Home » Lifestyle » COVID-19 travel insurance becoming a vacation staple
COVID-19 travel insurance becoming a vacation staple
Fox Business Flash top headlines for March 5
Fox Business Flash top headlines are here. Check out what’s clicking on FoxBusiness.com.
COVID-19 insurance policies are increasingly joining passports and sunscreen as vacation staples, creating opportunities for insurers as more countries require mandatory coverage in case visitors fall ill from the coronavirus.
Airline bookings are on the rise in some regions, driving cautious hopes of a revival in summer traffic, but also raising fears among tourist destinations of getting hit with bills should vacationers become stranded by the virus.
More than a dozen countries from Aruba to Thailand require COVID-19 coverage for visitors, with Jordan the latest to consider such protections, organizers of an emergency services plan told Reuters.
MARRIOTT PAYING EMPLOYEES TO GET COVID-19 VACCINE
The market for all types of COVID-19 travel coverage is estimated to be between $30 billion to $40 billion a year, according to travel insurance consultant Robyn Ingle, with companies like AXA and AIG underwriting protection.
But a surge in demand for COVID-19 coverage also means insurers could be on the hook for big payouts should another wave of infections lead to large numbers of cancellations or tourists getting sick.