buy from on-line aggregators and on-line journey platforms.
ICICI Lombard, to grasp buyer perceptions in direction of journey insurance performed the survey to grasp traveler’s buying behaviors The survey additionally helps to grasp the distinction in notion between leisure and business journey, willingness to buy insurance & the significance of journey insurance in present eventualities & consciousness on COVID-related protection. The research additionally highlights that worldwide journey post-pandemic is extra purpose-driven, i.e., for business/work and medical causes.
The survey factors out the impetus of pandemic driving journey insurance from being only a commodity to a necessity as post-pandemic, consciousness and adoption of journey insurance elevated considerably. COVID protection is the important thing profit vacationers search whereas on the lookout for journey insurance, not simply medical protection as greater than 1/4th of shoppers purchased journey insurance insurance policies as a result of 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.
Commenting on the analysis Mr. Sanjeev Mantri, Executive Director, ICICI Lombard stated, “Our research indicates that the outbreak has raised awareness of the importance of travel insurance. Before the pandemic, only 50% of international travelers 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.”
