Three key topics emerged during the summit:
According to Allianz Partners, the high number of people travelling in 2023 resulted in consumer interest in travel insurance surpassing pre-COVID-19 pandemic levels.
In Australia, purchase intention for domestic travel jumped from 15% pre-COVID-19 to 35% post-COVID-19. Meanwhile, purchase intention more than doubled for international travel, from 32% pre-COVID to 65% post-COVID.
The high demand contributed to significant growth in Allianz Partners’ travel business in 2022, achieving revenues of €3.05 billion, an 80% year-on-year increase and the company’s best-ever performance. Customer numbers have also remained strong through the first months of 2023, marking significant year-over-year growth.
“We continue to see a shift in customer behaviour towards travel insurance with an increase in consideration and perceived value. Australians have a strong desire to travel, with the international travel market returning in leaps and bounds despite the uncertain economic signals,” said Damien Arthur, executive head of travel at Allianz Partners Australia. “To ensure we continue to provide assistance to our customers in their time of need, we invest in future solutions and take advantage of our networks in the Allianz group, globally.”
Allianz Partners’ findings on traveller demand align with the analytics firm Research and Markets’ recent study that found that the global travel insurance market has grown from US$19.14 billion in 2022 to US$22.44 billion this year at a compound annual growth rate (CAGR) of 17.3%.
Allianz Partners identified four other trends shaping the travel insurance industry in 2023 and beyond:
