Trip cancellation is the number one reason for Irish travel insurance claims according to the latest data from Allianz Global Assistance Ireland.
The data comes as new figures show a record number of Irish people took trips abroad in 2016. According to the Central Statistics Office, (CSO), 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. Fourteen per cent of claims were for medical reimbursement, 11% for loss of personal possessions, 7% for travel delays and 5% for trip interruption.
Top 5 Reasons for Travel Insurance Claims 2016 included:
1. Trip cancellation 51%. (Unforeseen illness, accidental injury, bereavement)
2. Medical reimbursement 14%. (Hospital stay, medicines, doctors bills)
3. Loss of personal possessions 11%. (Wallets, phones, tablets, laptops, jewellery, luggage)
4. Travel delay 7%. (Mechanical failure, unforeseen circumstances)
5. Trip interruption 5%. (Unforeseen incidents once travel has begun)
Managing Director at Allianz Global Assistance Ireland, Roland Hesse says, "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."
He added, "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."
Source: www.businessworld.ie
