Latest news with #ACKO
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Business Standard
6 days ago
- Business
- Business Standard
International travel spend by Indians up 25% to $31.7 bn in FY24: Report
Millennial and Gen Z Indians comprise 48 per cent of outbound travellers in the country, said a report by an insurance company on Wednesday, marking a shift in the industry's customers. According to Pew Research, anyone born between 1981 and 1996 is considered a Millennial and anybody born after 1996 are Gen Z 'India's international travel spending rose by 25 per cent in FY24 alone, touching $31.7 billion,' said the ACKO India Travel Report 2025. Outbound travel is projected to cross $55 billion by 2034. As many as 36 per cent of outbound travellers were younger than 35, said the report based on data on 49,000 travel insurance policies covering over 100,000 Indians. 'The young Indian traveller is digitally savvy and adventurous, blending work, wellness, weddings, and wanderlust into longer, more meaningful trips,' said a spokesperson for ACKO. Almost 99 per cent of ACKO customers bought medical insurance, while 83 per cent chose broader plans covering baggage loss and travel delays. 'Today's travellers want peace of mind. They're planning smarter, not just harder,' said the spokesperson. Women travellers Women made up 43 per cent of Indian outbound travellers in 2024, showing independence and shifting societal norms. 'From solo adventures to family getaways, women are reshaping India's travel story,' said the report. Where Indians are travelling Top international destinations in 2024, based on ACKO's data: Thailand (13 per cent) UAE (10 per cent) USA (6 per cent) Vietnam (5 per cent) Indonesia (5 per cent) Visa-friendly policies, flight connectivity and social media trends shape Indians' travel choices. Beach lovers travel to Phuket, Bali, and Da Nang, while 'urban explorers' prefer cities like Dubai, New York, and San Francisco. Disruptions prove costly Medical claims form 33 per cent of insurance payouts, averaging Rs 16,542. Delayed baggage accounts for 25 per cent of claims (avg. Rs 17,379). Trip rescheduling sees average claims of Rs 72,428. 'Travel today is more than a break — it's a statement,' said the ACKO spokesperson. 'But it comes with risks. That's why smart planning and comprehensive insurance matter more than ever.'
Time of India
02-06-2025
- Time of India
Medical emergencies & missed flights top travel claims: ACKO report dissects travel woes in 2025, ET TravelWorld
Advt Advt By , ETTravelWorld Join the community of 2M+ industry professionals Subscribe to our newsletter to get latest insights & analysis. Download ETTravelWorld App Get Realtime updates Save your favourite articles Scan to download App As Indian outbound tourism hits new highs, a parallel trend is gaining momentum — travellers are becoming smarter, more informed, and better prepared for the unexpected. The latest edition of ACKO's travel report, 'Checked In: India's Year in Travel', backed by insights exclusively shared with ET Travel World from Brijesh Unnithan , Senior Vice President – Embedded Insurance at ACKO, paints a detailed picture of how Indian travel behaviours are evolving in 2024-25, not just in terms of destinations, but also in terms of planning, risk assessment, and insurance over 102,000 travellers insured by ACKO in 2024 and more than 49,000 travel policies issued, Indian globetrotters are clearly no longer taking chances. As Unnithan puts it, ' Travel insurance is no longer viewed as a mere add-on; it's becoming a non-negotiable part of the travel checklist.' This shift is driven by rising travel uncertainties—medical emergencies, delayed baggage, missed flights—and the increasing ease of digital-first insurance platforms that offer seamless, paperless digital nomads to bleisure travellers and students pursuing global education, ACKO's policyholder base has diversified. 'Digital nomads in the 26–35 age group and bleisure travellers aged 31–45 now represent close to three-fourths of all policies sold,' Unnithan said, noting the trend of merging business with Indians are going – and what goes wrong?Southeast Asia dominated Indian travel charts in 2024. Thailand led the way with 13% of total outbound travellers, followed by the UAE, USA, Vietnam, and Indonesia. Indian passports collected stamps from cultural capitals and coastal havens alike — from Bali and Phuket to Dubai and New destinations like Vietnam and the Caucasus—particularly Azerbaijan, Georgia, and Kazakhstan—saw a marked rise in popularity. 'These regions drew more interest than traditional favourites like Spain or Australia,' said Unnithan. Affordable visas, Instagram-worthy landscapes, and shorter flight times played a key role in their travel is rarely perfect. According to ACKO's claims data, 33% of all travel claims in 2024 were medical in nature, with outpatient medical issues leading the chart. 'Medical emergencies and trip cancellations were the most expensive claim types, with average medical claims at ₹27,000 and some hospitalisations exceeding ₹5 lakh,' Unnithan the UK topped the chart as the most expensive country for OPD-related claims (₹47,545 on average), followed by the USA at ₹30,396. But it was Southeast Asia—especially Thailand and Indonesia—that accounted for over half of all medical claims, proving high incidence even if costs were delays emerged as another major disruptor. About 25% of ACKO's settled claims in 2024 were for baggage delays, with an average compensation of ₹17,379. The worst offenders? The UK, Schengen countries, and the US — a trend echoed across major transit airports like Frankfurt and disruptions also surged. With a 20% year-on-year spike in claims, ACKO covered 266 cases involving trip rescheduling, missed connections, and cancellations. Some of the most expensive delays cost travellers over ₹70,000 per incident — sometimes more than the cost of the flight travellers are now prioritising bundled insurance plans. According to the report, 83% of policyholders opted for comprehensive coverage that includes medical, baggage, and trip disruptions. Notably, 99.48% chose medical cover — a clear reflection of rising health-consciousness post-pandemic.'Travel insurance is not just about recovering money; it is about peace of mind,' said Unnithan. 'Even a simple trip can get derailed by a delay or illness. A good policy ensures you're covered both financially and emotionally.'In an age of rising travel costs and increasingly complex itineraries, ACKO's data highlights the financial and emotional value of preparation. One traveller, the report notes, filed five claims on a single trip—ranging from hospital visits to flight delays. Fortunately, they had bundled further boost insurance accessibility, ACKO is rolling out several product innovations and strategic partnerships. 'We are actively working with OTAs and visa players to embed insurance at the point of booking,' Unnithan revealed. 'We are also launching a new 'Travel Pass' that offers protection across multiple domestic flights — ideal for frequent flyers.'Additionally, ACKO is developing niche offerings like CFAR (Cancel For Any Reason) and visa rejection insurance, targeting travellers who need flexible, no-questions-asked coverage. A loyalty program is already live at Hyderabad Airport, with other airports set to join road ahead: Smart travel is safe travelOutbound travel from India is projected to surpass $55 billion by 2034. Indian travellers already spend up to $7,000 on international trips, with overseas spending reaching $31.7 billion in FY24 — a 25% YoY jump. ACKO's insights show that travellers from Tier 2 and Tier 3 cities are increasingly joining the travel boom — and they're bringing a smarter, insurance-first mindset with Indian travel continues to rise, so do the stakes. 'Plan your dream holiday, but plan for the unexpected too,' Unnithan advised. 'Because the best trips are those where your insurance policy stays in your pocket.'
