The growth in journey insurance coverage bookings has enthused insurers, who’re taking a look at robust progress, two years after Covid hit the abroad journey insurance coverage vertical because of lockdowns and worldwide journey restrictions. The US, Canada, the UK, the UAE and Schengen international locations have emerged as the highest locations for Indians travelling for leisure, company and training.
On-line insurance coverage platform Policybazaar stated there’s a 25% enhance in bookings within the week ranging from March 27 as in comparison with the earlier week. This quantity is predicted to develop within the coming months when air ticket costs stabilise and vacation season kicks in.
Bajaj Allianz Common Insurance coverage anticipates the journey insurance coverage penetration will go previous 35%, when it comes to insurance coverage taken to the full variety of travellers, from round 18% within the pre-pandemic interval. ICICI Lombard Common Insurance coverage sees elevated demand for journey insurance coverage in leisure and enterprise segments, with the leisure phase witnessing a growth because of revenge journey.
Policybazaar has already seen a soar of 40% when it comes to bookings for abroad journey insurance coverage between March and February this 12 months. The abroad journey insurance coverage progress has doubled for each Bajaj Allianz Common Insurance coverage and ICICI Lombard Common Insurance coverage in comparison with the earlier 12 months. “We anticipate this de- mand would go up even additional by one other 1. 5x within the April-June quarter,” Sourabh Chatterjee, head (IT, net gross sales & journey), Bajaj Allianz Common Insurance coverage, instructed TOI.
Amit Chhabra, head (he- alth & journey insurance coverage), Policybazaar, stated that journey insurance coverage insurance policies cowl flight cancellation and delays, other than well being points.
However tourism sector specialists have a phrase of warning for journey insurance coverage post-Covid. Sanjiv Agarwal, chairman & CEO, Fairfest Media, stated that overseas international locations have simply began opening up for tourism. So, it’s important for each traveller to do due diligence and take an abroad journey coverage that covers this danger (quarantine) additionally, he added.
Subramanyam Brahmajosyula, head (reinsurance & product growth), SBI Common Insurance coverage, stated that there’s a heightened want for travellers to safeguard themselves in opposition to any unexpected circumstances now.