In what has emerged as a growing awareness of the importance of safeguarding travel experiences, the survey by ICICI Lombard General Insurance, found that 76 per cent of respondents purchased their travel insurance well in advance for their most recent trips.
About 73 per cent of those surveyed demonstrated a high level of awareness regarding the importance of travel insurance.
Interestingly, the study also found that awareness of travel insurance increased with the progress of the family stage. Among the different customer classes, married couples with children emerged as the highest travel insurance purchasers, with a rate of 78 per cent, followed by married couples without children at 67 per cent, and singles at 66 per cent.
For the immediate future, the intention to purchase travel insurance will increase with the family stage – Couples with kids (94 per cent), couples with no kids (92 per cent) and singles (87 per cent).
“It is indeed encouraging to see that travel insurance is no longer an afterthought but a proactive choice for a majority of respondents. Additionally, the correlation between family stages and travel insurance awareness is a noteworthy discovery, demonstrating that individuals are increasingly recognizing the importance of securing their travel plans, particularly as they progress through various life stages,” said Sheena Kapoor – Head Marketing, Corporate Communications & CSR, ICICI Lombard.
“We believe these findings will serve as valuable insights to help us further enhance our offerings and continue to be a trusted partner for travellers, ensuring peace of mind during their journeys,” she added.
Travel behaviours and future outlook:
Respondents’ travel habits and preferences have also been unveiled in the recent study, shedding light on how various factors influence the way Indians plan and experience international travel.
One finding is the connection between the presence of children and the frequency of international trips. It turns out that respondents with kids are more inclined to be frequent flyers, with a significant number taking more than two trips a year. In contrast, among those aged 45 and above, only one in three indulged in such frequent travel.
Interestingly, the study also highlighted how the duration of trips seemed to vary based on travel frequency. Respondents embarking on a single international trip each year tended to enjoy slightly longer vacations, typically spanning around 13 to 14 days. However, those who ventured abroad two or more times annually had shorter trips, averaging approximately 11 to 12 days for their most recent expedition.
Singles, on the other hand, exhibited a different travel pattern. The majority of single travellers, around 55 per cent, typically embarked on just one international trip annually.
When it comes to the challenges faced during the planning phase of international travel, the study revealed some intriguing insights. Two in five respondents encountered issues, with married couples without children seeming to face the most problems, with 48 per cent reporting challenges in their planning process.
Diving into the specific issues faced during travel planning, the study found that younger travellers grappled with applying for visas and finalizing bookings, both ranking at 51 per cent in terms of reported issues. In contrast, the middle age group struggled more with airline bookings and the logistics of navigating between cities, with both issues standing at 48 per cent. Surprisingly, travel insurance-related issues were less prominent across both age groups, the study shared.
A recurring challenge that transcended age and booking preferences was the logistics of coordinating travel between cities, emerging as a common issue among international travelers.
Looking ahead, the study uncovered the preferences for future travel destinations among respondents. Southeast Asia proved to be the top choice for 47 per cent of those surveyed, followed closely by the Middle East at 40 per cent.
One noteworthy revelation was that 71 per cent of respondents believed that their chosen destination will play a pivotal role in determining the need for travel insurance.