A new Allianz Global Assistance report found that millennials are the least likely to buy travel insurance.
According to the study, 43.4% of Canadian travellers who regularly leave the country without travel insurance are aged 18 - 34 (in case you didn’t know, that age bracket is the definition of millennials). When asked why they’ve decided to skip getting covered, their main answers were that they feel travel insurance is unnecessary (15.8%), that it is too expensive (15.3%), and that they felt like their trip was too short to need insurance (14.9%).
In a press statement, Dan Keon, senior director of market management at Allianz said that the results make it clear that there is a need for younger Canadians to get a better understanding of travel insurance.
“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,” he said.
Despite making up the biggest group of of the travellers who don’t get travel insurance, travelers under 30 made up nearly 32% of claims submitted from 2014 to 2016, the largest demographic bracket found. People under 30 also accounted for 21% of all Allianz policies.
According to Keon, younger travellers have a particular taste for “adventure and more ‘authentic’ experiences. But the off-the-beaten-path travel experiences can also result in increased risks regardless of age.”
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