West Midlands tops national poll: 81% have never claimed on travel insurance
New YouGov research commissioned by travel insurance specialist, Aquarium Software, reveals that four fifths (81%) of travellers* in the West Midlands have never claimed on travel insurance. The amazing figure is 12 percent higher than the national average of 69 percent, with the closest other region being the North West, where 74 percent have never claimed. Aquarium says the figures have real ramifications for the travel insurance sector.
So many travellers never claiming can be seen as a positive for policy underwriters, but does beg the question why the industry has a reputation of denying claims based on small print. In defence of the industry, the cost of say, repatriating a holidaymaker from halfway around the world can run into hundreds of thousands of pounds, which makes the cost worth the cover, should the worst happen. Moreover, the risk for the sector must be that given so few ever claim, the 51 percent of the UK travelling population may choose to neglect travel insurance unless the industry can demonstrate its true value.
“While these figures look good news for the industry on the face of it, scratch the surface and they also expose the future challenges facing the sector,” said Mark Colonnese, Aquarium Software Director. “With so few people ever making a claim, it is easy to understand why there is only a 51 percent take-up. That leaves 49 percent of us taking a big risk with no cover. The industry must get better at communicating the value of cover and improving access for consumers needing help overseas or wishing to make a claim,” Mark added. “With the news full of people stranded abroad without adequate insurance cover, travel insurance is undoubtedly a must that some might be mistakenly tempted to forgo in lean economic times,” said Colonnese.
“The very latest travel insurance technology and mobile portals will give the industry the tools in needs to improve client engagement. It will remove those small print problems that in turn will assist the market to realise its potential, and start to change the minds of the 46 percent of us who perceive travel insurance as a waste of time,” he concluded.