ICICI Lombard General Insurance marked World Tourism Day by releasing an insightful consumer study report titled "Research on Travel Behaviours 2023." This report provides valuable insights into the changing landscape of travel insurance and the preferences of Indian travellers.

The study delves into the international travel habits of Indians and unveils some noteworthy findings. It reveals that a remarkable 76% of Indian travellers purchased travel insurance for their most recent trip, and an impressive 92% expressed their intent to acquire it for their next journey. This surge in interest highlights the growing awareness of the need to protect travel experiences. Furthermore, the report indicates that awareness of travel insurance increases as individuals progress through different stages of family life. Notably, married couples with children are the most likely group to purchase travel insurance, with a substantial 78% opting for coverage, followed by married couples without children at 67%, and singles at 66%.

The study takes a deep dive into the mindset of Indian travellers, shedding light on their unique preferences, awareness levels, and behaviours within various customer categories: families, couples, and singles. By conducting this research, ICICI Lombard identifies the challenges associated with organising and executing international travel, unmet needs, and potential solutions that could shape the future of travel insurance in India.

Sheena Kapoor, Head of Marketing, Corporate Communications & CSR at ICICI Lombard, commented on the findings, stating, "These statistics underscore 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 recognizing the importance of securing their travel plans, particularly as they progress through various life stages."

The report also highlights interesting trends in travel behaviour. For instance, respondents with children are more inclined to take multiple trips in a year. The middle-aged group, comprising 61% of individuals, tends to embark on two or more trips annually, while this percentage drops to one in three for those aged 45 and above. Respondents who travel once a year typically have slightly longer trips, averaging around 13-14 days, whereas those taking two or more trips average around 11-12 days for their most recent journey.

The study also addresses challenges faced during international travel planning. Among the key findings, customers who are married without children appear to encounter the most challenges in their travel planning, with 48% reporting issues. The younger age group faces significant problems during visa applications and finalising bookings, while the middle age group struggles with airline reservations and coordinating logistics between cities. Travel insurance issues were the least common among both age groups.

Awareness of travel insurance varies depending on how travel is booked. Customers who book through intermediaries tend to have the lowest awareness of travel insurance. However, among those with the highest awareness levels, the purchase of travel insurance increases significantly. For international trips, three out of four respondents (75%) purchased travel insurance for their most recent journey.

The top three factors motivating individuals to purchase travel insurance are safety and financial protection (28%), coverage and claim limits (18%), and the chosen travel destination (16%). Interestingly, the highest level of difficulty in purchasing travel insurance is encountered when the insurance booking is done by someone else, with 80% of respondents reporting difficulties.

Looking ahead, Southeast Asia (47%) and the Middle East (40%) stand out as the top choices for travel destinations among respondents for their upcoming international trips. Notably, 92% of respondents plan to buy travel insurance for their next international journey, with the inclination to acquire travel insurance rising with different family stages: couples with kids (94%), couples without kids (92%), and singles (87%).

ICICI Lombard's report provides valuable insights into the evolving landscape of travel insurance in India, emphasising the increasing importance of protecting travel experiences and the diverse preferences of Indian travellers. As international travel continues to grow, so does the need for comprehensive travel insurance, ensuring that travellers can explore the world with peace of mind.