Jet-setting Indians make domestic travel insurance trendy

With jet-setting Indians on the rise, insurance companies are cashing in on the untapped market of domestic travel insurance. The domestic travel sector is growing rapidly at about 35-40% and consumers are not thinking twice before shelling out extra money to be insured. The reason for its spiralling growth is that it's cheap and it is easily accessible.
Keyur Joshi, COO, makemytrip.com, said, "Domestic insurance is Rs 100-150. Which is not much when you are buying a Rs 3,000-4,000 air ticket. There is a lot of opportunity here. If insurance companies better their pricing it could become one in every two consumers buying."
And the main growth for travel insurance is coming from online travel portals like makemytrip.com, spicejet.com and yatra.com.
From a practically non-existent market a year ago, each of these portals is selling at least 1,200 policies a day. One out of every three customers is now buying domestic travel insurance.
19/05/08 Power Breakfast/CNBC-TV18/Moneycontrol.com

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Categories: Indian Aviation- In General May 2008