Travelling has become a modern day fascination. And for many, it has even become a passion whether personally or professionally. Leading the travelling revolution is a new generation of travellers with a new set of agenda and demands that has put new pressures in the travel insurance industry.
There are the millennials, officially the largest generation in history and also the largest segment of travellers today. This young generation have more disposable income and wants to make the most of their youth by conquering new places, cultures and experiences. And they are also the major of travel insurance almost dictating major trends and tastes and get exactly what they want, how they want it. And as the millenials are more likely to dominate the market in the next few years, this trend may be here to stay. When planning to travel, millennials want their options conveniently available to them. They want to be able to research and book their trips and tours online and many international travel insurance companies are cutting-in on the on-line action by providing services to these market base where they could compare travel insurance terms and coverage, custom-designing a travel insurance policy and other travel consulting assistance in order to get in the good graces of these millennial travellers. And as far as adventurism goes, there is also the trend towards more exciting itineraries and activities like safaris, hiking, cycling. In the last few years there has also been a surge in overseas travel for bunjee jumping, rock climbing, spelunking, sky-diving, surfing and other extreme recreational activities and international travel insurance companies need to beef-up coverage of their comprehensive travel insurance packages to meet the new and additional risks inherent in these new stand out travel activities. On the safe side, travelling is expected to come down to food and food tourism has become an emerging trend among travelers everywhere. These food experiences are also not limited to simply dining out but actually include taking cooking courses, farm tours and standard food markets grocery shopping. Tourism travel insurance companies have taken notice and have devised better coverage terms in health related dangers such as allergy or intoxication that can come from trying out exotic treats in a foreign land. Travellers today are also bringing more valuables particularly gadgets and mobile technologies like high-end phones, digital players, laptop computers, tablets, and a host of other mobile devices. Travel insurance companies can therefore improve their packages by standardizing or upgrading coverage of gadgets and digital devices in their comprehensive packages. And finally, there has been a documented trend in ‘staycations’ where many travellers stay around their destination for extended periods to enjoy their vacation time. This has been great news for local tour and activity providers and their communities as more people are looking to boost their local economies with trips close to home. This however provides a challenge for travel insurance companies since these extended stays significantly jacks-up the risks associated with travelling and many companies need to reimagine their packages and improve coverage for longer periods of stay while remaining relatively cheap or at the very least, still reasonably priced.
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