A recent analysis of Allianz Partners USA customers revealed the increasing likelihood that people purchase travel insurance in the future, with 84 percent of respondents indicating they are likely or may be likely to do so. The travel insurance and assistance provider surveyed a segment of its retail channel customer base about purchasing behavior, travel concerns, what they look for in a travel insurance policy, and the most typically booked reservations when working with a travel advisor.
According to Allianz’s survey, the top three travel concerns among travelers are a flight cancellation, delay or missed connection (55 percent); an epidemic, like COVID-19, affecting travel plans (43 percent); and needing medical attention during a trip (32 percent). When asked what benefits customers would like to see in their travel insurance plan, the top responses included trip cancellation due to sick/injured family member or self (65 percent); trip cancellation due to an epidemic (57 percent); and medical emergency payment (42 percent).
While 45 percent of respondents had purchased travel insurance previously, 48 percent of respondents were first-time purchasers of travel insurance, according to the survey. The survey also revealed insight into how customers would prefer to receive policy information prior to purchasing a plan in the future and what they consider to be the most important services in a travel insurance mobile app. In the future, the top format is digital, with only 5 percent of respondents noting they would want print brochures. Filing a claim, viewing policy information and locating hospitals or other assistance were the most important services customers look for in a travel insurance app.
When asked what types of reservations they typically book through a travel advisor, the survey found hotel/lodging reservations (53 percent) topped the list, followed closely by flights (52 percent), cruises (24 percent), tours (19 percent) and rental cars (12 percent).
Methodology: Allianz Partners surveyed a random sample of 1,196 customers who purchased a policy through a travel advisor or other retail distribution partner between August 1, 2020, and April 30, 2021. The survey ran from May to June 2021, and asked questions about purchasing behavior.
Source: Allianz Partners USA
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