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TripMoney Reports Over 270 Per Cent Increase In Sales Of Byte-Size Insurance Benefits Cover

The size of the global travel insurance market was estimated at $17.60 billion in 2021 and is predicted to increase to $120.3 billion by 2030

TripMoney Reports Over 270 Per Cent Increase In Sales Of Byte-Size Insurance Benefits Cover
POSTED ON November 16, 2022 4:04 PM

MakeMyTrip’s fintech arm, TripMoney, has recorded over a 270 per cent increase in the sale of non-covid, byte-size insurance benefits cover against unexpected emergencies while travelling. Some of these include-travel cancellations, loss of baggage or mobile device, identity documents theft, home burglary, medical exigency etc.

While insurance covers for international travel have always been considered a must-have, today, there is a noticeable increase in the selection of cover for domestic travel as well.

TripMoney and its insurance partners have customised 10 insurance covers for hotel stays and domestic and international flight travellers on MakeMyTrip and Goibibo.

These plans have been designed to enable quick and hassle-free claim settlement, in partnership with various insurance and insurtech companies. These include Aditya Birla Health Insurance, Care Health Insurance, Reliance General Insurance, Tata AIG and Cover Genius.

Sharing his thoughts on the growing demand for non-covid insurance plans, Sumit Agarwal, senior vice president of TripMoney, said, “The global health crisis has brought along a paradigm shift in the way people book travel today. Travellers now actively seek covers that promise to secure their trip, their lives and their loved ones, and other tangible assets, right at the time of making the booking. So, a travel insurance cover that often came as an afterthought to many a few years back –has now become an integral part of booking for both, domestic and international travellers.”

At a CAGR of 26.2 per cent, the size of the global travel insurance market was estimated at $17.60 billion in 2021 and is predicted to increase to $120.3 billion by 2030.

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