Millennials (aged 18-34) are the travelers most likely to need travel insurance -- and also the least likely to have it.
In a report produced by The Conference Board of Canada, in partnership with Allianz Global Assistance, 15.8% of those travelers felt insurance isn't necessary, while 15.3% thought it was too expensive, and 14.9% felt their trip was too short to warrant getting insurance.
Allianz said these results reflect similar trends with internal claims data reviewed by Allianz which shows that from 2014 to 2016, people under the age of 30 made nearly 32% of all claims submitted, the highest demographic bracket, while buying only 21% of all Allianz policies.
"Millennials and other young Canadians make up the majority of Destination Canada's 'Free Spirits' category “travelers looking for adventure and more 'authentic' experiences," Allianz said in a press statement. "But the off-the-beaten-path travel experiences can also result in increased risks regardless of age."