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Business Standard
15 hours ago
- Business
- Business Standard
Premium insurance demand spikes as travel disruptions rise globally
With flight cancellations, delays and other disruptions on the rise, leisure travellers are being increasingly discerning over the level and type of insurance they buy and businesses are turning to specialist advisory services to limit risk. Since 2019, travel disruptions around the world have risen due to everything from COVID-19, extreme weather, volcanic eruptions, military conflict, jet safety issues, computer glitches and fires which have closed airports, grounded planes and stranded millions of passengers. In the U.S., ongoing air traffic controller shortages and aging technology have caused significant disruption. In May, equipment outages, runway construction and staffing shortages caused flight cancellations, diversions and delays at Newark Liberty, one of the main airports serving New York City. On Friday, Israel attacked Iran, forcing carriers to cancel or divert thousands of flights to avoid conflict in the Middle East. Even with insurance, many policies specify a multitude of exemptions in the fine print. As a result, more travellers are taking out higher-end insurance policies, often at higher premiums, to better protect themselves, according to interviews with nine travel executives, insurance companies and analysts. "We're in times that are quite unstable so people are cancelling more frequently than previously," said Duncan Greenfield-Turk, CEO of Global Travel Moments, a luxury travel agency based in London. European tourists have increased their purchases of travel insurance for this summer by 3% compared with last year, according to German insurer Allianz Partners. Squaremouth, the largest travel insurance marketplace in the U.S., has seen a 34% year-over-year increase globally in purchases of "Cancel For Any Reason" protection. British and U.S. holidaymakers in particular are more willing to pay a higher premium to protect their trip, said Anna Kofoed, the CEO of Travel for Allianz Partners. About 32% more travellers globally requested an insurance quote from January to April compared to the same period in 2024, according to data from online travel insurance broker InsureMyTrip. Businesses Seek Travel advice There has also been a rise in demand for bespoke travel advice as U.S. President Donald Trump has announced a number of immigration-related restrictions including tighter visa vetting procedures and travel bans. World Travel Protection (WTP), a global firm that advises businesses on travel risk, said it has seen a rise in U.S. residents being detained at U.S. borders and told their documents were no longer valid as visa rules were changing. WTP has worked with U.S. government representatives to help those individuals return home, according to Frank Harrison, the company's regional security director for the Americas. "We're seeing a very strong uptick in organizations coming to us wanting to know how to navigate the landscape of the U.S. within the wider business," Harrison said. CIBT, which provides non-legal visa and immigration guidance, has seen a 50% rise in inquiries since November from companies seeking to better prepare their employees for travel to the U.S., according to CEO Steven Diehl. High-end insurance products emerge One of the newest areas of business is in parametric insurance, which pays compensation automatically after a "trigger" event such as a flight delay without the need to file a claim. Parametric insurance took off in some countries during the COVID-19 pandemic and in recent months more insurers around the world have begun to offer it. When testing the market last year, Spanish insurer Mapfre's Mawdy unit in Ireland said about 11% more customers opted for higher-tier travel insurance packages when instant compensation was included. Travel destinations have also spotted an opportunity in this burgeoning market. Marriott Bonvoy's villa rentals and waterparks offer parametric weather insurance at the point of booking, automatically paying out on rainy days. Sensible Weather, one of the providers of such coverage, reported its weather guarantees were added to 30% of theme park bookings and 10â€'15% of higher-value accommodation bookings when they were offered in 2024. In March, Squaremouth launched a new insurance product with cruise-specific benefits such as coverage for being confined on a cruise ship or missing the port of call. "Everyone is trying to make it easier for people to understand that each trip (...) is going to have a different set of concerns whether it's hurricanes or blizzards or what's going on with air traffic controllers," Suzanne Morrow, CEO of online insurance broker InsureMyTrip told Reuters.
Yahoo
27-04-2025
- Business
- Yahoo
8 Key Signs a Staycation Is the Smartest Move in a High-Tariff Economy
With summer just around the corner, vacation planning may already be top of your mind. However, rising tariffs could affect more than just the cost of goods — they can also increase the prices of fuel, transportation and even lodging, as businesses adjust rates to cover their higher expenses. If higher costs have you reconsidering travel plans, you might be thinking about opting for a staycation instead, whether it's camping at a nearby national park or simply relaxing at home. But how do you know if staying put is truly your best option? Experts weigh in with some key signs that choosing a staycation makes the most financial sense during a high-tariff economy. Read Next: Check Out: One of the clearest signs that you may not be able to afford the vacation you really want is if you start 'stripping away the experiences that make it truly memorable, like downgrading flights or staying far from the action just to make it work,' according to Duncan Greenfield-Turk, founder of Global Travel Moments. At that point, a staycation might actually bring more joy and save you money. See More: Another key sign that you might want to stay close to home is if you're saving for something major like a new house, car, major appliance or something else. 'Pressing pause on travel doesn't mean sacrificing rest,' Greenfield-Turk said. In fact, a well-planned staycation can deliver the same emotional payoff without the financial strain. If you've been monitoring the prices of travel for your planned destination, like airline ticket costs and hotel prices, and those prices seem to be increasing pretty consistently, that may be a sign to either book now before things get too expensive or to postpone your trip at least temporarily, according to Steve Schwab, CEO of Casago. 'Make sure you know exactly what your travel budget is and that you use that as a guide to figure out what your best move is,' he urged. Also, keep in mind that certain elements of travel may be more impacted by tariffs than others. 'Hotels, for example, often buy tons of imported products that they replace daily, whereas privately owned vacation rentals may not be dealing with tariff-related price hikes very much at all,' he said. With hotel and airfare prices rising by as much as 30% to 40% in some cases, Greenfield-Turk said, if that price no longer matches the value of your intended vacation, it might not be the right time to travel. You don't want to feel like you spent a lot of money but didn't get an equivalent experience. If planning a trip feels more stressful than exciting because of financial worries, that's your cue to stay home, Greenfield-Turk said. When uncertainty is high, staycations offer the freedom to relax without the anxiety of overspending If you're also lucky to live near stunning natural beauty, or have access to meaningful experiences like seasonal or cultural events, a staycation may just make the most sense. If your expected travel costs are at your max budget before tariffs kick in, you're likely going to overspend, according to Melanie Musson, a finance expert with 'Everything from hotels to food costs more this year than in the past, so if a conservative budget is a stretch for your finances, you'll probably overspend and go into debt.' Additionally, if you haven't been saving up for your trip, it's almost a guarantee that you'll overspend, Musson said. 'The cost of vacation outweighs the benefits when you haven't been able to save for it.' Overspending often leads to using credit cards, as well. If the costs of daily life have increased so much that you're unable to financially prepare for a trip, any type of travel is likely to increase your debt, Musson said. If you're already carrying a significant amount of debt, and your trip is likely to add to that or eat up funds earmarked for paying that down, you won't get much benefit from a relaxing vacation if you're just coming home to more debt, Musson pointed out. If you can continue to pay down your debt and travel without increasing your debt, you should take your trip, she said. Lastly, if you face the possibility or probability of being furloughed or losing your job, or you depend upon an inconsistent income, such as freelance or consulting gig work, you may want to prioritize an emergency fund over a vacation until you can be sure of your job or income security, Musson said. The best vacations are ones that bring relaxation, not financial stress. If high tariffs and rising costs threaten to disrupt your finances, choosing a staycation can be both financially wise and personally rewarding. More From GOBankingRates 5 Luxury Cars That Will Have Massive Price Drops in Spring 2025 4 Things You Should Do if You Want To Retire Early 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth How Much Money Is Needed To Be Considered Middle Class in Every State? Sources Duncan Greenfield-Turk, Global Travel Moments Steve Schwab, Casago Melanie Musson, This article originally appeared on 8 Key Signs a Staycation Is the Smartest Move in a High-Tariff Economy Sign in to access your portfolio
Egypt Independent
06-04-2025
- Egypt Independent
Your 2025 holiday travel tips, with advice from our experts
CNN Underscored reviews financial products based on their overall value. We may receive a commission through our affiliate partners if you apply and are approved for a product, but our reporting is always independent and objective. Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit to learn more. We all know how stressful travel can be — but a lot of us do it anyway during the holiday season. Airports will be packed, and chaos is virtually inevitable. So, we gathered our favorite tips from travel professionals to help you prepare for your upcoming end-of-year trips. Let's look at some of the best ways to make your 2024 holiday travel experience less intense and expensive. How to save money on holiday flights Booking a trip, specifically during the holidays, can be jaw-droppingly expensive. Here's how to save some money on your end-of-year travel. Use alternate airports If you can be slightly flexible with the airports you use, it's possible to find some great deals. Duncan Greenfield-Turk, Founder of travel agency Global Travel Moments, encourages you to search peripheral airports that are reasonably close to your destination — even if less convenient. 'Secondary airports can save time and reduce stress during busy periods,' he says. 'For major hubs like Chicago O'Hare, consider flying into [Chicago] Midway. Similarly, in New York, explore LaGuardia or Newark if JFK looks chaotic.' You may also try departing from alternate airports that are not your home airport. For example, if you live in Sarasota, you may search for flights out of Tampa, Clearwater, even Orlando. The drive is farther, but the money you save could be well worth it. Kindamorphic/Book one-way tickets Joe Cronin, President at International Citizens Insurance, recommends looking into the merits of not booking a round-trip. 'You should check fares for one-way tickets with different airlines, instead. This could give you appealing flight combinations and schedules that suit you better,' he says. 'Additionally, this hack is good for grabbing a bargain at the last minute if your plans suddenly change.' This strategy also comes with the added benefit that, if you miss your outbound flight, your entire trip won't be forfeited. Don't forget about travel rewards If you have airline miles, hotel points or credit card rewards you've been holding on to, now could be the time to redeem them. Travel rewards can help cover part or all of your holiday travel expenses, opening up more funds for holiday gifts. 'One of the biggest stressors of holiday travel is finding affordable flights,' says Kathy McCabe, travel expert, host and executive producer at 'Dream of Italy' on PBS. 'After years of trying various points and miles consolidation platforms, I discovered and it's been a total game-changer. For anyone juggling travel rewards across different credit cards and airlines, consolidates all your accounts into one platform. It provides real-time guidance on how to maximize your rewards, saving you time and money.' Related article 59 travel products from Amazon that will make your trips easier Plan for delays and cancellations RobertHoetink/If you travel regularly, you know that flight delays and cancellations are common enough that you should build your holiday plans around preventing them. So how do you do that? [F]light disruptions are likely to take place during this busy period,' says Mercedes Zach, Travel Agent at flight deals website ASAP Tickets. '[E]arly morning flights…usually leave on time and are less affected by cancellations, weather conditions, or technical difficulties.' To accentuate this point, it's a bad idea to book your flights near the end of the day. That's because if a delay or cancellation causes you to miss your flight, you could find yourself stranded until the next day. The earlier you fly, the more opportunities an airline has to rebook you the same day. Julian Kheel is the founder and CEO of Points Path, an amazing internet browser extension that helps you to quickly view award prices when searching with Google Flights. He urges travelers to be proactive in the event of a delay or cancellation. 'Don't wait for the airline to reach out to you with information,' he says. 'Get in touch with an airline agent, either in person at the airport, by phone, or even via social media. And remember that the first alternate option an airline offers you isn't necessarily the only one available. Ask for other options, and even to be rebooked on another airline if none of the offered options are acceptable.' Or, if the option is available to you (at a reasonable price), take the advice of Richard Campbell, founder at 10Adventures, a platform to book hiking and cycling vacations all over the world. 'Pay the extra for a direct flight,' Richard says. 'There is so much flight chaos, with every flight at capacity, that if you miss your connection it is a total pain to get to where you want to be.' If you have a big trip on the line, consider buying travel insurance to offset the cost of having to change or cancel a trip due to a delay. Also, note that many travel credit cards include limited travel insurance benefits. Related article How to get your fourth or fifth night free on hotel award stays Prepare for the day of travel Kirk Fisher/Once you've booked your flights, the day of travel still requires savvy planning. Here are a few common-sense steps you can take to make your commute a success. TSA PreCheck There's a special lane at many domestic airport security checkpoints reserved for travelers with a membership called 'TSA PreCheck.' Members are allowed to go through security without removing their shoes, belt or jacket. They can even keep their carry-on-approved toiletries and laptop in their bag. In other words, it's revolutionary to your airport experience. This lane is typically much smaller (and moves much faster) than the regular security lane — which could mean the difference between making and missing your flight, depending on how tardy you arrive at the airport. TSA PreCheck costs as little as $78 for a five-year membership. Airport lounges Many folks don't realize how easy it is to escape the deafening anarchy of the airport concourse by slipping into an airport lounge. Whether you've got a credit card that comes with airport lounge access or you just want to purchase a day pass, airport lounges are the (comparatively) serene oasis you didn't know you needed. They typically come with free food and alcohol, as well as fast Wi-Fi and chairs that are infinitely more comfortable than those at the gate. Related article The 47 best travel gifts for the frequent flyer in your life Have a luggage plan Minimize checked bags Keri Baugh, founder of travel website Bon Voyage With Kids, urges travelers to stick to carry-on bags when possible. 'If you are flying over the holidays, don't check a bag. This saves money on baggage fees, and it reduces the chance that your bag will get lost by the airline,' she says. It's not easy for most of us to stuff a long weekend's worth of cold weather clothes into a carry-on. If you can do it, great. But Keri's point stands: When you hand your bags over to the airline, a lot can go wrong. Also, avoiding a checked bag means you won't have to stand in a line at the check-in desk. And during the holidays, those long lines can be demoralizing. Be deliberate with your carry-on bag You've probably heard the tip that you should 'cross-pack' your carry-on and checked bag (if you've got one). In short, don't put all the essentials in your checked bag. Make sure your carry-on bag has enough clothes, shoes etc. to get you by — just in case your checked bag gets lost. That's just the starting point. Sanya Weston — owner of Your Premier Travel Service — is passionate about optimizing her carry-on bag. 'Whether you're embarking on a road trip, flying, or taking a train, your carry-on bag reigns supreme,' says Weston. 'Whether you're a solo traveler or journeying with children, the contents of your carry-on can make or break the success of your vacation.' Some of her insights into packing the perfect carry-on include the following: Pack items to keep yourself and your companions entertained during the journey – a book, tablet, headphones, puzzles or a travel-sized board game. A neck pillow and an eye mask are an easy fix for added comfort during flights or long land journeys. Always pack a few snacks like granola bars, nuts or dried fruits to stave off hunger, especially if you encounter delays. A reusable water bottle is a must these days, and most airports have water fountains for filling up after passing through airport security. Ensure you have chargers for your devices and a power bank to keep them charged throughout your journey. This is especially crucial if you rely on your phone for navigation or entertainment. Pack a small toiletry bag with essentials like a toothbrush, toothpaste, hand sanitizer and facial wipes. These items can help you freshen up during long trips or layovers. 26 expert-approved travel essentials you can get for $10 or less Bottom line The holiday season is here. If you don't already have your flights, hotels and other travel booked, start planning now — whether it's a much-needed stay at an all-inclusive resort or a quick jaunt to visit family. Follow these tips, and you're bound to save money on travel expenses, improve the quality of your commute and be more prepared for travel mishaps. Why you can trust CNN Underscored When it comes to holiday travel advice, trust is paramount. That's why at CNN Underscored, we pride ourselves on being a reliable source of guidance for readers navigating the complexities of travel. Expert insights: We collaborate with seasoned travel professionals, industry leaders and experienced travelers to bring you advice that is practical, actionable and rooted in real-world experience. Every tip in this guide has been vetted by experts to ensure it aligns with the latest trends and challenges of holiday travel. We collaborate with seasoned travel professionals, industry leaders and experienced travelers to bring you advice that is practical, actionable and rooted in real-world experience. Every tip in this guide has been vetted by experts to ensure it aligns with the latest trends and challenges of holiday travel. Independent reviews: We thoroughly research and test travel products, services and strategies to ensure they meet the high standards our readers expect. Transparency and accuracy are at the core of our editorial process. We thoroughly research and test travel products, services and strategies to ensure they meet the high standards our readers expect. Transparency and accuracy are at the core of our editorial process. Up-to-date information: The travel landscape is constantly evolving, and we strive to provide timely updates to our readers. From changes in airport security protocols to the latest deals on flights and hotels, we keep our content current to help you make informed decisions. The travel landscape is constantly evolving, and we strive to provide timely updates to our readers. From changes in airport security protocols to the latest deals on flights and hotels, we keep our content current to help you make informed decisions. Comprehensive coverage: Whether you're a seasoned traveler or planning your first holiday trip, our guides cater to a wide range of needs. From budget-friendly hacks to tips for maximizing luxury travel perks, we cover it all to make your journey smoother. Whether you're a seasoned traveler or planning your first holiday trip, our guides cater to a wide range of needs. From budget-friendly hacks to tips for maximizing luxury travel perks, we cover it all to make your journey smoother. Reader-focused approach: At CNN Underscored, our priority is to empower our readers with knowledge and tools to improve their travel experiences. We listen to your feedback and continuously refine our content to better serve your needs. Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
