Summer is the high season for travel insurance. According to PayU data, customers have spent twice as much on travel insurance online than last autumn and 60% more than last summer. Insurance companies see simplicity as the main driver of the change.
Both the total number of payments and the amount insured have increased. The average transaction amount this summer was CZK 750. However, this fee typically includes multiple insurances.
So far, this summer has been a record breaker in the volume of transactions. And, in August, we could see further growth. The second most profitable period comes during the school holidays in spring. Online payments to travel agencies and online sales of tickets have been part of this trend, too. Other areas that have seen growth in online sales were garden furniture and equipment.
PayU processes payments for the following insurance companies among others: AXA Assistance, AXA, Allianz, Direct and NN Life Insurance companies, as well as the insurance comparison portal Klikpojištění.
“Every year, the peak in the sales of insurance comes right before the summer school holiday, when there are two Bank Holidays in the first week of July. Our data also shows that people are most likely to purchase travel insurance on Wednesdays and Thursdays,” said the Marketing Communications Manager at AXA Assistance, Kateřina Čermáková. “We have been seeing a clear trend of rising online sales of insurance – whether via comparison portals, or directly on our website.”
Customers in the Czech Republic and Slovakia have used PayU to purchase goods and services worth nearly CZK 11 billion with PayU statistics showing a marked rise in international transactions. PayU offers its clients the PayU Hub solution which enables them to make online payments all over the world in various currencies and using over 300 payment methods.