
The uptake of travel insurance was modest a few years ago. However, more Kenyans are now enrolling. Are you in need of one right now?
“Travel insurance is necessary, yes. Most of the time, it is required. If you don’t have travel insurance, you can’t get a visa. Additionally, for your own sake, you wouldn’t want your flight to be delayed and you’d have to pay for a hotel yourself out of pocket even though you have the option of purchasing travel insurance,” says Isaac Maina, a financial advisor at Britam insurance.
Travel insurance, according to Mr. Maina, is becoming more widely recognized. Some people still need to be persuaded of the cover’s advantages, but most people are accepting it voluntarily.
The insurers cover travel-related medical costs, lost luggage, and delayed flights. Covid-19 has also been included in the bundle by some.
“At the moment, Kenya’s insurance penetration rate is less than 3%. The growth is only slight. The demand for travel insurance is anticipated to rise as more people travel, according to the financial expert.
Most Kenyans are still unaware of the significance of travel insurance, according to Louise Ojung’a, who works for Incentive Travel, a tour operator that acquires it from AIG Insurance Kenya on behalf of its clients.
Ms. Ojung’a warns that you or your luggage could have a mishap.
“In that case, insurance is useful. Insurers will pay for you if a business trip you planned doesn’t happen. We also cover you for illness contracted while traveling and for accidents that might occur where you’ve traveled, she continues.
Plans are offered by various insurers differently. Some include, among other things, unjust detention and early return in the event of a family member or professional acquaintance passing away.
Depending on your package, our daily costs range from $5.50 (Sh676) to $4.50 (Sh553). You will only be billed for the days you were in that other country, according to this. For those who travel frequently, there is a plan. We put you on a yearly trip schedule,” Ms. Ojung’a says.
Britam offers a variety of insurance packages, including ones that include lost checked luggage coverage, personal injury coverage up to $27,500 (Sh3.3 million), emergency medical coverage up to $150,000 (Sh18 million), and lost passport coverage, among other things.
There is an extra fee for coverage of terrorism and war.
According to Ms. Ojung’a, since the pandemic, there has been a 13% increase in the number of persons signing up for insurance.
The cost of medical care overseas has increased, which makes travel insurance essential for all travelers.
Death or impairment
To increase adoption, some insurers have teamed with travel agencies.
In May, Britam teamed with tour operator Bonfire Adventures. As a result, customers would receive Sh100,000 in insurance coverage for accidents that result in death or injury.
Simon Kabu, CEO of Bonfire Adventures, told BDLife that thus far, customers have embraced the cover.
“The feedback is good,” he remarked.
The most frequently booked destinations this holiday season, according to Bonfire, one of Kenya’s most well-known travel and tour agencies, are Malindi, Samburu, Chalbi, Diani, Dubai, and Thailand.
Insurers such as Standard Chartered Kenya, AAR, I&M Bank Kenya, and Jubilee also provide travel insurance.
Be the first to comment