Demand for travel insurance among UAE residents rose by 150 per cent in the second quarter of this year as compared to the first, according to leading insurance and financial products marketplace Policybazaar.ae.
Mandatory insurance requirements by several countries, lingering fear of the pandemic and staff shortages in various airports leading to baggage loss are some of the reasons for the significant increase in demand for travel policy.
“One thing the pandemic has taught us is to take necessary precautions,” said Neeraj Gupta, CEO, Policybazaar.ae. “We have seen a rise in travel insurance, especially for Covid or unexpected medical costs and loss or delay of baggage. Baggage coverage is a very important benefit within travel insurance plans, as it can provide monetary assistance when things go wrong with your luggage during a trip.”
The company saw a rise in demand from top tourist destinations such as the USA, Schengen countries, Indonesia and UK amongst others — as the majority of these countries have made travel insurance mandatory along with other valid travel documents. Even those going to countries where travel insurance is not mandatory are opting to buy it due to fears related to Covid-19.
Delayed or lost check-in baggage is one of the most common mishaps faced by travellers. Nearly 220,000 bags were "mishandled" by US airlines in April 2022 alone: meaning they were lost, damaged, delayed or stolen, according to the most recent data published by the US Department of Transportation.
Several people travelling through European airports via inter-connected flights have also faced issues where luggage is either being left behind or lost due to staff shortages.
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