Global online travel insurance specialist InsureandGo has achieved significant growth in the 2014 calendar year, with a substantial increase in its volume of travel insurance products, notably cruise travel insurance.
Globally, cruise travel has expanded 77% over the last decade as travellers worldwide have recognised the benefits and thrill of cruising both locally and abroad.
In 2013, the Cruise Lines International Association (CLIA) reported that the Asia Pacific accounted for approximately 10% of the current global cruising capacity, with Australia alone making up more than half of this APAC total. The number of cruising Australians has also expanded 20% on average per year over the last 11 years according to the CLIA, and Australians spent 8.7 million days at sea in 2013, a considerable 22% increase from the previous year.
“As the fastest growing cruise market in the world, it’s fantastic to see our Cruise Travel Insurance product also growing at a similar rate and achieving much success in the Australian marketplace,” said Sebastien Kaisin, General Manager for InsureandGo Australia.
•Since its launch in July 2014, InsureandGo’s cruise travel insurance package has seen a 13% monthly increase in the number of policies sold
•Couples (45.9%) and singles (42.2%) represent the majority of customers buying cruise cover, with families making up the remaining 11.9%
•Average age of consumers purchasing cruise cover is 54 years
In terms of top cruising destinations reported by the CLIA, the South Pacific was named an Australian favourite in 2013, with around 40% of the market cruising in this region. Domestic river cruising on Australian waterways also rose 25%, and cruising in Asia increased 28%. Europe, the Mediterranean and New Zealand remain popular international cruise destinations and longer cruises of 8-14 days were also increasing in popularity.
This data is also reflected by the InsureandGo top cruise cover destinations/regions, with the majority of Australian customers purchasing cover for:
Cruise Destination Regions Volume of Customers, 2014
Domestic, South Pacific, Norfolk Island, New Zealand and Bali/Lombok – 59.4%
Asia – 11.05%
Worldwide (including America and Antarctica) – 10.5%
Domestic (Australia only) – 10.05%
Worldwide (excluding America and Antarctica) – 9.05%
InsureandGo initially created the cruise product to specifically meet the growing demands of Australian travellers and to provide a tailored yet comprehensive insurance policy for cruises that extends beyond other packages, such as single-trip and annual multi-trip. Notable policy items include missed port calls, missed cruise departures, cancelled shore excursions and cabin confinement.
InsureandGo is the only online provider in Australia to offer customised Cruise Travel Insurance cover, and Australian travellers, whether cruising domestically or internationally, are responding significantly.
New South Wales residents (41.1%) and Queensland residents (23.4%; up slightly from 21.8% in 2012) made up the bulk of cruising passengers in Australia in 2013, according to the CLIA, while Victoria’s market share rose from 16.3% to 17%.
The volume of cruise travellers in Australia is predicted to rise to 1 million in 2016, a figure that was originally forecast for 2020.
“The boost in both cruising travel behaviour and the growth in our cruise policy proves that Australians are not only becoming more enthusiastic about cruising, but also about the importance of travel insurance when holidaying, and searching for the most suitable product for them” said Kaisin. “Just as much can go wrong on a cruise as on any other type of holiday, so it’s vital that Australians continue to cover themselves with comprehensive policies that suit their trip.”
In addition to strong growth overall, InsureandGo also saw much success at the 2014 CANSTAR awards, taking out the ‘Outstanding Value Domestic Travel Insurance’ (for the second year running) and ‘Outstanding Value International Travel Insurance’ awards. InsureandGo were selected as winners based on their highly competitive premiums and impressive policy features – such as unlimited medical cover and evacuation, unlimited cancellation and pregnancy cover for up to 32 weeks – and beat out 65 other providers and 208 policies reviewed.
Source = InsureandGo