Tourism and Insurance Opportunities

The current scenario of reactivation of commercial flights and tourist activities, are an opportunity for insurers to increase their sales, since the hiring of a policy is a mandatory requirement for tourists to be allowed to travel.

Monday, August 24, 2020

Products that offer a refund in the event of having to cancel the trip due to illness, as well as coverage at the destination if the person becomes ill, both for medical expenses and for lodging in case a quarantine is needed, constitute a great opportunity in this context of the spread of covid-19.

See "Tourist Attraction and Travel Costs"

Leonardo Tonhaiser, country manager of Assist Card for Central America, one of the largest travel insurance companies in the world, told that "... the key to the reactivation of inbound tourism throughout the region is the reopening of the Tocumen International Airport in Panama and the San Oscar Arnulfo Romero International Airport in El Salvador, since both are hubs, the first for Copa Airlines and the second for Avianca."

You may be interested in "Central America: Interest in Travel Begins to Recover" and "Financial Services: Business Potential in Central America"

The article adds that Assist Card "... anticipates a slow recovery of tourism, by March 2021 it could reach between 30% and 40%, and by June it could reach 80%. Tonhaiser considers that there is 'anxiety about traveling' after having spent months in confinement, which could boost the recovery of the sector."

Although in Latin America aviation giants such as Avianca, Aeromexico and Latam, have declared bankruptcy, they are companies that in the past have known how to overcome negative situations, the specialist believes.

Check out the "System for monitoring markets and economic situation in Central American countries", developed by CentralAmericaData.

More on this topic

Tourism in 2020: Year to Forget in Nicaragua

December 2020

In the context of the health crisis generated by the outbreak of covid-19, businessmen of the sector foresee that at the end of 2020 the tourism industry will add revenues of about $176 million, an amount that would be 66% less than that reported in 2019.

The estimates of the National Chamber of Tourism of Nicaragua (Canatur), are more pessimistic than the projections of the Nicaraguan Institute of Tourism (Intur), since according to the business association the income will amount to $176 million and according to the government institution it will add $216 million at the end of the year.

Panama Reopens Borders

October 2020

From October 12, to enter Panamanian territory, foreign visitors must present a PCR test or antigen negative to covid-19 with a maximum of 48 hours and will not have to comply with mandatory isolation.

Due to the covid-19 outbreak worldwide and in order to protect the health of the population, Panamanian air terminals were closed for commercial flights since March 2020.

Tourism with No Season and Slow Reactivation

June 2020

As a result of the covid19 outbreak, Costa Rica closed its borders to tourism and during April and May practically no visitors entered the country, a situation that will persist in the coming months due to the slow reactivation of the sector.

In order to mitigate the advance of the virus, by means of a government decree the authorities ordered that as of March 18 only Costa Ricans and residents could enter the country.

Air Transport: New Market Settings

June 2020

Restructuring of airlines, preference for direct flights, modifications in the routes operated and the use of smaller aircraft are some of the changes expected in the regional air market in the context of the new business normality.

Air traffic has virtually disappeared in the last three months, as governments in Central America have decided to close borders and suspend commercial flights to and from the region's airports as a result of the covid-19 outbreak.

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