Firms Offering Assistance Services Modify Travel Insurance Schemes for Post Covid World

Covid-19 has led travel assistance market to face an unanticipated pause since the beginning of 2019. As most travellers didn’t feel safe about travelling, the market was subject to huge losses in a short span of time. As the firms plan to modify their travel insurance schemes for meeting the needs of travellers in the coming times, experts continue to differ on the future of travel firms in a post Covid world.

Since the international travel market is undergoing a downtime at the moment, travel insurance schemes are now being adjusted to include advanced marketing policies that encourage people to opt for staycations. Even though the pointers of future travel insurance schemes won’t be the same as before, experts are expecting this market to witness a significant growth soon.

As part of the future modifications, travel firms will cover holders in case a doctor diagnoses them with the virus while travelling under the trip interruption benefit. Since consumers have now become more aware about the things that travel insurance schemes should cover, the relationship between the consumer and the service provider will be far more comfortable than now.

Speaking about this upcoming modification in the field, the President of Travel Insurer Seven Corners — Jeremy Murchland said, “People who are traveling are more conscious of their risks and thinking about protecting themselves and their investment”. Even though travel insurance firms were subject to huge losses when travel was on a hold, the policies that include Covid-19 coverage now account for more than 80 percent of their sales.

Besides the wilful demand from excited travellers, travel insurance firms are benefitting in places where governments have mandated travel medical insurance. Several Caribbean Islands, including Turks, Caicos and Bahamas have this policy. Moreover, Maldives and French Polynesia have also instructed travellers to have a valid insurance policy with them.

Despite these benefits, some experts claim that one part of their customer base might reduce for a major fallout. Since most firms are now getting accustomed to technology, business travel is likely to remain on a long-term standstill even post Covid-19. As per experts, most business discussions will now be run remotely rather than in person. At the given moment it is difficult to know how the travel insurance schemes will be after the coming of Covid-19 vaccine.