Covid is still throwing uncertainty into many people’s travel plans. Ironically, travel insurance marketplace Squaremouth.com conducted a study showing 2023 will be the year for international travel to fully recover, with travelers fulfilling their pent-up desire to travel after more than two years of strict mobility restrictions.
Insurtech Igloo has teamed up with GCash and local underwriter Malayan Insurance to launch the Travel Master with Covid-19, a comprehensive travel insurance product to be offered and purchased on the e-wallet.
“As more Filipinos become more comfortable with traveling, our new travel insurance product, in collaboration with our long-term partner GCash, will work as a key enabler to facilitate safe travel for Filipinos. Being an affordable yet comprehensive product that addresses common travel risks, including contracting Covid-19, it will offer travelers the coverage they need so they can enjoy their trip and have peace of mind,” shared Mario Berta, country manager for the Philippines at Igloo.
“GCash Travel Master with Covid-19 once again highlights Igloo’s commitment to co-creating insurance products that are relevant and accessible to all Filipinos,” he added.
Travel Master offers coverage for personal accidents, emergency medical treatment, hospital cash allowance, travel inconvenience benefits, and Covid-19 protection. With tourism on the upswing due to the easing of restrictions, Travel Master with Covid-19 will enable Filipinos to undertake trips with assured protection in the event of a medical emergency due to the pandemic.
According to independent research by SchengenVisaInfo.com, nearly 90 percent of insured travel will book for international destinations, with the sector predicted to reach pre-pandemic level this year.
“Over 60 percent of travel insurance buyers are born before 1980, which includes Generation X and Baby Boomers; collectively, this group is expected to spend over $2 billion on travel in 2023,” the report added.
Malayan Insurance said the benefits of Travel Insurance include Personal Accident with Emergency Medical Treatment for Covid-19 for up to P2,500,000, Hospital Cash Allowance due to Covid-19 of up to P4,000, and Travel Inconvenience of up to P50,000.
It also has value-added features such as Car Rental Protection of up to P500,000 and Sports Activities Extension of up to P100,000. The insurance product is also supported by 24-hour worldwide travel assistance in partnership with Assist America for the medical needs of the insured.