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It came to be known that the fear caused due to Covid – 19 caused a huge hike on buying more travel policies in the initial months of 2022.
More than 12.8 lakh travel policies in FY21-22 jump over to 100 per cent as compared to FY19-20.
Go Digit General Insurance has shed light on the sudden increasing demand for travel insurances and policies that were impacted by the COVID-19 pandemic.
Reportedly the internal data of Digit had analyzed all the travel insurance products between April 2019 and March 2022.
The fear that people have due to covid has led them to buy more travel policies. According to the data the insurer sold 75 per cent of the total travel policies in the previous year just the first four months of the current year.
These months the most travel insurance demand was observed in the month of February.
Although the claims are settled during FY19-20 as India only travels more during the pre-COVID times.The more insurance were claimed to get settled in the month of March and it jumped almost 120 per cent as compared to the claims that were settled in January.
Most of the travel insurance were claimed due to the flight delays around 3.5 times in the FY20-21 than in FY-21-22.Travel policies being sold on the BOM-DEL (Mumbai-Delhi) route during the three financial years between April 2019 and March 2022.
Amongst, the common causes that emerged are the reasons for making insurance are majorly flight cancellation, flight delay, risk cancellation and booking amendment.
Everyone used to prefer buying single-trip policies from Digit that viewed a surge of 215 per cent in FY21-22 than FY20-21.
Total 11.7 lakh single-trip travel policies in FY22 were sold out, increasing 215 per cent from the figures of FY21. And the highlighted fact is that men filed 61 per cent of the total travel claims made between April 2019 and March 2022.
