Customer-base is shifting towards longer and more far-flung holidays
Photo © Pexel / Maël BALLAND
- 26% of Brits don’t buy travel insurance, exposing Brits to costly financial risk
- Data reveals young travellers going further for longer
- World Nomads offers price drop and cost-saving tips to make travel more accessible
Media Release: London, UK - World Nomads, the global travel insurance company, is helping young UK & EU adventurers with their travel 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.
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."
World Nomads offers the following tips for travellers to make the most of their journeys while staying within budget:
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Pinpoint your priorities: We all travel for different reasons. So, identify your primary reasons for travelling, such as relaxation, adventure, or family time, and focus your spending on what matters most to you and compromise on those that are less important.
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Do your pre-trip research: Saving a bundle before you leave home can make your trip feel far less financially stressful. Look for package deals and last-minute discounts on accommodations and tours, book flights If you’re heading to Europe, a Eurail pass that allows you to travel affordably by train to multiple countries is the way to go.
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Get money smart: Don’t wait until you get to the airport to exchange money for foreign currency. Research online for the best conversion, exchange currency at home before you leave and consider pre-loaded currency cards for fee-free withdrawals.
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Eat and drink well for less: It’s easy to burn through budget when you’re eating out three times a day and buying multiple drinks a day. Carry a refillable water bottle to save on bottled water costs and reduce plastic waste, check if your hotel includes breakfast or opt for self-catering accommodation to skip on costly food bills.
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Embrace resourcefulness: Traveling on a budget doesn't mean sacrificing fun. Favour nature-based activities, such as at beaches or parks, or check out what’s going on in the local area. If guided tours catch your interest, keep in mind that self-guided alternatives often offer similar experiences at a lower cost.
Media Contacts
Australia/New Zealand:
Michelle Innis
Email: michelle.innis@nib.com.au
Phone: +61 414 999 693
Europe:
Graham Lynch
Email: graham.lynch@worldnomads.com
Phone: +353 86 831 784
Americas:
Mandy Morrissey
Email: mandy.morrissey@worldnomads.com
Phone: +1 510 775 0780
About World Nomads
World Nomads is a fast-growing, global travel insurance company. We provide inspirational stories, safety tips and specialized travel insurance for adventurous and independent travelers. Our online travel insurance offers cover to travelers from more than 100 countries and allows you to buy and claim online, 24/7, even while already traveling.
Our travel insurance focuses on what we believe is important to travelers: emergency medical and evacuation costs, baggage, trip cancellation, trip delay and trip interruption costs. We also offer cover for more than 150 adventure sports and activities, plus tech and gear. Our policies are underwritten by a suite of specialist travel insurers that provide 24/7 emergency assistance, customer service and claims support, making us a top choice for many of the world's leading adventure, independent and youth travel brands.
World Nomads is a part of the nib Group which provides health and medical insurance to more than 1.5 million Australian and New Zealand residents. We also provide health insurance to more than 170,000 international students and workers in Australia and are Australia’s third-largest travel insurer and global distributor of travel insurance through our business nib Travel.