With Corona Travel and Leisure Demand Explodes... "Be Sure to Check Your Insurance"

[Image source=Yonhap News]

[Asia Economy Reporter Oh Hyung-gil] Since the implementation of ‘With Corona’ this month, the insurance industry is rejoicing. It is expected that the demand for overseas travel and outdoor activities, which had been suppressed, will explode, leading to an increase in sales of travel insurance and leisure insurance.

Before traveling, it is advised to carefully review the insurance coverage period as well as whether local medical treatment is covered before purchasing.

According to the insurance industry on the 1st, inquiries about travel insurance have been continuing as some countries require tourists to purchase travel insurance.

Singapore, where the ‘Travel Bubble (Safe Travel Zone)’ will be applied from the 15th, requires travelers to prepare travel insurance that covers treatment and hospitalization costs of at least 30,000 Singapore dollars in advance.

An official from a non-life insurance company said, "Interest in travel insurance is increasing as overseas travel expands with destinations such as Guam, Hawaii (USA), Maldives, and Cancun (Mexico) becoming accessible without quarantine," adding, "It is necessary to carefully examine the coverage scope and details."

Essential aspects to check in travel insurance include overseas medical expenses and repatriation costs. Most overseas travel insurance policies cover overseas medical expenses ranging from 20 million to 50 million KRW. Some products also provide coverage for major accident rescue and repatriation costs starting from 50 million KRW up to over 100 million KRW.

In particular, it is important to confirm whether treatment costs are supported in case of testing positive for COVID-19 locally. Most countries conduct local PCR tests, and if tested positive, treatment must be received locally.

It should be checked whether treatment can be received at medical facilities or if isolation treatment is done individually at accommodations such as hotels. If it is not a medical facility, coverage may not be provided. Insurance companies offer Korean language assistance services in case communication is difficult at overseas hospitals or police stations.

An insurance industry official said, "Depending on the travel period, you should check in advance not only the insurance coverage period but also whether COVID-19 treatment is covered locally before purchasing," adding, "You must bring documents related to overseas medical institutions to claim insurance benefits."

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