Insurance companies say:
Amarnath Ananthanarayanan, CEO, Bharti AXA General Insurance said, “At the moment, travel insurance is not a popular product in India as most travellers don’t buy it. While there is no domestic market for travel insurance, outbound travellers are least interested to buy it. However, we are sure to witness a change in this perception.”
He blamed prevalence of conventional products coupled with low awareness among travellers as the reasons for low popularity. Karan Chopra, Business Head – Retail Business Group, HDFC ERGO General Insurance Company said, “The primary cause would be lack of awareness. Also a lot of travel may be happening to countries which are not considered to be as ‘high cost’ in terms of medical expense levels. The core point to be communicated to trav- ellers is that the travel insurance premium is a minuscule proportion of the overall travel expense that would be incurred. The policy provides support in case an adverse situation presents itself when one is in a foreign land.”