As the anticipation for the upcoming Eid Al Fitr holiday builds, the demand for travel insurance has seen a significant uptick, with many UAE residents gearing up for overseas travel. Notably, there has been a discernible shift in preferences, with an increasing number of residents opting for annual travel insurance over single-trip coverage.
With the possibility of enjoying up to a nine-day holiday, contingent on the moon sighting, many residents are seizing the opportunity to embark on vacations abroad, particularly in Schengen countries, where favorable weather conditions beckon.
Toshita Chauhan, the business head for health and motor insurance at Policybazaar, highlighted an 80 per cent surge in demand for travel insurance during the Eid Al Fitr period compared to the preceding month. Similarly, Faisal Abbas, vice-president for employment benefits and general insurance at The Continental Group, noted a pronounced surge in travel insurance uptake during the Eid holidays, with an increasing number of clients opting for annual coverage instead of single-trip policies.
Despite the surge in demand, insurance premiums have remained relatively stable compared to previous years. Abbas indicated that the cost for a family of four for seven days of worldwide cover typically ranges between Dh280 and Dh320, with insurers enhancing benefits relative to costs.
According to Policybazaar data, popular destinations for UAE residents seeking travel insurance include Georgia, Armenia, Azerbaijan, the USA, the UK, Thailand, and Turkey. These destinations have historically attracted residents during long breaks, with an average trip duration of five days during the upcoming Eid Al Fitr holiday.
Schengen countries, led by the UK, US, Canada, and Singapore, are also witnessing high demand for travel insurance, according to Abbas. With an average trip duration of 7-10 days, residents are eagerly preparing for their holiday getaways, underscoring the importance of comprehensive travel insurance coverage.
As the Eid Al Fitr holiday approaches, the surge in travel insurance demand reflects residents’ eagerness to explore new destinations while ensuring peace of mind and protection against unforeseen circumstances during their travels.
