ICICI Lombard General Insurance Company, in association with GfK Mode, unveiled the ‘ICICI Lombard Travel Insights 2013’ survey on the occasion of ‘World Tourism Day’. The comprehensive survey delves into the perceptions and triggers of Indian travellers with respect to International travel. The survey covered key travel markets across India through the cities of Mumbai, Delhi, Bengaluru, Ahmedabad and Indore and spoke to 1,043 respondents who have travelled to international destinations in the recent past.
Commenting on the survey findings Sanjay Datta, Chief-Underwriting & Claims, ICICI Lombard GIC Ltd. Said, “At ICICI Lombard, we believe that it is imperative for us to be at the forefront in terms of understanding consumer trends. These insights will be extremely useful for us in terms of introducing innovative products and services that meet the changing demands of our customers in the travel insurance segment and thereby improving the penetration of travel insurance.”
According to ICICI Lombard Travel Insights 2013, the top destinations for last year were Singapore (32 per cent), Dubai/UAE (24 per cent), and Malaysia (14 per cent). They were closely followed by Thailand (12 per cent) and United States (10 per cent). The survey reveals that while beaches, landscape, historical and heritage sites seemed to be the common top considerations for overseas travel, safety and security in the destination country is also gaining importance. Travel agents were the key source of information for overseas travelling (75 per cent), followed by advice through family, friends and colleagues as well as the Internet. Almost 40 per cent of the respondents feel that number of Indians travelling abroad has reduced. Sharp fall in rupee (42 per cent), expensive overseas travel (41 per cent) and arising air fares (41 per cent) were cited as the major factors that are affecting the overseas travel.
Interestingly, ICICI Lombard Travel Insights 2013 revealed that luggage protection is the key trigger (53 per cent) for purchasing travel insurance. According to ICICI Lombard claim data, overall, maximum claims paid were reported from US, which forms about 80 per cent of the total claims paid. FY13 has also seen a remarkable increase in claims from Germany. Apart from US and Germany major countries contributing to ICICI Lombard’s claims include UK and Australia. Majority of the claims were for medical expenses, which contributed to 78 per cent of overall claims in FY 13.
Commenting on the survey findings Sanjay Datta, Chief-Underwriting & Claims, ICICI Lombard GIC Ltd. Said, “At ICICI Lombard, we believe that it is imperative for us to be at the forefront in terms of understanding consumer trends. These insights will be extremely useful for us in terms of introducing innovative products and services that meet the changing demands of our customers in the travel insurance segment and thereby improving the penetration of travel insurance.”
According to ICICI Lombard Travel Insights 2013, the top destinations for last year were Singapore (32 per cent), Dubai/UAE (24 per cent), and Malaysia (14 per cent). They were closely followed by Thailand (12 per cent) and United States (10 per cent). The survey reveals that while beaches, landscape, historical and heritage sites seemed to be the common top considerations for overseas travel, safety and security in the destination country is also gaining importance. Travel agents were the key source of information for overseas travelling (75 per cent), followed by advice through family, friends and colleagues as well as the Internet. Almost 40 per cent of the respondents feel that number of Indians travelling abroad has reduced. Sharp fall in rupee (42 per cent), expensive overseas travel (41 per cent) and arising air fares (41 per cent) were cited as the major factors that are affecting the overseas travel.
Interestingly, ICICI Lombard Travel Insights 2013 revealed that luggage protection is the key trigger (53 per cent) for purchasing travel insurance. According to ICICI Lombard claim data, overall, maximum claims paid were reported from US, which forms about 80 per cent of the total claims paid. FY13 has also seen a remarkable increase in claims from Germany. Apart from US and Germany major countries contributing to ICICI Lombard’s claims include UK and Australia. Majority of the claims were for medical expenses, which contributed to 78 per cent of overall claims in FY 13.
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