It is the season of summer vacation, and one would be hard-pressed to find anyone not spending a considerable amount of time contemplating the weather and how it may be enjoyed or coped in the weeks ahead. The considerations are endless: when buying airline tickets and praying fights aren’t delayed or cancelled, packing for all eventualities (despite increasing limitations on baggage by airlines in recent years), and when booking tours and activities in advance, to name a few. However, despite all this attention to the weather, the possibilities for comprehensive insurance coverage for all aspects of the travel industry remain extremely limited.
Presently, the largest proportion of insurance for the travel sector is for airlines insuring against business losses due to aircraft damage or loss, in the same way that travellers can insure for enhanced medical expense coverage, trip cancellation/interruption coverage due to work reasons and involuntary job loss, emergency travel, etc. For both sides of the equation, the traditional insurance scheme usually entails a standard one-fits-all cover, a deduction, and a field loss assessment. For both, weather risks are not widely taken into consideration and the opportunities for more comprehensive and effective insurance for all aspects of the travel industry have surprisingly not been widely embraced.