|08 April, 2019

Travel insurance premiums increase by 20% during peak holiday season: Insurancemarket.ae

Insurancemarket.ae urges consumers to plan ahead and benefit from cost-savings as well as peace of mind

Avinash Babu, CEO, InsuranceMarket.ae

Avinash Babu, CEO, InsuranceMarket.ae

  • Almost half (45%) of all travel claims made in 2018 were for loss or damage of personal belongings

Dubai: Data from InsuranceMarket.ae, the UAE’s leading digital-first insurance service, has revealed that consumers who choose to wait until summer to buy their travel insurance could be spending up to 20 per cent more than those who plan ahead. 

Insights from Insurancemarket.ae show that purchasing travel insurance outside of peak months, from May to August, is the best time to buy.  This is when annual insurance premiums usually see a 10% to 20% decrease in price.

In preparation for Easter break, Eid-al-Fitr in June, and the summer months fast approaching,InsuranceMarket.ae by AFIA Insurance Brokerage Services LLC, is urging those preparing to travel to get the best deals by buying their insurance now.

With almost 4.5 million reported flight delays, cancellation or overbooking in 2018, research fromInsurancemarket.ae also showed that almost half (45%) of all travel-related claims made in 2018 were for issues such as loss or accidental damage of personal belongings. A further quarter (25%) of claims were for missed connections and delayed flights respectively, while 5 per cent were for emergency medical reasons while travelling.

Avinash Babur, Chief Executive Officer at Insurancemarket.ae says: “With the holiday season approaching, now is the best time for people to start thinking about travel insurance. By making sure they buy the right policy that will cover them for any eventuality, they will have peace of mind when travelling on holiday - a time when they most want to switch-off, relax and be stress-free.”

The data from Insurancemarket.ae also reveals that families can save an additional 10 to 25 per cent by purchasing family travel cover. However, Babur recommends families to check their policy carefully: “Some insurance providers offer special family plans that include children, however, while the premiums may be about 50 per cent lower, the limits of the benefits are shared across all members and may not always suffice. For example, a family plan can have a $50,000 limit for emergency medical expenses, but this is shared across all members and is not a limit per member.”

Additionally, the data also reveals some interesting benefits for people travelling frequently. For travellers making more than 4 trips a year with a duration of 7+ days, single trip insurance can end up costing more compared to buying a multi trip travel insurance policy. Annual premium plans often also include the added benefit of default Worldwide coverage (including USA), so you can travel with peace of mind wherever you go.

The experts at Insurance market.ae also urge customers to check whether they require any specialist insurance add-ons, such as Winter Sports or Adventure Sports cover for more active holidays, as this is usually excluded from standard policies. “Basic travel insurance plans cover “safe” sports like hiking and snorkeling, but if you plan to do more extreme sports or adventurous activities, such as skiing, mountaineering, bungee jumping or scuba diving, there is high probability that you will need to add specialist sports cover to your policy for any relevant injuries, as these are excluded otherwise,” added Babur.

“Ultimately, having the right travel insurance provides you with peace of mind when travelling, especially with family. We never like to think that things might go wrong when abroad but having travel insurance will ensure you are protected if they do.”

To find out more about travel insurance, visit insurancemarket.ae to get your insurance in three easy steps.

-Ends-

About InsuranceMarket.ae:
InsuranceMarket.ae  is the market-leading digital proposition by AFIA Insurance Brokerage Services where individuals and companies can easily compare and buy all types of insurance through the assistance of personal shoppers and a seamless transaction process. Policyholders of InsuranceMarket.ae enjoy the lowest prices from all the leading insurers in the UAE along with a commitment to have their claim conveniently and professionally mediated by a dedicated claims manager in the unfortunate event of an insured incident.

© Press Release 2019

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