INTERVIEW – Geoffroy Bonnet-Eymard, director of Chapka Assurances (AON France), talks about the new habits of travelers, who are much more far-sighted than before the Covid pandemic, while the average price increases by 5%.
Optional in general, obligatory for visiting certain countries which want to ensure that the tourist can face potential expenses of several thousand or tens of thousands of dollars for health care: the French vision of travel insurance has evolved with Covid.
Prices, guarantees… The director of Chapka Assurances (AON France), leader in the sector in France, details the challenges for the year 2024, while the volume of travel abroad has returned to its pre-pandemic levels.
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LE FIGARO. – Car and home insurance contracts know a sharp increase in price at the start of the year. What about the trip?
Geoffroy Bonnet-Eymard. – Our reality is different, much less automatic. The more travelers take out an insurance contract, the lower the risk for us. We were even able to lower the prices for some of our offers. For young au pairs, or those who have gone to Australia (around 20,000 of them come to us each year), for example, our prices have not increased for ten years. Other products have in fact increased, such as our “multi-risk” offer for trips lasting less than three months. Overall, there is a price increase of 5%.
Why this increase?
The traveler is subject to more risks. This mainly comes from medical costs which have increased almost everywhere in the world. Where yesterday we paid 10,000 dollars in the United States, today we pay 12,000. Some countries, like the United States, are particularly expensive: Australia, Turkey or Switzerland. For still others, it has almost become a source of income. Stays in South-East Asia, which is very popular with young French people, can lead to complicated situations. A serious scooter accident there almost systematically requires repatriation to Hong Kong or Taiwan, where medical costs amount to $15,000 per day.
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As an insurer, are you observing new travel habits?
In this day and age, people travel all the time, not just during vacations. For family, work (especially since Covid), for a thousand other reasons… Trips are also longer. A few years ago, you could spend a week in the United States or a three-day weekend in New York and then return. Today, the slow travel and responsible tourism – like many other trends – have changed behavior. Especially among young people! 80% of our customers are between 20 and 30 years old, whereas I myself would never have imagined, when I was younger, taking out travel insurance… Longer, these trips logically cost more and it becomes important to protect yourself in the event of ‘cancelation. Insurance becomes an essential element, like a suitcase or a visa. From a medical point of view, a whole generation of travelers have at the same time realized that most credit cards provide poor insurance. Even the nice “Gold” cards are no longer enough to cover the costs in many countries!
Since last year, one in two French people intend to take out travel insurance, compared to one in fifteen twenty years ago.
Geoffroy Bonnet-Eymard, director of Chapka Assurances
Has Covid contributed to this change in consciousness?
Certainly. But today, it no longer stops people from getting on the plane. Covid travel insurance is almost no longer required anywhere. On the other hand, there is strong instability in the world, between riots, political instabilities and natural disasters. Our customers are therefore looking for slightly different, safe trips. Asia is experiencing a boom impressive, Japan in particular with a growth rate of 300%. These are often expensive countries, which justify taking out insurance.
The proportion of insured travelers would therefore be constantly increasing?
Today, we have never experienced such growth, more important than the growth of tourism itself! We were already observing this dynamic before Covid but our membership rates are now much higher than before the pandemic. Since last year, one in two French people intend to take out travel insurance, compared to one in fifteen twenty years ago. We personally experience growth of 30% in 2024 compared to 2023, which was a year when we finally returned to pre-pandemic standards.
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Are travelers less adventurous than twenty years ago?
I would say they are more foresighted! Unfortunately, the various current medical systems no longer accept adventurers… Teleconsultation with a French doctor, for example, is a guarantee that greatly reassures our customers. This reflects a particular state of mind. I even think that we are moving towards the model of the Anglo-Saxons, many of whom buy a year-round travel insurance program for the whole family. It’s economical, simpler, and it covers all risks. It has become a habit and it will become so for us, over time.
2024-01-30 07:43:47
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