Due to the Spread of COVID-19... Overseas Travelers' Insurance Subscriptions Also 'Plummet'

Top 5 Non-Life Insurance Companies' Subscription Cases, 133,851 Cases
Down 25.1% Compared to Previous Year

[Image source=Yonhap News]

[Asia Economy Reporter Ki Ha-young] Due to the spread of the novel coronavirus infection (COVID-19), overseas travel and business trips have decreased, leading to a decline in the number of overseas travel insurance subscriptions. As the spread of COVID-19 continues, this downward trend is expected to persist for the time being.

According to the industry on the 27th, during the one-month period from January 20 to February 20, since the first confirmed domestic COVID-19 case on January 20, the top five non-life insurance companies (Samsung Fire & Marine Insurance, Hyundai Marine & Fire Insurance, DB Insurance, KB Insurance, and Meritz Fire & Marine Insurance) recorded a total of 133,851 overseas travel insurance subscriptions. This is a 25.1% decrease compared to the same period last year (178,886 subscriptions).

Even considering that the number of passengers at Incheon Airport reached a peak during the Lunar New Year holiday last year (February 1?7), which was a long holiday with many overseas travelers, the number of overseas travel insurance subscriptions has decreased this year. Compared to 2018, which had a similar Lunar New Year holiday period (143,238 subscriptions), there was a decrease of about 10,000 subscriptions, or 6.6%.

An industry official explained, "As COVID-19 spread and overseas travel decreased, the number of overseas travel insurance subscriptions also declined. If more countries block the entry of Koreans, the number of travel insurance subscribers will inevitably decrease."

The number of travel insurance subscribers is expected to continue declining in the future. This is because overseas travelers are expected to decrease sharply, and the number of countries blocking Korean entry due to COVID-19 is on the rise. According to the Ministry of Foreign Affairs, as of the afternoon of the 26th, the number of countries banning entry to Koreans has increased to 17. In addition to Israel and Hong Kong, Vietnam, Singapore, Iraq, and Japan are included. Including countries with strengthened entry procedures, the total rises to 30. If the spread of COVID-19 does not subside, the level of entry restrictions by various countries is expected to be strengthened.

This content was produced with the assistance of AI translation services.