Spain trails Europe on travel insurance

International Travel & Health Insurance Journal - 09/07/2019

Spanish insurance broker Intermundial, who conducted the research, stated: “It appears Spaniards are increasingly conscious of the importance of insuring our travels.” But Spain is far from showing the levels of travel insurance purchasing seen in other European countries. Intermundial’s chief underwriting officer, Arturo Moreno, noted that, on average, only one-third of people in Spain buy travel insurance policies, which is still way below that of other European outbound markets. He cited the case of the UK where, he said, ‘75 per cent of the British travel with insurance’, according to the national travel agents’ association ABTA.

Intermundial’s latest report on the Spanish travel insurance market shows Japan, Morocco and Canada as the three destination countries that have seen the biggest year-on-year increase in the number of Spaniards arriving with travel policies. These ranged from a 163-per-cent rise in the case of Japan and Morocco, to a 100-per-cent rise in visitors to Canada.

But there were also significant increases among those traveling to France, Mexico, the US, the UK and Thailand. The high cost of medical treatment in the US meant it remained the country where most Spaniards decide to take out a policy when visiting. The next most likely countries where visitors opt for cover are Japan, Italy and Morocco, in that order, leaving aside countries such as Cuba, Russia, Iran and Algeria, where taking out insurance is obligatory, the broker added.

While six out of 10 incidents affecting insureds involve cancellations, Intermundial says the major preoccupation among travellers is having medical cover. Its statistics show nine per cent of insureds will make a claim and, of these, 20 per cent will involve medical assistance.

Average payouts to clients are slightly below the €1,000 mark, the company added.

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