UAE: Demand for travel insurance on the rise as more people travel

UAE: Demand for travel insurance on the rise as more people travel

Demand for travel insurance in the UAE is set to double as passengers have become more cautious and aware in the post-pandemic period, as well as the requirement of countries to have insurance prior to submitting visas. Industry executives noted that the cost of travel insurance is, for the most part, remaining stagnant this year. “Though Covid-19 is behind us, people are still cautious that things can go wrong while they are travelling. A lot of people who were not very keen to buy travel insurance earlier, now consider travel insurance to be an important aspect of their journey as they have become more aware of the risks associated with cancellation, financial and emotional risks. Secondly, the number of people travelling has increased as well,” said Neeraj Gupta, CEO, Policybazaar.ae. “We are seeing a 65 per cent increase in travel insurance demand year-on-year and 40-45 per cent on a month-on-month basis,” he added. The UAE’s travel sector has bounced back strongly, lifting demand for travel insurance as well ticket prices. As a result of revenge travel, demand for leisure and business trips has grown exponentially. Gupta added that the majority of consumers buy insurance due to concerns surrounding trip cancellations,