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Travel insurance was a product or upsell that only a minority of vacationers bought in most countries before the pandemic. But many insurers and the travel brands that resell their high-margin products are hoping to see travel insurance sales boom once vacationers return to booking trips in large numbers.
So many insurers are racing to make their policies more flexible in an attempt to court the potential demand in a market that could hit $45 billion in six years.
“Insurance has traditionally been way behind with respect to digital innovation and customer experience,” said Jeremy Murchland, president of Seven Corners. “This crisis gave insurers and resellers time to pause and reassess how they’re selling travel insurance and to improve their digital games.”
Shivani Vora, CNN • Updated 29th January 2021
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(CNN) People who had travel insurance in 2020 found that their policies offered little protection against the global pandemic that dramatically upended trips all over the world.
So what kind of reassurance does travel insurance provide in 2021?
Given the fine print and complexities around insurance, the answer isn t straightforward, but the bottom line is that US consumers can expect more benefits out of their travel insurance going forward than they did before.
And following a year that brought travel to a crawl and decimated the industry in the wake of Covid-19, that s good news for globetrotters eager to get back out into the world.