How Is Coronavirus Impacting Travel Insurance?

by Travel Insurance Save money in insurance buying

Chinese Coronavirus has impacted almost all the sectors in India and abroad. Some sectors like tourism, airlines, etc. have been hit the hardest. However, travel insurance has also in the same category. Since almost all the countries have banned international travelling, travel insurance has undoubted become useless all of a sudden.

If we talk about the scenario before, travel insurance was a must for anyone travelling overseas. There are some countries that wouldn't legally allow you to step foot in their soil without a travel insurance policy. So it's quite easy to spot the difference between the past and the now, when it comes to buying travel insurance policy.

Coronavirus has already claimed more than 70,000 deaths worldwide while over 13,00,000 are infected worldwide. These numbers are constantly going up and up. World economy has been badly hit. In these circumstances, most of the counties are under lockdown making free movement stagnant. So travelling to a city of your preference is not possible.

No wonder travel insurance companies are facing huge losses. Apart from that, people engaged in the tourism and travel sector are also hit. We will have to wait for everything to go normal all over once again. Until then, travel insurance will not see a good market in India or across the world.