You won't believe how massive the travel insurance industry is projected to be this year!
A number of general insurance companies say that the prospects for travel insurance are still large this year. One of them was revealed by PT Asuransi General Mega (Mega Insurance).
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Compliance Director Mega Insurance Diang Edelina said that the company does not hesitate to target travel insurance premium income this year to grow double digits. "In 2024, the company is optimistic that it can record an increase in travel insurance premium income of more than 50%, compared to the achievement in 2023," he told Kontan, Monday (20/5).
According to Diang, the targets set are in line with increasing market penetration, customer satisfaction, and the recovery of the tourism industry sector which supports increased public travel. To maximize existing potential and achieve this target, Diang explained that Mega Insurance continues to develop innovations related to travel insurance, not only in terms of products, but also in terms of the service provided to customers.
"The services provided include innovations to make it easier to submit claims, especially when traveling abroad," he said. Apart from that, he said the company will continue to expand its collaboration network with business partners this year to increase market penetration.
Diang said travel insurance premium income until April 2024 reached IDR 1.5 billion. This value grew 40%, compared to the achievements in the same period last year.
Meanwhile, PT Asuransi Allianz Utama Indonesia (Allianz Utama) also said that the prospects for travel insurance are still large this year. Allianz Indonesia Director & Chief Distribution Officer Mariani Solihah said that the company's travel insurance premium income this year should grow even bigger.
Because, he said, his party has collaborated a lot with other distribution channels, including Garuda Indonesia, in marketing travel insurance products. Apart from that, Mariani explained that his party would also maximize the marketing of this product through the channels they already have and increase education to the public about the importance of having travel insurance.
"Therefore, the company is optimistic that it can achieve double digit premium income from travel insurance this year." Mariani explained that this significant growth was triggered by the normalization of people's travel activities after the Covid-19 pandemic ended.
He also said that travel insurance will be the third largest premium contributor to the company's total premium income in 2023. In detail, the first and second positions are occupied by motor vehicles and property.
Meanwhile, motorized vehicles take up a portion of more than 50%. Apart from that, throughout 2023, Mariani said Allianz Utama's travel insurance premium income will also be supported from agency channels.
For three dollars, PT Asuransi Tokio Marine Indonesia (Tokio Marine Indonesia) also stated that the prospects for travel insurance are still large. Tokio Marine Indonesia's Head of Product Development, Djoko Mulyono, said that the prospects for travel insurance so far are in line with expectations. Apart from that, he said that the travel insurance business will usually increase in the second semester of 2024.
"Because, public interest in the year-end holidays will begin to be felt in the third quarter of 2024," he told Kontan. To maximize this huge potential, Djoko explained that his party was launching a new package for the Tokio Marine Travel Partner (TMTP) product this year.
He explained that this package provides protection for domestic and international coverage, while being much simpler for people who travel frequently. He added that TMTP also has an expanded visa guarantee that provides coverage if a visa is rejected. This product also provides guarantees for operational reasons if the plane is delayed.
Djoko said that travel insurance premium income will reach around IDR 2 billion as of April 2024. This value has increased by 200%, when compared to the same period the previous year.
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