Leading Indian economy portal the Economic Times has recently reported that, in the wake of the incident involving Malaysian flight MH370, more frequent flyers have been taking care to purchase family holiday insurance, and other types of coverage, before setting off on their airborne trips.
According to the source in question, the widely reported incident, which involved the disappearance of a Malaysia Airlines aircraft and all its passengers and crew, has changed people’s perceptions about travel insurance. Nor has this phenomenon been restricted to India, according to the Economic Times; other parts of the world have also been experiencing an increase in the volume of coverage policies companies have been able to sell.
Specialists quoted by the article attribute this change in mentality not only to disasters such as the Malaysian one, but also to a heightened awareness regarding the benefits of acquiring insurance prior to travelling. According to these sources, passengers today are more aware of exactly how contracting single-trip or family holiday insurance can benefit them, and of why it is paramount that one of these packages be bought prior to taking any major trip.
This trend is also helped, according to the piece published in the Economic Times, by the fact that travel insurance policies are now much more widespread than before. While the typical type of single or family holiday insurance package — covering lost or stolen luggage, medical emergencies, flight cancellations and the like — continues to be widespread, new packages have appeared specifically targeting people who choose to take activity holidays, winter sports breaks or other types of specialised trips. These more specifically-targeted packages have largely contributed to make niche segments of the population see the value of travel insurance, thereby contributing to heighten the volume of insurance-package sales worldwide.
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