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Business Standard
9 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.
Zawya
12 hours ago
- Business
- Zawya
Premium insurance demand rises with global travel disruptions
LONDON/NEW YORK: 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 10–15% 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. (Joanna Pluncinska and Henry Gale in London, Doyinsola Oladipo in New York;Editing by Josephine Mason and Elaine Hardcastle)
Reuters
13 hours ago
- Business
- Reuters
Premium insurance demand rises with global travel disruptions
LONDON/NEW YORK, June 16 (Reuters) - 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. 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. 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 10–15% 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
13 hours ago
- Business
- Yahoo
Premium insurance demand rises with global travel disruptions
By Joanna Plucinska, Doyinsola Oladipo and Henry Gale LONDON/NEW YORK (Reuters) -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 10–15% 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. (Joanna Pluncinska and Henry Gale in London, Doyinsola Oladipo in New York;Editing by Josephine Mason and Elaine Hardcastle)
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
