Travel Insurance Survey Paints Picture of Traveling Public

Travel in India down, while Malaysia, UAE and Singapore are top destinations

Protecting bags from theft or other incidents is the key happening to set travel insurance prices, as well as the number one reason to insurance the bags in the first plays, according to a new study.

The ICICI Lombard Travel Insights 2013 survey by ICICI Lombard and GfK Mode noted that the fall of the rupee, expensive overseas prices of travel, and the pricing of airfare rising, were all factoring in the upping of travel this year.

Chief-underwriting and claims administrator Sanjay Datta says the insights are useful for the firm when it comes to deciding on new innovative products that can meet the altering demands of their customers when it comes to travel insurance.

According to the ICICI Lombard Travel Insights 2013, the largest destinations in terms of popularity were Singapore, the UAE, Malaysia, with Thailand closely following behind. Rounding out the top five was the United States.

The numbers in the survey also show that beaches, landscape and historical sites were a common top consideration for overseas travel, but safety and security within the country are now starting to see major gains in the considerations for travel destinations.

The ICICI also stated that travel insurance is a strong indicating source of overseas travel zrends. That factor is followed by advice given by family, friends, and colleagues, while the internet is another source of information. But the trend of staying stationary or within the country has persisted in India, as nearly 40% of all the respondents feel the number of Indians currently traveling abroad has been reduced.

The overall claims of the ICICI Lombard data had a large majority of information from the United States, as they stated nearly 80% of all claims paid are from the country specifically. Germans also were largely increased in the travel market according to the numbers. Of the many claims medical expenses were the highest contributing factor at 78% overall.


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