HOW TRAVELLERS ARE CHANGING: INSIGHTS FROM OUR LATEST RESEARCH
We operate in an ever-changing environment and the needs of today’s travellers of their travel insurance are vastly different to those of even five years ago. In a recent survey, conducted by ITHC with YouGov, we see that while travellers need a number of changes, they may not be conscious of the fact, and a number of assumptions come into play.
We focused on requirements related to terrorism in this survey, and found that:
- 1 in 4 think their standard travel insurance would cover cancellation due to terrorism – however disinclination has been uninsurable prior to Safe Journey.
- 32% believed that standard travel insurance would cover cutting a trip short if terrorism took place.
- 37% thought delays would be covered under the same circumstances.
While terrorism has traditionally been excluded from most policies, or provided on a limited basis to cover only medical expenses, there is clearly a growing need for comprehensive cover. This need is indicated by the above assumptions, as well as by the 71% of respondents who said they would want additional terrorism cover if it cost £5 or less.
Our research highlighted one of the main reasons that assumptions and misconceptions persist, and that’s the unlikelihood of clients reading their full policy wording – and therefore being unaware of exclusions. Only 24% of respondents said that they read their policy wording in full, while 58% said they read “some” of it, which still allows important conditions to go unnoticed.
Ironically, those aged 45-54 were least likely to have read their policy wordings at all – despite being the age group most likely to purchase travel insurance nationally.
We have a responsibility to ensure that clients understand their policies completely when they make a purchase, and sometimes that entails drawing their attention to exclusions and conditions that they may not have thought of looking for.
Terrorism has been in the news far too often lately, and 42% of GB adults (18+) now report being concerned that terrorism will affect their travel plans, while 70% of those aged 24 and over would want to cancel if terrorism did take place near their destination.
This is a sentiment that simply can’t be ignored. It’s also something we believe clients will be asking about more and more; hence the development of Safe Journey.
Safe Journey is the UK’s first and only policy to provide:
- Comprehensive terrorism travel insurance
- No age limits
- Cancellation and curtailment – if an act of terrorism occurs anywhere within 40 miles of the area being travelled in, to, or through, and up to 42 days prior to departure for cancellation.
- Emergency temporary accommodation if an attack occurs within 1 mile of accommodation.
- Cover for delays, loss of personal property, and withdrawal of services, as well as emergency medical treatment, funeral expenses, death and permanent total disablement.
Safe Journey is a standalone policy that can be purchased separately or added to any other travel insurance, for maximum convenience.
The information above is a summary of the Safe Journey policy only and there are a number of other items covered, as well as exclusions, terms and conditions. You can of course read these in full in our Policy Wording!
Research referenced was conducted by International Travel and Healthcare with YouGov Plc. The survey was carried out online between 19-20 July 2016. Total sample size was 2026 adults. The figures have been weighted and are representative of all GB adults (aged 18+).