According to some surveys, demand for travel insurance plans surged in FY 2021-22 compared to pre-covid levels in FY 2019-20. The surveys, which were done on Indian customers, examined the influence of the epidemic on travellers’ attitudes and expectations and discovered that travellers are now more willing to get travel insurance to limit potential financial losses. Travellers insurance app claims were settled 1.37 times more than the previous year. According to an insurer, one-third of respondents got travel insurance following the outbreak.
Research indicates that the pandemic has boosted awareness of the significance of travel insurance. Prior to the outbreak, just 50% of overseas travellers purchased travel insurance; now, that figure has grown to 76%. Customers are becoming more cautious and seek proper medical coverage, particularly COVID-19 coverage for international travel. The majority of travel transactions have traditionally been made digitally, and this trend is expected to continue. Travel insurance, formerly thought to be unnecessary, is now considered essential. With ‘revenge travel’ becoming popular again, there is bound to be more travel. With this, people will download travel insurance apps to find good travel insurance options that help keep them and their belongings safe as they travel across states in India or to different countries around the world.
Despite the fact that laws and limits are always changing, several nations have made travel insurance necessary for travellers, either by including it in the visa or entrance fee or by requiring proof of Covid-19 coverage. Travel insurance is becoming a must-have for any travel. Getting international travel insurance online is very important and there are some very good reasons for this. If you don’t have travel insurance you could face heavy medical bills in a foreign land. Loss of baggage can also be very distressing and it is important to have everything you are travelling with insured.
The following are pointers were found:
- Prior to the pandemic, 76% of international travellers were aware of the availability of travel insurance policies, which jumped to 90% post-pandemic. Thus people are more aware now.
- Whereas 50% of overseas travellers obtained travel insurance prior to the pandemic, 76% obtained travel insurance following the outbreak. International travellers are more cautious.
- 94% of those wanting to go overseas in the future will purchase travel insurance. The risks are very obvious and everyone wants to be safe.
- Post-pandemic travel to the United States/Canada (1.6x) and Europe (1.4x) has grown, while Asia and Australia have seen similar increases. As this happens even the travel insurance for these places will be in more demand.
- Following the epidemic, persons travelling for business (1.2x) and medical (2x) reasons increased, while education/vacation travels decreased. This may change in the months to come as more borders open up. And when this happens, more demand for travel insurance will be there.
- Over the last year, there has been an increase in international travel, which is primarily attributed to younger age groups (25-35 years). They want to travel lots while tickets and trips are more affordable.
- Post-pandemic trip durations have been shorter (10-12 days) than pre-pandemic (2 weeks). Trips have become only slightly shorter.
- Medical bills for covid will continue to be a major cause for purchasing travel insurance in the future, in addition to emergency hotel extensions (52%). No one wants to fall sick and be helpless while travelling. So people may choose insurance that has good medical cover in it.
If you are travelling now, make sure you use a travellers insurance app to select a good policy. This is especially true for international travel as you can face a lot of difficulties if something goes wrong.
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