Indian tourists who had purchased travel insurance policies for their Europe tours have started applying for 'trip curtailment claims'. This is because several flights to Brussels had to be cancelled as the airport suspended operations post the terror attacks on March 22. "We have received some claims from policyholders whose flight schedules were affected due to the attacks", said Nikhil Apte, chief product officer, product factory, Royal Sundaram.
Other companies that are gearing up for these claims include ICICI Lombard and Bajaj Allianz. "We have started sending out mails to our customers to explain the grounds on which they can file claims," said Suresh Sugathan, head, health and travel insurance, Bajaj Allianz. Tata-AIG, ICICI Lombard and Bajaj Allianz are the top players in the outbound travel insurance space and estimated to collectively control 60% of the market share.
Travel insurance is compulsory for obtaining a Schengen visa, which covers 26 European countries, including Belgium. The country figures on the itinerary of many multi-nation Europe group tours. The Schengen segment is estimated to make up nearly 20%, or Rs 90cr - Rs 100 cr, of the Rs 500 cr outbound travel insurance business in India, according to data from Royal Sundaram.
