Although the COVID-19 outbreak is prolonged, there are signs that travel demand is reviving, centering on'life travel'.



According to a report on the'Corona 19 Prolongation and Travel Insurance Market' published in the'KIRI Report' by the Korea Insurance Institute on the 1st, last year's travel insurance sales (new contracts) fell 82.4% due to the impact of Corona 19.



Overseas travel is virtually blocked due to cross-border travel restrictions, and the amount of overseas travel insurance contracts by six major non-life insurers dropped by 85% from 2.58,000 to 372,000.



The amount of overseas travel insurance contracts in the second to fourth quarters, when Corona 19 covered the world, was only 2 to 4% of the previous year.



Last year, the amount of domestic travel insurance contracts decreased by 54.4% from 2019.



The domestic travel insurance contract volume in the second quarter shrank by 70% from a year ago, but gradually increased and recovered to the level of 57% in 2019 in the fourth quarter.



Considering that the number of confirmed cases surged in early December of last year, social distancing measures were strengthened, and private gatherings with more than 5 people were restricted, domestic travel demand is estimated to have recovered considerably in the fourth quarter.



Research Fellow Jeong Seong-hee and Researcher Moon Hye-jeong analyzed in the report that "the demand for travel was reorganized around'living travel', which is linked to daily life in the living area, and the travel insurance market gradually recovered, centered on domestic travel insurance."



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