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IMPACT OF TRAVEL INSURANCE ON THE SECURITY OF TRAVELERS
CHAPTER ONE
INTRODUCTION
1.1 Background of the study
Travel insurance will often pay for any travel, medical, or dental expenditures incurred by a traveller while they are away from home. It will also make arrangements for the tourist’s aeromedical evacuation if certain requirements are met, as outlined in the travel insurance policy. Because of the high cost of medical and dental treatment overseas as well as the high cost associated with aeromedical evacuation, all travellers should be advised of the need for comprehensive travel insurance. Additionally, travellers should be advised to read their policies carefully in order to determine what is covered and to check for any exclusions (Anderson, 2018). Specifically, travellers who have known preexisting conditions, who are working overseas, or who are going to engage in any form of hazardous recreational pursuit may need to obtain a special travel insurance policy, which may require them to pay a higher premium. This is the case especially for travellers who are working overseas.
It is believed that between 30 and 50 percent of travellers will get sick or wounded while they are away from home. This is a conservative estimate (Hawk, 2019).
In another location, the relative estimated monthly incidence rates of a variety of health conditions have been compiled. When people go to other countries, there is a larger possibility that they may get a serious injury. The traveller should be protected from these dangers by purchasing travel insurance; however, it is unknown what percentage of travel agencies or airlines frequently offer advise on travel insurance. Travelers should be reminded by their travel health consultants to purchase travel insurance since it is the single most critical safety net that they may have in the case of an emergency.
A traveller who has purchased travel insurance will often have any out-of-pocket expenses incurred while away from home, including those related to travel as well as medical and dental care. In the event that particular criteria, which are mentioned in the travel insurance policy, are satisfied, the company will also make the necessary preparations for the tourist’s aeromedical evacuation (Olaoye, 2017). All travellers should be informed of the importance of purchasing comprehensive travel insurance. This is due to the high costs connected with medical and dental care overseas as well as the high costs associated with aeromedical evacuation. In addition, travellers should be cautioned to carefully study their policies in order to understand what is covered and to check for any limitations that may apply to their plans (Duyile 2018). Specifically, travellers who have known preexisting conditions, who are working overseas, or who are going to engage in any form of hazardous recreational pursuit may need to obtain a special travel insurance policy, which may require them to pay a higher premium. Other travellers who have known preexisting conditions include those who are working overseas. This is especially the case for those travellers who are working in their destination country. It is estimated that between 30 and 50 percent of travellers will suffer from some sort of illness or injury while they are away from their homes. This is an estimate that is on the low side (Duyile 2018).
In a different area, a compilation of the relative estimated monthly incidence rates of a number of different health disorders has been done. When people go to foreign nations, they put themselves at a greater risk of suffering a major accident while they are there. The traveller should protect themselves from these hazards by obtaining travel insurance; however, it is unknown what proportion of travel companies or airlines commonly give advice on travel insurance. The traveller should protect themselves from these dangers by purchasing travel insurance. It is imperative that travellers be reminded by their travel health experts to acquire travel insurance since it is the single most important safety net that they may have in the event that they have an emergency.
1.2 Statement of the Problem
Previous studies have studied the role of risk and uncertainty in making destination selections (Karl, 2016), and have even classified customers according to the risk-reduction methods they employ (Lo, Law, & Cheung 2017). Sheng-Hshiung, Gwo-Hshiung, and Kuo-Ching (2017) found that the perception of risk has an effect on the demand for insurance; nonetheless, the majority of the study on travel insurance focuses on the medical consequences of accidents and illnesses (Hung, Lin, Cheng, Chan, & Graham, 2016; Pickup, Bowater, Thorne, Clift, & Hudsmith, 2016). There hasn’t been a lot of study done on travel insurance as a risk-reduction approach, particularly on the critical aspects of travel insurance that decide choice and the values of tranquilly and security that it fulfil.
1.3 Objectives of the Study
The primary objective of the study is to examine the impact of travel insurance on the security of travelers. Specific objectives of this study are:
i. To determine the extent Nigerians buy travel insurance.
ii. To examine the factors that influence travel insurance in Nigeria.
iii. To determine the challenges of travel insurance in Nigeria.
iv. To proffer solutions to the challenges of travel insurance in Nigeria.
1.4 Research Questions
The following research questions which are in line with the objectives of this study will be answered:
i. To what extent do Nigerians buy travel insurance?
ii. What are the factors that influence travel insurance in Nigeria?
iii. What are the challenges of travel insurance in Nigeria?
iv. What are the solutions to the challenges of travel insurance in Nigeria?
1.5 Significance of the Study
Because the outcomes of this study will disclose the relevance of health insurance, the variables that influence health insurance, and the impact that it has on the quality of travels in Nigeria, it will be valuable to the travel and insurance sectors.
In conclusion, the findings of this study will be used as an empirical study for subsequent research and for reference in the future.
1.6 Scope of the Study
This study focuses on the impact of travel insurance on the security of travelers. Specifically, it focuses on determining the extent Nigerians buy travel insurance, examining the factors that influence travel insurance in Nigeria, determining the challenges of travel insurance in Nigeria and proffering solutions to the challenges of travel insurance in Nigeria.
Staff of selected insurance companies in Lagos State will serve as the enrolled participants for the survey of this study.
1.7 Limitations of the Study
In the course of carrying out this study, the researcher experienced some constraints, which included time constraints, financial constraints, language barriers, and the attitude of the respondents. However, the researcher were able to manage these just to ensure the success of this study.
Moreover, the case study method utilized in the study posed some challenges to the investigator including the possibility of biases and poor judgment of issues. However, the investigator relied on respect for the general principles of procedures, justice, fairness, objectivity in observation and recording, and weighing of evidence to overcome the challenges.
1.8 Definition of Terms
Travel Insurance: Travel insurance is an insurance product for covering unforeseen losses incurred while travelling, either internationally or domestically.
Travelers: A person who is travelling or who often travels.