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Consumers now consider travel insurance as an essential component of their vacation plans after their experiences during the COVID-19 pandemic.

A recent study by Allianz Global Assistance revealed 89% of Canadians plan to secure travel insurance for their next trip.

Additionally, 74% said having travel insurance is equally or more important post-pandemic, while 32% said it is more important than before the pandemic.

This increased awareness presents a unique opportunity for brokers as the travel industry springs back to life from pent-up demand, according to Chris Van Kooten, CEO of Allianz Global Assistance.

“Our latest study revealed that Canadian households are projected to spend over $14 billion on vacations this year – that’s more than pre-pandemic vacation spending,” he told Insurance Business.

“With rising costs, protecting your travel investment with insurance has never been more important, and travelers who once leave their vacations to chance are looking for security more than ever. There’s never been a better time to expand your offerings with travel insurance.”

Van Kooten