Traveler’s insurance has become a must-have for many people in their 20s and 30s. In 2023, the number of new insurance contracts surged to 1.72 million, and in the first half of this year, it surpassed 1.73 million. The travel insurance market is expected to reach 100 billion won in 2025, based on the growth in premiums.
According to the insurance industry, nine major insurance companies—including Meritz, Heungkuk, Samsung, Hyundai, KB, DB, AXA, NH Nonghyup, and Kakao Pay—sold 2.27 million travel insurance contracts between January and August this year.
This marks a 37.2% increase compared to the same period last year, when 1.66 million contracts were sold.
Traveler’s insurance covers medical treatment costs for injuries and illnesses sustained during travel, whether abroad or domestically. It also offers compensation for damaged luggage due to accidents.
Recently, customized options have gained attention, offering coverage for meal, accommodation, and transportation costs in case of flight or baggage delays or cancellations. Some policies also provide refunds if travelers return without filing claims for accidents.
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