Travel insurance was merely one of the add on products that only a few tourists bought out of choice. But this whole scenario has been reversed with the onset of the pandemic. As we see the touristy spirit rise up to surface again of many holiday goers across the country, travel insurance sales are going up too.
This change in behaviour of tourists is the result of fearing Covid-19’s outcomes. Many envy worthy tourist destinations have sent back tourists upon testing Covid-19 positive and people simply want to avoid the hassle of being sent to isolation and hospitalisation without any health insurance cover which their basic insurance lacked.
In the current times almost every international destination has made travel insurance mandatory in order to obtain a visa. Today’s insurers are in queue to make their flexible and more adaptive to serve the expected demand of $2+ billion by 2027 at the current CAGR of 17.65%.
Adaptive and flexible insurance for travellers
Many travel insurance providers have enhanced their product to a new extent to aid their customers in every possible way when abroad. Loss of baggage, passport or money remains a major concern for travellers irrespective of the pandemic situation. But since the pandemic, the impact or other health issues while traveling have also come to light such as a stomach flu et al that can cost a fortune abroad. Today’s insurance providers try to cover as much possible for tourists so that the vacationers can focus on their holiday and not worry about sudden expenditure at the back of their mind.
Added opportunity for travel merchants
Be it a hotel or an airline, many travel providers see an upselling opportunity with travel insurance as now they can foresee unfortunate events like Covid-19 happen without a warning. Airlines and travel booking services have used travel insurance to market their service better and encourage travellers to travel without fear, which is the ultimate goal anyway. Some merchants have gone a step further to secure their customer’s trip and upsell their product by making itineraries inclusive of travel insurance, all in good faith.
The vaccinated benefit
Travel insurance is not just an option but more like a need that people used to ignore earlier. Who doesn’t like a VIP treatment? That’s exactly what many travel businesses are providing their consumers with if they have gotten the booster dose. Travel insurance providers are offering insurance with extra coverage and at reduced prices for such consumers which have surged the sales of their travel insurance in the current year.
The agenda is to eliminate subconscious fear at the back of mind for every holiday-goer and travel insurance gives every tourist the freedom of mind to enjoy every trip as an experience to remember.
Views expressed above are the author’s own.
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