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Indians choosing to travel to Asian countries with family amid rising expenses reveals ICICI Lombard Travel Insights 2013

September 30, 2013 Statistics & Trends No Comments Email Email

Survey highlights:- 

  • Singapore, Dubai and Thailand replacing USA, Australia and Mauritius as top three choices due to rising costs. USA seen as the most expensive country and Sri Lanka the least expensive as a travel destination
  • Sharp fall in rupee, expensive overseas travel and arising air fares being cited as the major factors affecting overseas travel
  • Majority (38%) still prefer to travel with family, however 21% also travelled on their own
  • Family, colleagues, local travel/ticketing agent and online travel sites play a major role in providing information to the Indian outbound traveller
  • China seen as the most unsafe country and USA seen as the safest. Singapore perceived as the country with Best Tourist infrastructure, Sri Lanka with the Worst
  • Mumbai and New Delhi travelers demonstrate higher levels of travel insurance with more than 90% travelers aware of Travel insurance and willing to buy travel insurance before the travel
  • ICICI Lombard’s claim data suggest that there has been an increase in non-medical claims with regards to missed flight connection, trip cancellation/interruption and passport loss in FY 13 as compared to previous year
  • Germany also emerged as a preferred destination in 2012-13, according to ICICI Lombard’s claim data

Mumbai, September 26, 2013: ICICI Lombard General Insurance Company Ltd., the country’s largest private sector general insurance company, in association with GfK Mode, unveiled the ‘ICICI Lombard Travel Insights 2013’survey on the occasion of ‘World Tourism Day’. The comprehensive survey delves into the perceptions and triggers of Indian travellers with respect to International travel. The survey covered key travel markets across India through the cities of Mumbai, Delhi, Bangalore, Ahmedabad and Indore and spoke to 1,043 respondents who have traveled to international destinations in the recent past.

Commenting on the survey findings Mr. Sanjay Datta, Chief-Underwriting & Claims, ICICI Lombard GIC Ltd.Said, “At ICICI Lombard, we believe that it is imperative for us to be at the forefront in terms of understanding consumer trends. These insights will be extremely useful for us in terms of introducing innovative products and services that meet the changing demands of our customers in the travel insurance segment and thereby improving the penetration of travel insurance.” 

According to ICICI Lombard Travel Insights 2013, the top destinations for last year were Singapore (32%), Dubai/UAE (24%), and Malaysia (14%). They were closely followed by Thailand (12%) and United States (10%). The survey reveals that while beaches, landscape, historical and heritage sites seemed to be the common top considerations for overseas travel, safety and security in the destination country is also gaining importance. Travel agents were the key source of information for overseas travelling (75%), followed by advice through family, friends and colleagues as well as the Internet. Almost 40% of the respondents feel that number of Indians travelling abroad has reduced. Sharp fall in rupee (42%), expensive overseas travel (41%) and arising air fares (41%) were cited as the major factors that are affecting the overseas travel.

Interestingly, ICICI Lombard Travel Insights 2013 revealed that luggage protection is the key trigger (53%) for purchasing travel insurance. According to ICICI Lombard claim data, overall, maximum claims paid were reported from US, which forms about 80% of the total claims paid. FY13 has also seen a remarkable increase in claims from Germany. Apart from US and Germany major countries contributing to ICICI Lombard’s claims include UK and Australia. Majority of the claims were for medical expenses, which contributed to 78% of overall claims in FY 13. 

Key ICICI Lombard Travel Insight Index:

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