Welcome!

News Feed Item

BMO Insurance Study: More Than Forty Per Cent of Canadians Are Less Likely to Travel This March Break Given Declining Loonie

- Of the seventy-two per cent of Canadians who do plan to travel, 61 per cent will travel within Canada

TORONTO, ONTARIO -- (Marketwired) -- 03/03/14 -- With March Break around the corner, BMO Insurance today released the results of a study where, with the recent drop in the Canadian dollar, almost half (42 per cent) of Canadians stated they are less likely to travel this spring. The loonie's decline against the U.S. Dollar and the Euro over the past 12 months alone has been more that 10 per cent. However, nearly three-quarters (72 per cent) still plan to do some travelling this spring, with 61 per cent of people travelling planning to do so within the country.

The study also found that close to half (44 per cent) of Canadians are worried about requiring medical attention while on spring break (as a result of getting sick or having an accident), underlying the importance of travelling with adequate medical travel insurance. Bad weather (55 per cent) and losing something of value (47 per cent) were also among the top concerns on the minds of Canadians as they begin their vacations.

"Going on vacation requires lots of planning, energy, time and money," said Julie Barker-Merz, Vice-President and Chief Operating Officer, BMO Insurance. "Canadians should make sure that their holiday is as stress free as possible. We can't control things like a declining dollar or bad weather, so it's important to get a handle on what travel worries you can control. First and foremost should be your health-it's critical that you make sure you have adequate travel medical insurance before hitting the road."

Ms. Barker-Merz noted that the costs of medical services abroad can be daunting, with a broken leg in the United States costing up to US$20,000, an air ambulance from Florida to Ontario costing up to US$15,000 and treatment for decompression sickness in Thailand costing up to US$40,000.

Protect Yourself by Purchasing Medical Travel Insurance

When asked how often they purchase medical travel insurance when travelling outside of Canada, 44 per cent of respondents stated that they purchase it 'all the time', up from 38 per cent in 2012.

When asked to say why they do not purchase medical travel insurance, the top reasons Canadians identified included:

--  They are already covered by their workplace healthcare plan (36 per
    cent)
--  They do not travel enough to make it worthwhile (26 per cent)
--  Medical travel insurance costs too much (25 per cent)

"BMO Insurance offers a wide range of affordable medical travel insurance plans to suit the needs of your vacation," said Ms. Barker-Merz. "It's important that you know what coverage you have, if any, before heading out on vacation. Purchasing medical travel insurance provides peace-of-mind and is a sure-fire way to help make your spring break a more relaxing vacation."

Regional Breakdown:

----------------------------------------------------------------------------
                                                                      % that
                  % that are                                        purchase
              less likely to                                  medical travel
               travel due to  % of travelers      % that are  insurance 'all
               the declining        that are   worried about  the time' when
                value of the     planning to       requiring      travelling
                    Canadian   travel inside         medical      outside of
Region                dollar          Canada       attention          Canada
----------------------------------------------------------------------------
National                  42              61              44              44
----------------------------------------------------------------------------
Atlantic                  44              75              49              35
----------------------------------------------------------------------------
Quebec                    35              64              44              52
----------------------------------------------------------------------------
Ontario                   43              54              50              40
----------------------------------------------------------------------------
Prairies                  48              59              30              54
----------------------------------------------------------------------------
Alberta                   44              60              42              43
----------------------------------------------------------------------------
B.C.                      49              65              37              46
----------------------------------------------------------------------------

The survey was conducted by Pollara between February 14th and February 19th, 2014 with an online sample of 1,002 Canadians. The margin of error for a probability sample of this size is +/- 3.1%, 19 times out of 20.

For more information on BMO Travel Insurance: www.bmo.com/home/personal/banking/insurance/travel.

Get the latest BMO press releases via Twitter by following @BMOmedia.

Contacts:
Media contacts:
Veronica Bart, Toronto
416-867-3996
[email protected]

Valerie Doucet, Montreal
514-877-8224
[email protected]

Laurie Grant, Vancouver
604-665-7596
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"We began as LinuxAcademy.com about five years ago as a very small outfit. Since then we've transitioned into more of a DevOps training company - the technologies and the tooling around DevOps," explained Doug Vanderweide, an instructor at Linux Academy, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term.
IoT is rapidly becoming mainstream as more and more investments are made into the platforms and technology. As this movement continues to expand and gain momentum it creates a massive wall of noise that can be difficult to sift through. Unfortunately, this inevitably makes IoT less approachable for people to get started with and can hamper efforts to integrate this key technology into your own portfolio. There are so many connected products already in place today with many hundreds more on the h...
They say multi-cloud is coming, but organizations are leveraging multiple clouds already. According to a study by 451 Research, only 21% of organizations were using a single cloud. If you've found yourself unprepared for the barrage of cloud services introduced in your organization, you will need to change your approach to engaging with the business and engaging with vendors. Look at technologies that are on the way and work with the internal players involved to have a plan in place when the ine...
DXWorldEXPO LLC, the producer of the world's most influential technology conferences and trade shows has announced the 22nd International CloudEXPO | DXWorldEXPO "Early Bird Registration" is now open. Register for Full Conference "Gold Pass" ▸ Here (Expo Hall ▸ Here)
The revocation of Safe Harbor has radically affected data sovereignty strategy in the cloud. In his session at 17th Cloud Expo, Jeff Miller, Product Management at Cavirin Systems, discussed how to assess these changes across your own cloud strategy, and how you can mitigate risks previously covered under the agreement.
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, @CloudEXPO and DXWorldEXPO are two of the most important technology events of the year. Since its launch over eight years ago, @CloudEXPO and DXWorldEXPO have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, we provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading...
"DevOps is set to be one of the most profound disruptions to hit IT in decades," said Andi Mann. "It is a natural extension of cloud computing, and I have seen both firsthand and in independent research the fantastic results DevOps delivers. So I am excited to help the great team at @DevOpsSUMMIT and CloudEXPO tell the world how they can leverage this emerging disruptive trend."
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to impr...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and sh...
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time t...
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes how...
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
What are the new priorities for the connected business? First: businesses need to think differently about the types of connections they will need to make – these span well beyond the traditional app to app into more modern forms of integration including SaaS integrations, mobile integrations, APIs, device integration and Big Data integration. It’s important these are unified together vs. doing them all piecemeal. Second, these types of connections need to be simple to design, adapt and configure...