TRAVEL RISK: IT’S NOT ALL ABOUT COVID-19

The hope that the COVID-19 vaccine combined with social distancing, wearing masks and other preventive measures could soon lead to an increase in travel, rekindling our need to think about travel insurance.

Even before COVID-19, there was an increase in travel insurance purchases, but mainly to cover travel cancellations. This product ultimately disappointed many who had given up vacation plans because of the virus. Most guidelines exclude outbreaks or fear of travel, making them almost unnecessary after an outbreak.

Pandemic risks weren’t on the radar screens of many travelers before the coronavirus emerged, as were many common illnesses, injuries or causes of death that should have led them to undertake medical evacuations and health coverage to their travel insurance. . A report by the United States Travel Insurance Association (USTIA) last year found that Americans spent about 41% on travel insurance in 2018 compared to 2016. However, the proportion of travel cancellation / interruption insurance is around 90% of the services acquired. The medical and medical evacuation rate was just over 6%.

People don’t want to think of illness, injury, or death when planning a fun trip, let alone pay the price of an unexpected threat (at the time) like a global pandemic.

Travelers wanting to cover all of their bases may have purchased Any Reason Cancellation Insurance (CFAR) which offers a refund (usually 50 to 75 percent) if they cancel for any reason. . Before the pandemic, CFAR was 40 to 60% more expensive than standard travel insurance. It can be more expensive now.

Airlines offer coverage for COVID-19

Some airlines offer COVID-19. Cathay Pacific announced this week that it will offer free coverage to all passengers.

“Customers traveling on Cathay Pacific from December 7 to February 28, 2021 will be covered for medical expenses related to being diagnosed with COVID-19 abroad,” according to the insurance magazine. “The free coverage is automatically applied when customers book their flights.”

Air Canada recently announced that members of its Aeroplan Affinity Program who make new qualified bookings of Canadian origin will receive COVID-19 in quarantine and emergency health insurance. Emirates launched a similar program in July, which according to It’s Free and covers all passengers traveling to any destination. In every plane. The airline recently announced that it will expand its coverage and add new features from December 1st.

It’s no surprise that airlines are adding value to COVID-19 to improve bookings for an anxious audience, and it will be interesting to see this new business plan. . Not to mention fearful travelers, but there are more common threats that you may not have been insured for before the pandemic.

Falls, collisions and drowning

“Each year around the world around 37 million accidental falls that require medical treatment occur,” the researchers wrote in Injury Epidemiology, citing data from the World Health Organization (WHO) from 2018. This is not the case and is not the most common cause Injuries and deaths while on vacation. Research shows that the two main causes of death are car accidents and drowning.

Of the 1 billion tourists who travel around the world each year, around 30-50% get sick or get sick when they travel abroad.

Don’t be surprised at the risks that can easily be avoided or mitigated. Understand the risks associated with your travel plans and make sure they are appropriate.

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