Travel insurance premiums have increased by up to 20pc, Blue Insurances and Multitrip.com CEO Jason Whelan said, in line with rising travel and related costs,.
Mr Whelan was speaking as Multitrip released a survey on winter holiday preferences by Multitrip.com which indicated four key trends among Irish consumers:
- Strong preference for winter holidays: 70pc of respondents expressed their plans for a winter holiday, with 30pc prioritising holiday spending over other expenditures. Travel and experiences are being prioritized by 19pc of respondents over buying material possessions following the impact of Covid-19.
- Willingness to make sacrifices: Almost one-third (30pc) of respondents indicated that they would give up other luxuries to ensure they can take a winter break.
- Rising travel costs: The cost of travel, including airfares and accommodation, has risen significantly. Hotel rates in Ireland alone saw a 34pc increase in average daily rates from January to September compared to the same period in 2019. Airline fares in Europe have also increased by 16pc since 2019. As a result, travel insurance premiums have increased by an average of 15pc to 20pc.
- Preferred winter holiday choices: The survey found that winter sun destinations were the most popular choice for upcoming holidays (52pc), followed by visiting family and friends (15pc), engaging in winter sports (7pc), and taking city breaks (6pc). Savings were identified as the primary source of funding for winter holidays (78pc), followed by credit cards (8pc), payment plans with travel agents or companies (8pc), and personal loans (2pc).
Jason Whelan of Multitrip.com and Blue Insurance said: “It is clear that travel remains a high priority for people, but we might also be seeing the start of a longer-term trend of winter travel. It can be cheaper to holiday over the winter, and there are some good deals to be found.”
