Indians Show Strong Interest in Travel Insurance, ICICI Lombard Survey Reveals
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Mumbai, September 26, 2023 – On the eve of World Tourism Day, ICICI Lombard General Insurance, a respected name in travel insurance, has shared the findings of a recent study on how Indians approach international travel. The research discovered that 76% of people bought travel insurance for their last trip, and a remarkable 92% intend to do the same for their next one. This shows a significant shift in travelers’ attitudes towards protecting their journeys. The study also found that 73% of respondents understand the importance of travel insurance.
Awareness Increases with Family Stage:
The study dug deeper into different types of travelers – families, couples, and singles. It found that as people move through different life stages, they become more aware of travel insurance. For instance, 78% of married couples with kids were likely to buy travel insurance, compared to 67% of married couples without kids and 66% of singles.
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ICICI Lombard’s Commitment:
Ms. Sheena Kapoor, Head of Marketing, Corporate Communications & CSR at ICICI Lombard, commented on the findings, saying that more travelers are recognizing the need to safeguard their trips. She highlighted the connection between family stages and travel insurance awareness. She also emphasized ICICI Lombard’s dedication to providing tailored travel insurance solutions.
The Impact of International Travel:
As international travel grows, so does the need for travel insurance. ICICI Lombard has been promoting travel through its collaboration with Radio One and Bollywood superstar Ranveer Singh, hosting the #1 travel show “Get Some Sun.” According to the survey, 70% of respondents liked the show, and 97% of them preferred ICICI Lombard as their travel insurance provider for future international trips.
Key Takeaways from the Study:
- Travel Behavior: Respondents with kids tend to take more than 2 trips a year, and middle-aged travelers often opt for longer trips. Single travelers typically take one trip a year.
- Challenges in Planning: Two in five travelers faced issues when planning their last international trip, with those married without kids experiencing the most issues.
- Travel Insurance Awareness: Awareness of travel insurance increases with family stages, and customers booking through intermediaries have lower awareness. The purchase of travel insurance rises to 82% among those with complete awareness.
- Future Travel Behavior: Southeast Asia and the Middle East emerged as popular destinations for the next international trip. 92% intend to buy travel insurance for their next trip, with the intention increasing with family stages.
ICICI Lombard remains committed to the well-being of Indian travelers and aims to provide top-notch travel insurance solutions that align with evolving customer needs. They look forward to continuing their journey alongside the vibrant Indian travel community, ensuring memorable and secure experiences.