Is your millennial client forgoing travel insurance?
About 43% of Canadian travellers who report not acquiring travel insurance when they leave the country are younger Canadians aged 18 to 34, reveals data from Allianz Global Assistance.
For those millennials surveyed who weren’t otherwise protected, almost 16% felt travel insurance was unnecessary, while about 15% thought insurance was too expensive and another 15% felt their trip was too short to warrant insurance.
Internal claims data reviewed by Allianz show that, from 2014 to 2016, people under the age of 30 made nearly 32% of all claims submitted — the highest demographic bracket — while buying only 21% of all Allianz policies.
Of the Canadians surveyed, about 79% had travelled outside Canada in the past five years (2013 to 2017).
“Millennials and other young Canadians make up the majority of […] travellers looking for adventure and more authentic experiences,” says Dan Keon, senior director of market management at Allianz Global Assistance, in a release. “But the off-the-beaten-path travel experiences can also result in increased risks regardless of age.”
Of those who had recently travelled outside Canada, 81.5% report being covered by a travel insurance policy in addition to their provincial health care plan. Canadians heading overseas were somewhat more likely to have insurance coverage.
About the survey: Data was collected from 2,159 Canadians and weighted to the population by age, gender and province of residence.