World Nomads is helping young adventurers with their budgets this autumn by introducing a 15% reduction in travel insurance premiums as they reveal their customer-base in the UK is shifting its towards longer and more far-flung holidays. The move comes as many insurance premiums such as car and home are rising, so it’s a bold statement by World Nomads. Here’s the word;
Over 80% of World Nomads’ policies in the UK are for travellers under the age of 40 and World Nomads’ sales statistics suggest they are increasingly seeking coverage for far-flung destinations. Sixty per cent of World Nomads policies in 2023 have been sold for destinations outside of Europe, with Asia, Australia, and New Zealand making up 20% sold this year. Polices for Thailand alone have surged by 10% in 2023. In addition, 40% of policies sold now cater to journeys lasting over two weeks, extending up to three months, reflecting a trend towards more elongated travel periods.
Jonathan Frankham, General Manager UK and Europe said:
“World Nomads is a go-to travel insurance provider for young, adventurous travellers as we offer cover for more than 200 adventure sports and activities, plus tech and gear. This year we have seen a sales spike for long-haul destinations – and travellers want to stay longer too.
“But the cost-of-living crisis hits this demographic hard. Too many travellers are prepared to “take their chances” – which is just a false economy. Medical expenses, extreme weather, strikes, cancellations and even war have all hit the travel headlines recently, and these events can prove very costly if you have no travel insurance back-up.
“An average policy claim in the UK is over £400, so getting a good-value travel insurance policy covering the time you are away, the destination you are going to and activities you plan to do is a non-nonsense, no-brainer.
“Research done by the likes of the Post Office show that 26% of British tourists do not take out travel insurance. With our price drop, more travellers will now have access to an additional layer of protection to explore the world with confidence.
“For example, a typical 25-year-old make traveller heading to Thailand from 1-15 November will now cost just £69.50. This is drastically less than the average cost of UK claims, at £431.76, which we anticipate will leave travellers with extra funds to explore, experience, and create lasting memories”.
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