More than 40% of Canadian Millennials travel uninsured: report

According to Allianz Global Assistance (Allianz), more than forty per cent (43.4 per cent) of Canadian travellers who report not acquiring travel insurance every time they leave the country, were younger Canadians, aged 18 - 34.

The data, gathered for Allianz by The Conference Board of Canada, gives insights into the reasons why these millennial travellers chose to travel uninsured. For those surveyed who weren't otherwise protected, 15.8 per cent felt travel insurance was unnecessary, while 15.3 per cent thought it was too expensive, and 14.9 per cent felt their trip was too short to warrant getting insurance.

"Seeing the results of these consumer insights paints a very clear picture about the need for better understanding among young Canadians regarding travel insurance," said Dan Keon, Senior Director, Market Management, Allianz Global Assistance. "Factors such as the length of a trip don't necessarily make anyone safer or less accident prone, or for that matter, lessen the resulting medical bills if something happens while on that trip."

The statistic is unexpected when compared to internal claims data reviewed by Allianz which shows that from 2014 to 2016 people under the age of 30 made nearly 32 per cent of all claims submitted, the highest demographic bracket, while buying 21 per cent of all Allianz policies.

"Millennials and other young Canadians make up the majority of Destination Canada's 'Free Spirits' category – travellers looking for adventure and more 'authentic' experiences. But the off-the-beaten-path travel experiences can also result in increased risks regardless of age," added Keon. "When you boil it down, accident probability isn't determined solely by age, time or the destination of your trip. 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."