59% respondents prefer to go for unplanned travels during weekends – ICICI Lombard survey

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Highlights of the survey:

· The survey enumerates the concerns of respondents with regards to travelling wherein 50% cite personal accident, 47% state baggage loss, 31% fear hospitalization and 46 % respondents cite passport loss as their prime concerns
· 11% young and big towns travelers opt for random trips
· 1 out of 3 travel enthusiasts take a trip twice or more a year
· Young travelers turn to online medium as their travel guide compared to their older counterparts
· Leave approvals from workplace maintains the lead with a 90 % amongst external consideration factors

Mumbai, February 16, 2018: ICICI Lombard General Insurance, one of the leading general insurance companies in the country, has commissioned a survey with a sample size of 1000 travel enthusiasts, across 10 cities, who have travelled to international destinations in the last year.

The survey states that long weekends are a major trigger for leisure travelers to plan their trip as 31% claim to plan their trips in advance with their family. It highlights a trend in young travelers from big towns, by stating that at least 53% opt for sudden bag packing trips over planned ones. Apart from the shift witnessed on impulsive travelling, the survey also highlighted how Indians are having an increasing penchant towards travelling. A majority of 54% of the base size takes at least one trip annually while around 17% travel more than twice a year.

The survey enumerates factors such as relaxation, adventures, family togetherness, self discovery and prestige as some of the prime reasons to travel. While in small cities the travelers’ interest in nature and family togetherness leads with a size of 58 % and 53 % respectively. Respondents from big cities travel more for a break from the monotonous city life and as a means to relief tension. The survey indicates how a leisure traveler prefers destinations with adventure sports and wildlife such as South Africa, London, Switzerland, Thailand and Malaysia being the top five destinations in demand. However, travelers will only travel to the non preferred destination if complete coverage against crime, terrorism and loss of valuables is provided.

With all the factors considered, a traveler still has to deal with some or the other uncertainty in some of the cases. The survey emphasizes on personal accidents, baggage & passport loss as the biggest fear for the travelers with a number of 50, 47 and 46 % respectively.

Travel insurance is undoubtedly one of the most relieving tools to overcome these concerns and ensure a secure and stress free travel. Travelers found travel insurance was a key solution protecting one in case of a medical emergency (48%), baggage and passport loss (15%), cancelled flight charges (11%), accidental death and general safety (8%). The survey finds out that the travelers will be willing to travel to their non preferred destinations if complete coverage against crime, terrorism and loss of valuables is provided.

Commenting on the survey, Sanjay Datta, Chief- Underwriting, Claims & Reinsurance, ICICI Lombard General Insurance Company Ltd, stated, “ICICI Lombard believes in constantly adapting to the changing consumer behaviour. The survey successfully captures the factors responsible for the growth of the travel and tourism sector and consequently the demand for travel insurance. We have commissioned this survey to be well versed with our consumer’s mindset and behavior in order to align our products and offerings with changing consumer need.”

67 % of the key source of information which supports travel activities is sourced from online blogs and newspapers. Online medium is considered as an extremely convenient medium with 77 % users, where young travelers exceed their older counterparts in deriving travel information; whereas, friends remain the reliable source for small town and aged travelers.