UW-Green Bay Assistant Prof. Aniruddha Pangarkar (Business Administration) talks with AdvisorSmith about Travel insurance:
What, if any, long-term impact will the pandemic have on the travel insurance market?Aniruddha: When the COVID-19 pandemic, which started almost 16-18 months ago, was raging and at its absolute worst, there were travel restrictions, and fewer Americans traveled due to fear of contracting the virus. In the last 3-4 months, with many Americans undergoing full
vaccination, the situation has somewhat changed, and with almost a year of work from home/social distancing norms, there are many who want to be adventurous and are willing to travel.What this means is that travel insurance for a trip assumes great importance and travelers are very vigilant about this. This is because travelers want to protect themselves in case there is one more wave of COVID in the United States, or if the countries they are traveling to are experiencing a sudden surge in cases.One has to also keep in mind that when the pandemic suddenly started, many travelers had to abandon or cancel travel plans at the last minute because they had not taken travel insurance, and without such coverage, they were hit hard. There is a significant financial impact that can be felt without travel insurance coverage, especially if it’s a family that is traveling. That is why travel insurance has become a must-have and necessity in today’s COVID-impacted world.