Brazilian returns to tourism, changes attitude and travel insurance grows 200% in 2022

If, as United Airlines’ old slogan says, “Life is a journey,” Brazilians have never taken out so many life insurance policies after Covid-19, with no less than R$1.6 billion in January and February – an increase of nearly 25% over the past year.

But if you take out more and more life and personal accident insurance (which also grew, 8.83%) over the period, Brazilian tourists changed their behavior after the pandemic and also started taking out insurance at the time of travel, fearing that he will be surprised by a serious problem outside his state.

Travel insurance has grown 200% in 2022 and has already reached R$111 million and is included in travel expenses, which did not exist before Covid-19.

PROTECTION THROUGHOUT THE TRIP

After the pandemic, the company created specific insurance to protect consumers away from the coronavirus. † revelation

The travel insurance market started strong sales growth in 2022 and has already surpassed the pre-pandemic level of Covid-19. Data from the Superintendence of Private Insurance (Susep), affiliated with the Ministry of Economic Affairs, shows that hiring this type of insurance in the first two months of this year, in nominal terms (without discounting inflation), is three times so great was greater than commercialization in the 1st quarter of 2021 (increase of 200%). In real values ​​(inflation already discounted), growth reached 172%.

For example, the travel insurance market moved only BRL 241.85 million in 2020, while it reached BRL 337.92 million in 2021. This year it is expected to exceed R$500 million

This year’s result also exceeds (in real terms) the sales level recorded in the 1st quarter of 2020, pre-pandemic period, by 7%.

Despite the wave of the omicron variant in early 2022, the data shows that tourism has resumed after months of the Covid-19 pandemic, which has hit the travel industry hard.

According to the National Federation of Private Pensions and Life (Fenaprevi), which represents companies in the sector, the travel insurance segment was the segment that grew the most among all those selling risk plans to people.

By comparison, the second highest growth segment in the period was serious/terminal illness insurance, which grew by only 25% (in nominal terms). Individual life insurance comes in third, up 24%.

Travel insurance essentially covers medical, dental and hospital costs whether you are traveling domestically or abroad. It also guarantees the transfer of the body in case of death and the medical transfer in case of illness. Death, accidental or not. Total or partial incapacity for work in the event of a travel accident.

This is encouraging for the industry, which has started to look more closely at this product. For Marilberto França, CEO of Affinity, a travel insurance company, this trend is expected to continue into 2022, with results beyond pre-pandemic levels.

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The Vital Card company was founded in 2000 and is now part of the Schultz companies. He was the one who developed the first web insurance in Brazil that specifically focused on expanding travel insurance coverage in the event of Covid-19.

“The extra was created to meet a market need as many people have stopped traveling for fear of contracting the disease at the destination and end up paying costs that are out of budget,” said Luciano Bonfim, commercial director of the company. company.

The covid-19 insurance covers medical costs up to a ceiling of USD 20 thousand or euros, depending on the country in which the passenger is located, extension of the stay up to USD 1.5 thousand or euros and fines for rebooking airline tickets.

Bonfim emphasizes the importance of the plan’s flexibility, stating that “the person can choose whether they want hospital coverage only or whether they want full insurance with extension of stay and airfare penalties.”

INSURANCE FOR PET

REVELATION
Pet insurance also grew in 2022 – REVELATION

The social distancing required in the covid-19 pandemic has created new opportunities for the pet market, which should expand in the coming years. As an effort for people to overcome the loneliness of isolation, there has been a growth in the acquisition and adoption of animals around the world, heating the industry of products and services focused on pets.

It was no different in Brazil: There are currently more than 141 million pets in the country, including dogs, cats, birds and others, according to an estimate by the insurance company Europ Assistance Brasil (EABR). And this behavior also made its appearance in Brazil when it came time to travel hiring new insurance policies for travel, including with animals.

“We are optimistic and believe that this recovery will continue. In fact, the demand for travel insurance has grown tremendously in recent months. With the pandemic, Brazilians have come to see it as an essential item in any travel planning,” said Europ’s Director of Sales and Marketing Director Assistance Brazil.

The Covid-19 pandemic accelerated the adoption of digital processes by insurers that were able to meet product and innovation needs. But it also reinforced new consumer demands and demanded even more innovation, simplification and agility, said National Confederation of Insurance Companies (CNseg) Market Intelligence Commission chairman and Liberty Seguros president Gilberto Garcia.

DIFFERENCE BETWEEN INSURANCE

Travel insurance is different from travel assistance, although the two services are commonly referred to as travel insurance. However, you should be careful when examining and concluding the contract.
In practice, the main difference lies in who pays for the service when it is used. it is a matter of who will pay the payment.

Travel insurance requires the traveler to pay for all medical expenses out of pocket and then ask the insurer for reimbursement (within the limits of the amounts specified in the contract). This will require you to provide proof of medical expenses, reports, invoices and anything else that the service can confirm.

It is bureaucratic and can cause a lot of headaches. The advantage is that the traveler can choose any place to be served, regardless of whether he is part of the insurance network.

Travel assistance works differently. The service is fully borne by the contracted insurance company (within the limits provided for in the contract, of course).

Unlike travel insurance, travel assistance provides that the insured must contact the contracted company before receiving the service. The insurer then indicates a place where the service must be performed and the insured does not have to pay anything.

All payments are for the account of the insurer. The disadvantage is the obligation to be present at the indicated place, except in emergencies.

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