WestJet, Canada’s second largest airline, is now offering complimentary COVID-19 insurance for eligible passengers for travel to and from the US, Europe, the UK, Mexico and the Caribbean until August 31, 2021. The carrier joins Air Canada in offering free Covid-19 insurance in an effort to boost sales as more Canadians elect to stay home or travel domestically to avoid Canada’s 14-day quarantine for international travelers.

Originally WestJet’s insurance did not include US coverage but will now cover travel to the United States. On September 25, 2020 WestJet announced that “guests travelling to, through or from the United States are now eligible for the airline’s enhanced $200,000 CAD COVID-19 travel insurance coverage for air-only and vacation reservations. The enhanced coverage will retroactively include all bookings made as of September 18, 2020 and will increase by $100,000 CAD to include up to a maximum of $200,000 CAD at no additional charge to eligible guests.”

Eligible bookings include any WestJet air-only reservation, including WestJet Vacations bookings for travel to and from the U.S., Mexico, the Caribbean, Europe (including U.K.) and inbound to Canada. These trips will be eligible for coverage for up to 21 days for travel into and including August 31, 2021. For one-way travel reservations, coverage is available for up to seven days.

Arved von zur Muehlen, WestJet Chief Commercial Officer, said that “Our research shows that a lack of COVID insurance is a considerable barrier to travel and our guests were seeking the inclusion of U.S. destinations to our travel insurance offering. Eligible guests travelling to and from the destinations we serve can now have an added layer of confidence

Even if a vaccine for Covid-19 becomes widely available – and widely used – around the globe, and if the very onerous government restrictions on international travel largely disappear, airlines still will continue to struggle with extraordinarily weak demand for business travel through the end of 2021, and likely beyond.

And that could be devastating for already cash-depleted airlines that are guaranteed this year to report losses that, even for an industry with a long history of red ink, will be record-shattering.

The economic importance of business travel for all conventional airlines and even for most so-called “discount” carriers simply cannot be overstated. It is the kind of travel that historically has generated more than half, and in some cases as much as 75% of carriers’ profits. In effect, cheaper seats sold mostly to leisure travelers are “loss leaders” that serve to fill 75% of the industry’s available seats so that the carriers then are able to offer near-on demand flights to their big-spending business travel customers.

In 2018, business travelers globally spent $1.4 trillion on airlines, hotels, ground transportation, food and other travel services. Half of that was spent in just two countries, the United States and China, according to the World Travel & Tourism Council. About 20 percent of the remaining global business travel spending occurred in Europe.

But since the arrival of the pandemic early this year travel has plummeted to unprecedented lows. U.S. air travel fell by as much as 95% in

Even if a vaccine for Covid-19 becomes widely available – and widely used – around the globe, and if the current, very onerous government restrictions on international travel largely disappear, airlines still will continue to experience extraordinarily weak demand for business travel through end of 2021, and likely beyond.

And that could be devastating for an already cash-depleted and shrinking airline industry that is guaranteed this year to report losses that, even for a group with a long history making of huge losses, will be record-shattering.

The economic importance of business travel for all conventional airlines and even for most so-called “discount” carriers simply cannot be overstated. It is the kind of travel that historically has generated more than half, and in some cases as much as 75% of carriers’ profits. In effect, cheaper seats sold mostly to leisure travelers are “loss leaders” that serve to fill 75% of the industry’s available seats so that the carriers then are able to offer near-on demand flights to their big-spending business travel customers.

In 2018 business travelers globally spent $1.4 trillion on airlines, hotels, ground transportation, food and other travel services. Half of that was spent in just two economies, the United States and China, according to the World Travel & Tourism Council. About 20 percent of the remaining global business travel spending occurred in Europe.

But since the arrival of the pandemic early this year travel has plummeted to previously unseen lows. U.S. air travel fell by

Traveling now carries with it more uncertainty than ever before. If you plan on traveling anytime soon, one thing you can do to protect yourself is get a trip insurance policy that includes coronavirus coverage. Previously, many insurers excluded COVID-related claims due to the virus’ status as a foreseen event/pandemic. But now, some insurers are changing their tune. Here’s what you need to know about how to find travel insurance providers that offer coronavirus-related coverage, as well as what is and isn’t covered.

What is covered

Coronavirus coverage falls into several categories:

  • Trip cancellation: You need to cancel a trip prior to departure because you, a covered travel companion or possibly someone you need to care for contracted COVID-19.
  • Trip delay: Your trip is delayed due to changing COVID-related guidelines.
  • Travel medical coverage: You (or a covered travel companion) become ill with COVID-19 while traveling abroad and incur health care expenses or require an evacuation.

Of providers that are offering COVID policies, most are covering these expenses.

What is not covered

  • Countries with Level 4 travel advisories: Some insurers disclose that if a Level 4 Do Not Travel advisory is issued by the U.S. Department of State for a specific country, you will not receive coronavirus-related coverage. With cases surging in various countries unexpectedly, the list of Level 4 countries is constantly changing. Before booking a trip and purchasing a policy, make sure to check that the country does not have a Level 4 advisory.
  • Fear of getting sick while traveling: Canceling a trip because you’re afraid you’ll get sick does not qualify for coverage under your travel insurance policy. Travel insurance providers have a list of standard reasons that qualify for cancellation, including: car accident, jury duty, terrorist act, military duty and other extenuating circumstances. If you want

The MarketWatch News Department was not involved in the creation of this content.

Sep 30, 2020 (Market Insight Reports) —
Selbyville, Delaware Market Study Report, has recently added a report on the ‘Travel Insurance market’ which presents substantial inputs about the market size, market share, regional trends, and profit projection of this business sphere. The report also enlightens users regarding the foremost challenges and existing growth tactics implemented by the leading organizations that constitute the dynamic competitive gamut of this industry.

Request Sample Copy of this report at: https://www.marketstudyreport.com/request-a-sample/2790742/?utm_source=Marketwatch&utm_medium=SHR

Global Travel Insurance Market is valued approximately at USD 15.60 billion in 2019 and is anticipated to grow with a CAGR of 14.44% over the forecast period 2020-2027.

Major market player included in this report are:

  1. Allianz SE (Germany)
  2. Munich Reinsurance America (US)
  3. American Express Company (US)
  4. Travelex Insurance Services (US)
  5. Bajaj Finserv Limited (India)
  6. China Pacific Life Insurance Co., Ltd. (China)
  7. MS&AD Insurance Group Holdings (Japan)
  8. Munich Re Group (Germany)
  9. Ping An Insurance (China)
  10. Prudential Financial, Inc. (US)

The detailed segments and sub-segment of the market are explained below:

By Insurance Cover:

  1. Single Trip Travel Insurance
  2. Annual Multi-Trip Travel Insurance
  3. Long-Stay Travel Insurance
  4. By Distribution Channel:
  5. Insurance Intermediaries
  6. Insurance Company
  7. Bank
  8. Insurance Broker
  9. Insurance Aggregator
  10. Others

By User:

  1. Senior Citizens
  2. Education Traveller
  3. Backpacker
  4. Business Traveller
  5. Family Traveller
  6. Fully independent Traveller

By Region:

  1. North America
  2. S.
  3. Canada
  4. Europe
  5. UK
  6. Germany
  7. Asia Pacific
  8. China
  9. India
  10. Japan
  11. Latin America
  12. Brazil
  13. Mexico
  14. Rest of the World

Tourism accounts a significant share of International Trade services with rise in the number of international tourists worldwide. For Instance: As per data from United Nation World Tourism Organization, in the first half of 2019, 4% rise in the number of international tourists travel worldwide has been noticed. Such tremendous rise in the tourism industry over the years