Canadian millennials forego coverage

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According to Allianz Global Assistance, Canadian millennials are not buying travel insurance. New data released by the company, gathered by The Conference Board of Canada, found that 43 per cent of Canadians aged between 18 and 34 choose not to buy insurance when they leave the country.

Of those that did not buy insurance, 15.8 per cent thought that travel insurance was unnecessary, 15.3 per cent thought it was too expensive and 14.9 per cent did not think their trip was long enough to warrant insurance.

Dan Keon, senior market director of market management at Allianz Global Assistance, believes that these findings point towards an opportunity to educate these travellers. “It’s essential for brokers to remind younger travellers that medical emergencies and accident probability [aren’t] determined solely by age, time or the destination of your trip,” he told Insurance Business Magazine. “Risk exists as a part of life and travel and everyone needs to be prepared to ensure they aren’t stuck with a much larger vacation bill than planned.”