Travel insurance customers demand COVID coverage

Travel insurance customers demand COVID coverage | Insurance Business America

Travel insurance customers demand COVID coverage

Since the coronavirus pandemic began, one-third of travelers searching for travel insurance want protection for COVID-19, according to travel insurance comparison site Squaremouth.

Providers offering COVID-19 coverage are in high demand, according to Squaremouth. The site said it had seen a shift in top travel insurance providers to favor those that offer COVID-19 coverage.

The top five travel insurance providers on Squaremouth, ranked by percent of sales, are:

  1. Seven Corners
  2. Trawick International
  3. Tin Leg
  4. Berkshire Hathaway Travel Protection
  5. Travelex Insurance Services

All five providers offer policies that include trip cancelation, emergency medical and medical evacuation coverage if a traveler or their family contracts COVID-19 before or during their trip.

The top three providers – Seven Corners, Trawick International and Tin Leg – also offer a “cancel for any reason” upgrade, which allows travelers to cancel their trip for any reason two days prior to departure. Travelers who cancel are eligible to receive a 75% reimbursement of their trip cost. That coverage is also increasingly popular among travelers, with 22% of all policies purchased from Squaremouth including “cancel for any reason” coverage – a 524% spike from last year.

The top five providers account for more than 70% of Squaremouth’s sales since COVID-19 was declared a pandemic in March, the company said.