Insurance World

Turkey: Travel Insurance Business Falls Drastically In Recent Months

Total travel insurance premium generated in the month of May alone fell to TRY38.4m, representing a real change of more than 50% from the corresponding month in 2019, because of the impact of the COVID-19 pandemic, according to data from the Insurance Association of Turkey (TSB).

Domestic travel restrictions were implemented between 29 March and 1 June, while a ban on international travel was implemented between 29 March and 11 June. The first COVID-19 case was confirmed on 11 March. The peak of the pandemic in Turkey was in April 2020.

The travel insurance premiums generated from January to May were as follows:

Month20202019Real Change %
May79.238.4-56.5
April58.137.3-42.2
March40.640.0-18.5
February26.032.812.1
January13.917.814.1

     Source: Insurance Gazette

Insurance industry sources expect domestic travel to recover before international travel.

Koru Sigorta special risks and reinsurance manager Derya Kul Senturk said that for a start, travel volume would be low and people will choose individual travel instead of tours.

In addition, he said that banks are offering travel insurance loan packages to revive tourism. He said, “This will benefit sales of travel health products.”

Source: MEIR

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