Allianz identifies the key trends shaping travel insurance in 2023

Travel safety and travel insurance concept : Travel insurance tag is hung near a numeric combination lock. Travel insurance is intended to cover lost luggage, trip cancellation, accident, losses, etc
Edited by Travel Weekly

    At its most recent Allianz Global Travel summit, held in Paris, the insurance company unpacked the trends shaping the travel insurance industry this year.

    Three standout topics emerged during the summit:

    • elevated levels of demand for insurance;
    • increased economic and geopolitical volatility; and
    • higher customer expectations.

    Demand continues to grow

    Allianz Partners said that the large number of travellers in 2023 has resulted in consumer interest in travel insurance has now passed pre-COVID figures.

    Records show that Australian domestic traveller’s purchase intention jumped from 15 per cent pre-COVID to 35 per cent post-COVID while the international numbers show an increase from 32 per cent pre-COVID to 65 per cent post-COVID.

    Allianz Partners saw revenues of €3.05 billion (AUD$4.9 b) and an 80 per cent year-on-year increase in 2022, the company’s best-ever performance, largely linked to significant growth in their travel business.

    Allianz’s customer numbers have also remained high through the first months of 2023, also seeing significant year-on-year growth.

    “We continue to see a shift in customer behaviour towards travel insurance with an increase in consideration and perceived value,” executive head of travel, Allianz Partners Australia, Damien Arthur, said.

    Australians have a strong desire to travel, with the international travel market returning in leaps and bounds despite the uncertain economic signals. 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’ figures on traveller demand are in line with recent news from Spain where the minister for tourism, Hector Gomez, said, “The data reflects an extraordinary recovery in tourism… Everything seems to indicate that we are going to break records compared to 2019,”

    Allianz Partners also noted some extra trends that will continue to shape the travel insurance industry in 2023:

    • focus on platforms and technology;
    • ability to deliver highly personal, individualised services when dealing with complex and sensitive situations;
    • empowerment rather than interrupting customers;
    • sustainability.

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