Canadian Millennials Are Most Likely Group To Travel Uninsured
Bruce Parkinson, Open Jaw
According to Allianz Global Assistance (Allianz), Canadians aged 18-34 are the largest group who report not acquiring travel insurance every time they leave the country.
Of more than 2,000 Canadian travellers who answered a survey gathered for Allianz by The Conference Board of Canada, 43.4% of those who reported not acquiring travel insurance every time they leave the country were younger Canadians.
The data also gives insights into the reasons why these millennial travellers chose to travel uninsured. For those surveyed who weren’t otherwise protected, 15.8% felt travel insurance was unnecessary, while 15.3% thought it was too expensive, and 14.9% felt their trip was too short to warrant getting insurance.
“Seeing the results of these consumer insights paints a very clear picture about the need for better understanding among young Canadians regarding travel insurance,” said Dan Keon, Senior Director, Market Management, Allianz Global Assistance.
“Factors such as the length of a trip don’t necessarily make anyone safer or less accident prone, or for that matter, lessen the resulting medical bills if something happens while on that trip.”
Internal claims data reviewed by Allianz shows that from 2014 to 2016 people under the age of 30 made nearly 32% of all claims submitted, the highest demographic bracket, while buying just 21% of all Allianz policies.
“Millennials and other young Canadians make up the majority of Destination Canada’s ‘Free Spirits’ category – travellers looking for adventure and more ‘authentic’ experiences. But the off-the-beaten- path travel experiences can also result in increased risks regardless of age,” added Keon.
“When you boil it down, accident probability isn’t determined solely by age, time or the destination of your trip. Risk exists as a part of life and travel and everyone needs to be prepared to ensure they aren’t stuck with a much larger vacation bill than planned.”
Bruce Parkinson Editor-in-Chief
An observer and analyst of the Canadian and international travel industries for over 25 years.