World Tourism Day 2023: 92% intend to buy travel insurance for their next overseas trip, says survey

On the occasion of World Tourism Day, ICICI Lombard General Insurance released an exclusive consumer study report titled “Research on Travel Behaviours 2023” today. The study provides valuable insights that offer a distinct viewpoint on the changing realm of travel insurance and the inclinations of Indian travellers. The company unveiled a study on the international travel habits of Indians, which revealed that 76 per cent had purchased travel insurance for their most recent trip, and a staggering 92 per cent expressed an intention to acquire it for their next journey. The findings also highlighted that an impressive 73 per cent of respondents exhibited a strong awareness of the significance of travel insurance, emphasising the growing recognition of the need to protect travel experiences. Additionally, the study revealed that awareness of travel insurance increases with different stages of family life, with married couples with children being the highest group purchasing travel insurance at 78 per cent, followed by married couples without children (67 per cent), and singles (66 per cent). The study conducted an in-depth exploration of the mindset of Indian travellers, uncovering their distinct preferences, awareness levels, and behaviours within each customer category: families, couples, and singles. By conducting this research, the insurer illuminated the existing challenges associated with organising and carrying out international travel, identified any existing gaps or unmet needs that could be addressed, and examined how these changes might impact the landscape of travel insurance in India. Sheena Kapoor, Head Marketing, Corporate Communications & CSR, ICICI Lombard, said, “These statistics underline a growing consciousness among travellers to safeguard their travel experiences and protect themselves against unforeseen events. 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 recognising the importance of securing their travel plans, particularly as they progress through various life stages.”