May 27, 2014: There are lots of people who don’t opt for travel insurance while travelling. While booking a flight when the last option of whether a flyer wants to opt for travel insurance comes up, it is more likely that they don’t tick it and book their tickets. But this is a thing of the past. Now it is being observed that more and more passengers are opting for travel insurance after the mishaps like the floods in Uttarakhand and disappearance of the Malaysian Airlines flight MH370. Travel insurance companies are witnessing an increase in purchase of insurance by travellers post these global tragedies. According to travel insurance companies after the disappearance of Malaysian Airlines MH370 the entire thinking of people about travelling in an aircraft has changed. A steep increase in the purchase of travel insurance was reported by TrawellTag Cover-More, providers of travel insurance and global assistance after the disappearance of MH370. The aircraft has still not been found months after it disappeared.
This change in attitude of passengers is being attributed to increase in awareness about benefits of travel insurance as well. An increase in purchase of travel insurance is also because nowadays people undertake a lot of travel especially for adventure trips, pleasure rides etc. Earlier this was not the case and people used to travel only for annual holidays or business trips. In the words of TC Guruprasad, MD, CentrumDirect, “While companies had to push insurance cover along with the packages earlier, nowadays it is automatically accepted.” The costly medical care facilities overseas in also seen as a prime reason for the increasing demand for insurance. The insurance companies are also making the best use of the demand and wooing customers with basic and evolved premium policies. New policy packages are being introduced by insurance companies to cater to the demand of travel and medical needs of people.