Travel insurance companies face new challenges amid sanctions in war on Ukraine

Travel insurance - Plane - words

Countries directly involved in the war or sanctions have “do not travel” warnings protecting insurers.

Consumers have a lot of questions regarding the ins and outs of travel insurance at the moment, due to the sanctions and other issues surrounding the illegal Russian invasion on Ukraine.

The war and the sanctions have changed the rules for some travelers and insurers are working to answer questions.

The countries directly involved in the war in Ukraine have “do not travel” warnings which provide protection for travel insurance companies. That said, the sanctions have raised a number of other questions for travelers and their insurers are seeking to provide all the answers.

The conflict is expected to renew awareness and boost consumer demand for solid coverage. While the pandemic definitely placed a spotlight on the reality of unexpected plan changes that can be very costly when uncovered, this latest unanticipated event has only renewed the importance of far-reaching coverage.

Travel insurance - Flight Cancelled

Flight cancellations, sanctions and boycotts is expected to bring on a spike in travel insurance interest.

There has already been a surge of activity, according to a recent Skift report. People are looking for insurers to cover their trips as it is made clear how events can occur out of the blue and cut off plans to visit various places. Flights have been cancelled and tour operators have eliminated their trips to Russia among other places, not to mention the situation in Ukraine itself.

We have seen an increase in the number of travelers who are calling with questions about how travel insurance would help them if their trip is affected by the war. People are understandably concerned,” said Seven Corners Travel Insurance product marketing strategist Angela Borden in the report.

Though several execs from travel insurers have stated that they don’t believe their industry has been hit hard by the war in Ukraine or the economic sanctions and boycotts against Russia, they concede that the situation is far from complete. The United States, UK, Canada and Australia, among other countries, have recommended that their citizens leave Russia as soon as they can, and countries have issued warnings not to travel to either Ukraine or Belarus either.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.