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Insurance Article

Insurers expect a rise in demand for travel insurance post Paris attacks

November 18 2015
 
rise in demand for travel insurance post Paris attacks

international travellers becoming skeptical about security across the world. In this light, insurers expect a hike in demand for travel insurance, even for trips to developed nations or destinations where travel insurance is not mandatory.

Expenses due to terrorist attacks are not covered under the international travel insurance policy offered by some companies. However, certain policies enlist a few incidental expenses borne from terror attacks. "All risks like trip cancellation, loss of passport, medical expenses, repatriation of remains, etc. are covered as part of the regular travel policy even if they result from terrorism," says Sanjay Datta, Head, Underwriting and Claims, ICICI Lombard. Accommodation costs in case of an extended journey and return trip expense in the event of such attacks will also be reimbursed.

Insurance companies have uniquely defined occurrences such as war, riots and terrorism to distinguish each. The incident in Paris has prompted policyholders to evaluate and analyses their policies more deeply, from the extent of coverage to terms and conditions.

A similar increase in policy demand is expected for other insurance, such as health, personal accident, home, etc. as a financial safeguard against such mishaps. It is important for policyholders to read the policy fine print to know the exclusions and applicability of the policy in the destination country.

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