Trip cancellation is the number one reason for Irish travel insurance claims, according to an analysis of data by Allianz Global Assistance Ireland. Medical reimbursement is the second most common reason for travel claims, reflecting the importance of adequate insurance cover when clients take a trip abroad.
The data comes as new figures show a record number of Irish people took trips abroad in 2016. According to the Central Statistics Office, more than 6.8 million Irish residents travelled overseas between January and November 2016, compared to 6.5 million who travelled abroad in the same period in 2015, and 6.1 million in 2014.
The analysis of Allianz Global Assistance Ireland travel insurance claims in 2016 reveals that more than half, 51%, were for trip cancellation, 14% were for medical reimbursement, 11% for loss of personal possessions, 7% for travel delays, and 5% for trip interruption.
Roland Hesse, Managing Director, said: “The recent CSO figures show that more and more Irish people than ever are travelling abroad. You may feel travel insurance is an unnecessary extra cost, but if you are investing hard-earned money on a holiday and you go without travel cover your dream trip could turn into a nightmare. There are so many things that can affect your trip – an unexpected medical emergency, a transport delay, lost or stolen luggage, and more. Insurance will give you peace of mind and prepare you for the unexpected.”
Roland sounded a special warning to those travelling to the USA and Canada where medical costs are among the most expensive in the world.
He also said that while an existing domestic health insurance plan may cover certain risks abroad, it might not extend to doctor or A&E visits, prescriptions or emergency evacuations – costs that can run into thousands of euro and leave people significantly out of pocket.
Top Five Reasons for Travel Insurance Claims 2016
(Source: Allianz Global Assistance Ireland)
- Trip cancellation: 51%. (Unforeseen illness, accidental injury, bereavement)
- Medical reimbursement: 14%. (Hospital stay, medicines, doctors bills)
- Loss of personal possessions: 11%. (Wallets, phones, tablets, laptops, jewellery, luggage)
- Travel delay: 7%. (Mechanical failure, unforeseen circumstances)
5. Trip interruption: 5%. (Unforeseen incidents once travel has begun)