COVID-19 travel insurance becomes a must-have on vacation | Instant News

By Allison Lampert and Noor Zainab Hussain March 7 (Reuters) – COVID-19 insurance policies are increasingly joining passports and sunscreens as a basic vacation, creating opportunities for insurers as more and more more countries are requiring mandatory coverage in case visitors fall ill with the coronavirus. the rise in some areas, raising cautious hopes of a resumption of summer traffic, but also raising fears among tourist destinations of being paid bills if holidaymakers find themselves stranded by the virus.More than a dozen countries , from Aruba to Thailand, need COVID-19 coverage for visitors, with Jordan the latest to consider such protections, organizers of an emergency services plan told Reuters. of all types of COVID-19 travel coverage is estimated to be between $ 30 billion and $ 40 billion per year, according to a travel insurance consultant. Robyn Ingle, with companies like AXA and AIG Underwriting Protection, but an increase in demand for COVID-19 coverage also means ensuring ‚ÄúTravel insurance and protection services are taking off as travel resumes, said Dan Richards, general manager of travel. Insurance benefits from risk and crisis management company Global Rescue.COVID-19 typically cover treatment up to $ 100,000, and could include the costs of coronavirus tests and services such as evacuation or hospitalization. local burial or cremation. These benefits, introduced by insurers in mid-2020, are sold either as add-ons or as separate policies with sickness or quarantine coverage.Jeremy Murchland, president of Seven Corners travel insurance company based in Indiana, said travelers are now “more likely to insure their trips,” as more countries require COVID-19 coverage. A travel insurance plan that includes travel protection, medical coverage for COVID-19, and coverage for baggage and personal effects typically costs 4% to 8% of the dollar value of As the pandemic has struck In travel, the demand for coverage has created an opportunity for the hard-hit insurance industry and a niche to develop new products, the companies said. plan with coverage for coronavirus-related expenses, Murchland said. At the end of the year, the product with coronavirus coverage generated around 80% of total medical travel plan sales. Some countries have mandated travel insurance for inbound visitors – either by including it in their entry or visa fees, or by requiring proof of coverage, insurer World Nomad said. a program of Global Rescue and the Global Travel and Tourism Resilience Council, said council co-chair Taleb Rifai. The program, which costs up to $ 100 per person, covers some disasters and illnesses like COVID-19. The Jordan tourism office was not available for comment. It is not known how the demand for coverage will evolve, as more and more people will be vaccinated against the coronavirus with vaccines. Frank Comito, special advisor to the Caribbean Hotels and Tourism Association, said some budget travelers have complained about mandatory coverage. And some countries could halt or relax the requirement as “we move away from the pandemic.” Rifai, former secretary-general of the UN World Tourism Organization, said he expects countries to continue demanding coverage as vaccines “will take years” to roll out. globally. (Reporting by Allison Lampert in Montreal and Noor Zainab Hussain in Bangaluru; editing by Denny Thomas and Bill Berkrot)

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