Travel insurance - the new ‘must have’ purchase!

Family holidays in Europe and short duration trips showed the first signs of recovery in 2022. Long-haul trips and transatlantic flights are expected to return to pre-pandemic levels as customer confidence, and airline capacity improves throughout 2022.
 
Whereas previously, some travellers chose to ignore the advice to take out travel insurance, it is now perceived as the new ‘must have’ purchase. Cancellation and abandonment of trips has been commonplace, and the need for medical assistance a real possibility, and tourists now have a greater acceptance that when they book their holiday, there is a real probability they could experience these issues.
 
With so many having been stung by the pandemic’s impact on previous holiday plans, there is a greater understanding of how travel insurance can alleviate the situation and ensure travellers are not left out of pocket.
 
Forecasts reveal a potential growth of 13.3% of revenue generated by travel insurance purchases compared to pre-pandemic levels in 2019. With travel plans now so dependent on having insurance in place, it means that quality travel insurance policies do play a vital role in the tourist industry’s recovery
 
However, along with the peace of mind that travel insurance brings, comes increased prices. In part this is to help recover the cost of the many Covid-19 claims, but is also due to the increased costs of overseas medical care. For example, as a result of ongoing testing requirements and entry restrictions, which vary considerably from country to country, it can be difficult to arrange medical escorts or air ambulances to fly people home. This is all helping to drive costs upwards.
 
As a result of market conditions, insurance companies have been working hard to improve cover so that it is appropriate for the post-pandemic market. Cancellation and medical expenses are key, providing effective cover against risks, and there is also the option to extend cover if customers are unable to return home because of illness, pandemic-related travel disruption or border closures.
 
TMD has many years’ experience arranging travel insurance and is happy to advise you on the level of cover you need to have in place post-Covid, ensuring you benefit from quality cover that offers you full protection against risks. If you are planning or booking a holiday abroad, please contact us so we can ensure you have adequate cover for your needs at a competitive rate. Please call us on 01992 703 000 or email: insurance@mcdonaghs.co.uk