No Travel Insurance? Baaad Idea!

19th February marks the start of the Chinese New Year and 2015 is the Year of the Goat - also known as the Ram or Sheep - a zodiac sign recognised as being calm and preferring to plan ahead rather than being impulsive. However, analysis of over 13,000 travel insurance claims by Allianz Global Assistance UK reveals the ‘calm and thoughtful’ Goat is most likely to claim against their travel insurance policy.

Cancellation Costly for Dragons
In addition to making the most claims, the ‘honest’ Goat is the sign most likely to cancel their holiday at over 30%; its average cancellation claim cost is approximately £500. The ‘adaptable’ Snake and the ‘cheerful and earthy’ Horse follow closely behind the Goat in the most cancellation claims league. Whilst the volume of cancellation claims is not as high for the ‘impulsive’ Pig, ‘thoughtful’ Rat and ‘strong’ Dragons, they see their cancellation claim cost averaging the highest, exceeding £800 – perhaps they could do with channelling their inner Goat. However, Allianz Global Assistance reveals that cancellation was the top reason for claims made in 2013, regardless of star sign.

The Sign of Good Fortune Brings High Medical Expense Claims 
 When it comes to medical expense claims, ‘gentle’ Rabbits, ‘smart’ Rats and ‘active’ Tigers are the least likely to make this type of claim. However, 1 in 5 Pigs, who are known to be ‘gentle’, made a medical expense claim, whilst the Dog – a symbol of fortune – made the highest average medical expenses claim at £421.

Strong as an Ox
Ox, Rabbit, Rat and Tigers see ‘accidental damage excess’ to hire cars as the number one reason to claim; over 30% of claims made by Rats - attributed with spirit and vitality - related to this.

Drilling down further, the ‘steady and industrious’ Ox and ‘wealthy’ Rats made the most claims relating to ski equipment, something to be considered by those heading to the slopes this season.

Barry Smith, UK Underwriting Manager for Allianz Global Assistance UK, comments, “Whilst we would never draw upon the conclusions of our analysis when underwriting insurance premiums for customers, the findings do reveal some interesting trends. That said, across all twelve Chinese Zodiac signs, either ‘cancellation’ (25%) or ‘accidental damage excess’ to hire cars’ (22%) was the most common reason people were making a claim. With this in mind, it is vital that travellers consider protecting themselves against the unforeseeable when booking their holiday, as an unexpected change of plan or misfortune abroad could force them to miss out on their holiday or leave them financially out of pocket.”

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