How the surge in travel has impacted the insurance sector
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How the surge in travel has impacted the insurance sector

How the surge in travel has impacted the insurance sector

Neeraj Gupta, CEO of Policybazaar in the UAE tells Gulf Business about how travel insurance has gained prominence post the pandemic

Zubina Ahmed
Neeraj Gupta, CEO Policybazaar UAE

How did the surge in the travel sector impact the travel insurance segment?
Earlier customers bought travel insurance just for the sake of visa purposes. While after Covid-19 they are more serious and careful while choosing their travel insurance policy.They look for a comprehensive travel insurance that is a fully loaded product including trip cancellation, baggage delay or loss, Covid-19 cover, medical emergencies, theft etc.

What role does travel insurance play?
One thing the pandemic has taught us is to take necessary precautions thus, it is wise to buy travel insurance especially while travelling abroad. It costs only a few dirhams to mitigate all medical emergencies and other risks, such as loss of baggage and passport, accident and even political risk and catastrophe evacuation. A comprehensive travel insurance policy let’s travellers enjoy a hassle-free trip thus, it would soon be a mandate in all countries to have an insurance policy.

What are the recent challenges faced by UAE travellers?
While travel has picked up its pace, airports around the world are facing extremely high levels of flight cancellations and delays in the past few months. In fact, delaying or losing check-in baggage is one of the most common adversities faced by UAE travellers. Nearly 220,000 bags were ‘mishandled’ by US airlines in April 2022, meaning they were lost, damaged, delayed or stolen, according to the most recent data published by the US Department of Transportation. Especially in big European airports of Amsterdam and London through which many travellers fly via inter-connected flights for international travel, many baggages are either being left behind or baggage are going missing due to staff shortages. The airline might provide a mere compensation which is surely not enough. Fortunately, travel insurance companies provide coverage for baggage delay as well as baggage loss.

What are the essential factors of business travel?  
Business travel insurance offers a wide range of coverage that must be purchased as a bundle. The primary coverage category includes immediate evacuation and repatriation as business travellers might find themselves in the midst of a natural disaster, pandemic outbreak or criminal attack. Travel insurance coverage helps with the immediate evacuation and repatriation of your employees in such cases. Business travellers are susceptible to various illnesses, ranging from fear of having Covid-19 to individual health issues like food poisoning or severe allergies.

Travel insurance policy would cover any medical expenses that come up unexpectedly (with chronic conditions declared prior to the business trip). The travellers often carry expensive devices or gadgets that are essential for business trips. Travel insurance policies cover the loss of check-in baggage and important documents like passports or licenses. For instance, if an employee loses their check-in baggage in transit, the policy will cover the associated cost of the goods within. As for lost documents, the coverage helps with the funds required to re-apply. This coverage for theft and loss offers reimbursement for lost, stolen, or damaged baggage and items during the entire trip, not just at the airport.

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