Just a few years ago, the world stood at a standstill due to the COVID-19 pandemic. This caused a lot of businesses to shut down or entirely bring their operations to work from home. Along with that, tourism around the world had come to a halt.
But now that we are seeing a resurgence in travel and tourism, we are also seeing a rise in the number of people obtaining international travel insurance when travelling. The global industry has seen a compound annual growth rate of 17.3% compared to last year.
While part of this increase can be attributed to some countries mandating travel insurance, the remaining growth can be attributed to the rise in awareness and knowing how things can go wrong while travelling.
What is travel insurance?
Travel Insurance is a safety measure offered by insurance providers to protect the traveller and their loved ones from risks arising from travelling. These safeguard the traveller’s financial security and the well-being of their loved ones from unexpected situations in which they might have to face troubles.
From loss of checked-in baggage to missing a connecting flight, hostage situations and accidents, there are several risks one might face while travelling. This is where travel insurance comes in and protects you from such inadvertent situations.
Which is the best travel insurance provider?
When looking to purchase insurance for travelling, some of the most important things to consider are the plans offered, premium prices, the credibility of the insurance provider, and the claim settlement ratio.
However, as there has been an increase in the travel insurance market, so has there been an increase in the number of travel insurance providers. There are currently dozens of travel insurance providers in India; thus, it is difficult to figure out which is the best insurer for your needs.
Comparing all of the insurance providers, the insurer that comes at the top is Niva Bupa. Not only do they have one of the highest claim settlement ratios, but they also offer plans with various coverage options that best suit the traveller’s needs at an affordable premium.
How to purchase international travel insurance online?
There are several ways of purchasing travel insurance, but if you wish to buy travel insurance online, here are the steps you can follow.
- Visit the Niva Bupa Travel Insurance webpage- https://www.nivabupa.com/travel-insurance.html.
- Fill in the requested details- Destination of travel, trip duration and phone number.
- Click on view plans and select the plan which best suits your needs.
- Fill in the requested details and make the purchase.
- You can also request a call back in the previous stage to learn more about the policy and understand the policy document in detail.
Conclusion
A few months ago, the analytics firm Research and Markets concluded a study projecting a CAGR of 16% and a rise in the market to more than $40 Billion by 2027. This growth is fascinating; anticipating this rise, several new entrants in the market offer travellers more choices than ever before.
These entrants offer eye-catching policies that can help protect your family for the best bang for your buck, allowing you to enjoy your trip, whether in Niagra Falls or James Bond Island, worry-free and full of excitement and relaxation.
