Russia: Travel insurance products increasingly popular

31 January 2018 — Daniela GHETU
82% of Russians planning to travel abroad on holidays take out health and property insurance by purchasing Travelling abroad policies (TAP), an independent research conducted by the MAGRAM Market Research agency and Ingosstrakh Insurance Company found out.

According to the research results men are readier to take risk than women do: 79% of men insure themselves against risks in comparison with 85% of women.

"Judging by the result of the research, the insurance culture of Russians is growing, and the vast majority of tourists understand why people need an insurance policy covering medical, medical and transportation costs when they are far from home", said Larisa Antonova, deputy head of the travel insurance department of Ingosstrakh Insurance Company. "However, a lot of Russian people do not know that you can additionally purchase an accident insurance policy, insure their luggage in case of loss, as well as take out an insurance against the risk of trip cancellation, which will compensate for expenses incurred due to cancellation of the trip or changes in the period of stay abroad."

As the results of the research showed, the majority of those who buy insurance (68%) take out only a policy covering medical, medical and transport, and transportation costs. Among those who still try to protect themselves from troubles on the road — 17% of Russians who buy policies against the risk of luggage loss, 17% — against the risk of trip cancellation and 11% are insured against flight delays. It is noteworthy that young people aged 18-24 (41%) usually do not insure themselves against additional risks, and even if they do, it is mainly against the luggage loss (37%).

It is also worth noting that 77% of those who purchased the TAP have never encountered any insured accidents. And among those who had to use the insurance policy, 14% had health problems, 4% have lost their luggage, 3% used the policy for trip cancellation and 2% faced a flight delay.

The research was conducted in October 2017 throughout Russia. The research involved 1500 respondents over 18 years of age.

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