Keywords
military aggression
insured events
insurance payments
number of insured
insurance companies
How to Cite
Abstract
The article aims to examine the Ukrainian tourist insurance market alterations during the military conflict. Following the outbreak of war in 2022, the situation in the market changed significantly. Insurers began to offer a broader range of coverage, including risks associated with military actions. Additionally, reimbursement terms for medical expenses and evacuation costs were improved. The rise in risk within the tourist market increased insurance premiums. Insurers had to revise their tariffs to reflect the heightened cost of risk. It led to higher premiums for tourist insurance, impacting travellers’ budgets. Nevertheless, it was essential to guarantee dependable protection in circumstances of armed conflict and increased risk. The wartime situation bolstered insurers’ positions in the market. Competition decreased as certain companies could not adapt to the new conditions and had to exit the market. However, large insurers with sufficient resources and experience could operate more effectively in the new conditions and attract a broader client base. This article examines the top 10 insurance companies in the tourism sector in Ukraine based on premiums, with the European Tourist Insurance Company (ETI) occupying the leadership position. The decrease in the number of travellers was caused by Russia’s invasion of Ukraine in February 2022 and the resulting political instability. Tourist insurance is gaining popularity worldwide as it provides protection and safety for tourists during their travels. In wartime conditions, the number of people insured in tourist insurance decreased by 80.6%. Tourist insurance offers protection against various risks and accidents that may occur during travel. The armed conflict resulted in a 68% decrease in insurance claims. Insurance companies cover various situations, including flight cancellations or delays, lost luggage, medical expenses abroad, and other unexpected events. The compensation paid out in each case depends on the terms and limitations specified in the insurance policy. Due to the military actions, the compensation paid out for 2021-2023 decreased by 49.6%.
References
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