Travel insurance online sales up 200% says compareit4me
Enquiries and sales increase as people realise value of travel insurance
Online sales of travel insurance have increased 200% from last year, according to insurance comparison site compareit4me.com.
The site reported a 62% increase in comparison enquiries from May to June this year, which it attributed to seasonal demand, while actual sales has grown 200% year-on-year. The company attributes the increase to growing awareness of the benefits of travel insurance.
"We'd naturally expect an uptick in travel insurance policy sales ahead of the summer holidays, but what has really caught our eye is that there seems to be a better understanding among UAE residents that taking out travel insurance is an important part of travelling," said Jonathan Rawling, CFO of compareit4me.com.
"Our evidence for this is that travel insurance policy sales for June are actually up 550% year-on-year. This means that many more people are taking out travel insurance ahead of their summer holidays than they were last year."
Compareit4me said that research shows one in six customers make a claim on their travel insurance policies, and compareit4me research has found that 80% of UAE travelers have experienced some sort of travel-related incident.
The site also noted that the vast majority of enquiries for travel insurance were in English rather than Arabic.
"It's certainly true that, in general, Western and Asian expats tend to be more considerate of the fact that travel insurance is a worthy purchase, so that might play into these numbers. And with Eid Al Fitr and the summer months being a popular holiday window for GCC nationals, we would argue that perhaps more education on why travel insurance is important is needed for this group," said Rawling.