As Easter holiday plans take shape, the Insurance Council of Australia (ICA) is emphasising the need for Australians traveling abroad to secure travel insurance.
This advice is backed by recent data revealing a notable trend: a significant portion of travellers might embark on their overseas journeys without this key protective measure.
Research conducted jointly by the ICA and the Department of Foreign Affairs and Trade's Smartraveller service indicated that 41% of Australians would entertain the idea of international travel without the safeguard of travel insurance. The study further showed that on their latest trip abroad, 16% of participants did not have travel insurance coverage.
The ICA survey identified various reasons for foregoing travel insurance. For some, 24% felt assured by the safety of their chosen destination, while 27% questioned the necessity of insurance. A small fraction, 4%, considered their travel duration too short to justify the need for insurance.
The findings also reveal that while 44% of travellers consulted Smartraveller for guidance before their trips, 10% were willing to visit places despite official advisories against such travel.
The research aligns with the findings of Southern Cross Travel Insurance's report, which revealed the potential omission of travel insurance by over 2.4 million Australians when planning their trips amid rising living costs.
The ICA stressed the importance of arranging for travel insurance prior to departure, advising travellers to diligently review their insurance policies' terms and conditions and to rely on Smartraveller for the latest travel recommendations.
ICA CEO Andrew Hall highlighted the approach of school holidays as a critical moment for ensuring adequate travel insurance coverage.
“School holidays will be here before we know it, so now is the time to ensure you have the proper insurance coverage if you're planning an overseas trip,” he said. “We hear of too many stories of families facing financial hardship due to medical emergencies or accidents overseas, simply because they didn't have travel insurance.
“Travel insurance is as vital as your passport. We encourage everyone planning a trip to purchase travel insurance well in advance and to carefully read the terms and conditions.”
