The expanding business horizons and attractive foreign tourism have led to an explosive growth in the travel markets. Subsequently, it had led to the growth of the Travel Insurance
market. People travel for several reasons. It may be for work, leisure and higher studies. Whatever is the reason, they have to buy travel insurance for ensuring a healthy and secured trip. Ironically, when you travel, your chances of becoming a victim of a tragedy grows. Newspapers are filled with cases of mishaps with tourists in a foreign land. To protect yourself from an emergency situation, you need a cover that takes care of your health and things along with you. Being secured with travel insurance, you do not face financial crisis when away from home.
Interestingly, in India, where people had a procrastinating attitude towards travel insurance, there is an expected growth in this industry in the coming years. The following factors are responsible for such growth in travel insurance:
- Growing awareness among the masses about travel insurance and its benefits. The growing businesses, extending the borders for higher studies and increasing interest in people from different cultures and nationalities has made people aware about things around them like never before. This is, eventually, giving growth to travel sector and hence, travel insurance.
- Fear of contingencies among the people. The increasing threats of terrorist activities in different countries have led people to become more conscious about their life. Riots, hijackings and attacks Risk many people’s lives and leave a long lasting impact. Loss of life or any other physical and financial loss can be covered with travel insurance in such case.
- Raising standard of living of the people has made it possible for them to afford and take advantage of travel insurance.
- Increasing number of travelers. People now look forward to travelling to places more often than ever before. The traffic of travelers in airways has also increased. The unexpected situations like flight delays, interruptions and cancellations may cost the traveler. However, with travel insurance, such costs can be covered.
- Growing concerns for health. Many people suffer from various health issues when in a foreign land due to the change in flora and fauna. One should have travel insurance to get high standard treatment and other health facilities.
- Product innovation: People can now get travel insurance accustomed to meet their requirements. The excellent product innovation and subsequent planning and development have caused the growth in traffic in this area.
- Most of the other insurance products like Health Insurance have the limitation of geographic area. Thus, for frequent travelers, being protected with travel insurance can serve the purpose of cutting down the health care cost.
Simplicity in the process because of online travel insurance
has also attracted interest of people in this area. Cheap travel insurance deals and easy travel insurance claims settlement are some of the other reasons for the growth in this sector. The above are just a few factors that made people buy travel insurance. There can be different cases with different people.