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Only 2-5% of those travelling abroad buy travel insurance, though 90% of them are aware of it. Medical emergency and baggage loss are the two top reasons that people buy travel insurance.
These are some of the findings of the survey on travel and travel insurance done by ICICI Lombard General Insurance.
The ICICI Millennial Travel Study 2015 survey was conducted over 1,000 respondents between 25 and 35 years. The survey was conducted in Mumbai, Delhi, Hyderabad, Bengaluru, Ahmedabad and Kolkata.
The biggest problem most millennial felt that they would face while travelling abroad was related to safety issues.
"Problem related to terror attacks or political unrest, travel restrictions imposed by country, unusual experience like harassment, suspected surveillance, detention, custom inspection etc. bother the new-age traveller.
Those who did not purchase insurance were led by myths like lack of requirement, expensive, funds only accident, theft with no medical support etc,'' the survey said. Among the dream destinations, that is, places that millennials aspired to travel to, Singapore at 39% and USA at 38% were the top two.
But among the top five destinations 29% respondents had travelled to Singapore, while only 5% had travelled to USA. One reason was the cost of travel to USA, said Sanjay Datta, Chief- Underwriting, Claims & Reinsurance, ICICI Lombard. "Most of the millennials travel on their own money and don't take loans. That is why they find it very expensive to travel to USA,'' he said.
Among the reasons for choosing the destination, 71% of respondents said they would consider health and hygiene conditions of a country before planning a trip.
Compared to the previous survey conducted in 2013, health and hygiene was considered only by 41% of respondents. The survey also said that 57% of respondents preferred a multi-location trip due to packaged tours and better discounts offered by travel companies.
