Dubai, UAE; December 11, 2012: More than half of UAE residents admit they never purchase travel insurance when they go abroad, according to research released today by Zurich.

In a survey of 748 UAE residents conducted by YouGov, 58% of residents report that they never purchase travel insurance for their trips, while a third (32%) say they only occasionally do so. Arab expats (67%) are the most likely to travel abroad without insurance, followed by Asian expats (43%).

Almost a third (30%) of those who never buy insurance explain that their reasoning is based on a belief that they will never need to claim, while nearly a quarter (24%) say that they do need travel insurance. Approximately one in ten (13%) respondents also report that they do not purchase their own travel insurance as they are covered by their work insurance policy. Zurich cautions that this could be a costly mistake since corporate travel policies are often limited to the GCC and rarely cover travel inconvenience, such as lost baggage or delayed flights.

Just one in ten (11%) UAE residents say they always purchase travel insurance when heading overseas. This figure is extremely low when you consider that in mature markets, such as the US, Canada, Europe and Australia, around 60 - 70% of people who buy an air ticket will also buy travel insurance.

More than half (56%) of respondents who always purchase travel insurance say it gives them peace of mind. Cover for medical expenses (39%) while overseas is deemed to be another significant motivation for purchase and this is particularly pronounced where medical costs are perceived to be high, as in the USA, says Zurich.

For those respondents who sometimes take out travel insurance, their single biggest consideration is the destination of the trip (45%), followed closely by the cost of the trip (35%).   

"We know UAE residents love to travel, with two thirds of survey respondents travelling up to three times per year, but it is noteworthy how many choose to go abroad without cover in place for possibilities such as personal injury, illness, missed flights, or stolen possessions," said Jeremy Baggott, General Manager for Zurich's General Insurance Business in the UAE. "Every customer is different and the protection they need varies from person to person, but it seems apparent that many UAE residents are exposing themselves to unnecessary risk every time they travel overseas."

According to the Zurich survey, the most common claims for those residents who do take out travel insurance policies are lost or stolen luggage (48%), lost or stolen possessions (45%), medical expenses (33%) and missed or delayed flights (28%).   

About the Zurich "UAE Travel Insurance" survey:
Between July 2 and 10 2012, 748 UAE residents living in all seven Emirates of the UAE were surveyed online by YouGov. Respondents were asked how frequently they travel outside of the UAE, whether or not they purchase insurance for travelling abroad, the rationale for their decision as to whether or not to buy insurance, and their experience when needing to claim on a travel insurance policy.

About Zurich:
Zurich Insurance Group (Zurich) is a leading multi-line insurance provider with a global network of subsidiaries and offices in Europe, North America, Latin America, Asia-Pacific and the Middle East as well as other markets. It offers a wide range of general insurance and life insurance products and services for individuals, small businesses, mid-sized and large companies as well as multinational corporations. Zurich employs about 60,000 people serving customers in more than 170 countries. The Group, formerly known as Zurich Financial Services Group, is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt program which is traded over-the-counter on OTCQX. Further information about Zurich is available at www.zurich.com.

Zurich Insurance Middle East S.A.L is registered under Insurance Companies Register Certificate No. 48 and authorized by the UAE Insurance Authority

Zurich Insurance Middle East S.A.L (Dubai Branch)
Level 7 Sama Tower
Sheikh Zayed Road
P.O. Box 124455
Dubai
United Arab Emirates

For further information, please contact:
Zoë Gould
Head of Marketing & Communications, Middle East
Zurich
Tel: 971-4-3647316
Email: zoe.gould@zurich.com

Liam Turner / Ajith Henry
ASDA'A Burson-Marsteller
Dubai, UAE
Tel: 971-4-4507600
Fax: 971-4-4358040
Email: liam.turner@bm.com / ajith.henry@bm.com                                      

© Press Release 2012