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Shift reflects increasing awareness around the need for comprehensive coverage, especially between visa rejection, travel disruption and expensive healthcare at abroad.
Germany, France, Switzerland remain the top sites
Germany emerged as the most viewed Schengen destination, accounting for 20% of the total trips. France was followed by 17.57%and Switzerland at 10.67%. The policy market said that the Netherlands (9.37%) and Italy (7.78%) were dropped out of the top five.
Germany continues to attract both business and holiday passengers. The demand for emergency coverage related to business travel insurance and work remains strong.
Meanwhile, destinations such as Switzerland and Netherlands are carrying forward the demand for adventure sports coverage such as special ad-on.
62% passengers now prefer $ 250,000+ cover
There has been a significant increase in insurance coverage zodiac signs. 62% of passengers now opt for policies with an insured amount of $ 250,000 or more from the ideal of $ 100,000.
Between the seniors, the trend and bends upwards – many comprehensive medical safety and emergency withdrawal are choosing $ 500,000+ cover.
Passengers are also selecting policies that provide coverage for diseases (PEDs) in view of the high cost of medical treatment in Europe, the policy market said.
Women travelers lead development, adopt more broad policies
Women passengers recorded an increase of 19% in the Schengen trips, increasing by 13% among men.
Many people are selecting for a single trip and selecting plans with cancellation, flight delay compensation and emergency medical aid.
Visa fee refund rider rejection receives traction amidst concerns
In 2023, 15.7% of the Schengen Visa applications were rejected by Indians, resulting in a loss of about âı 109 crore in non-worthy visa fee.
For protection against this, 20% of passengers are now choosing visa fee refund add-on, which reimbursement of visa fee in terms of rejection, the report states.
Peak travel insurance sales from February to April
Traveling to Europe Summit between February and April matches the insurance sales, spring and early summer travel plans. 76% of buyers buy policies 45â50 days in advance, inspired by visa requirements and increasing awareness about travel risks such as cancellation and medical emergency situations.
Millennium and General X lead in buying behavior
Travel insurance buyers are mostly from General X (30%) and Millennials (20%), which seek high coverage, rapid claims and digital-first services. General Z (26%) typically opposed to basic schemes with gadget security as an ad-on. Policybazaar said that baby boomers (2%) prefer premium options with PED cover and withdrawal benefits.
Is seen as necessary, not optional
“The bounce in the Schengen Yatra is a strong indicator of developing the aspirations of travel among Indian consumers,” said Kapadia, the head of travel insurance. “Travel insurance is no longer seen as a formalities, but is seen as an essential part of the travel plan.”
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