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UAE travel insurance demand surges for 9-day Eid holiday, costs unchanged

The anticipation of the upcoming Eid Al Fitr holiday has sparked a significant surge in demand for travel insurance among UAE residents, particularly as many plan to travel abroad. With the potential for up to a nine-day holiday, contingent upon the moon sighting, residents are gearing up for vacations and trips overseas, especially to Schengen countries known for their favorable weather conditions during this time.

Toshita Chauhan, business head for health and motor insurance at Policybazaar, noted a remarkable 80 percent increase in demand for travel insurance during the Eid Al Fitr period compared to the preceding month. This surge reflects the eagerness of residents to secure coverage for their travels during the holiday season.

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Faisal Abbas, vice-president for employment benefits and general insurance at The Continental Group, affirmed this trend, highlighting a noticeable uptick in travel insurance sales during the Eid holidays. Interestingly, Abbas observed a shift in preferences, with more clients opting for annual travel insurance rather than single-trip coverage, indicating a growing awareness of long-term travel protection.

Despite the heightened demand, insurance industry executives have reported that premiums have remained largely unchanged from previous years. Costs for travel insurance products have remained stable, with many insurers even enhancing their benefits relative to costs, providing added value to policyholders.

Policybazaar data reveals that the average cost for a five-day single trip premium to popular destinations such as Thailand, Georgia, Azerbaijan, the UK, Armenia, and the USA ranges from Dh39 to Dh67 per person during Eid. This coverage typically includes emergency medical coverage with a sum insured of $100,0000, ensuring comprehensive protection during travels.

Popular destinations among UAE residents include Georgia, Armenia, Azerbaijan, the USA, the UK, Thailand, and Turkey, with an average trip duration of five days during the forthcoming Eid Al Fitr break. Schengen countries remain in high demand, followed by the UK, US, Canada, and Singapore, with an average trip duration of 7-10 days, reflecting residents' diverse travel preferences.

As the Eid holiday approaches, residents are taking proactive steps to safeguard their travel plans, underscoring the importance of comprehensive travel insurance coverage in today's dynamic travel landscape.

April 4, 2024 3:04 p.m. 7172

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