Problems and perspective of developing insurance in the international tourism business

Abstract

An increasing number of tourists face risks and unforeseen situations while travelling: the limited availability of insurance products, deficiencies in risk coverage, and the failure to meet individual needs make relevant the issue of insurance in the international tourism business. The purpose of the article was to analyse current problems in the field of insurance at the international level and to highlight possible ways to solve them, as well as to determine the prospects for the development of this segment aimed at ensuring maximum safety and convenience for tourists. The article examines the state and prospects for the development of the international market of travel insurance services. With the application of the analysis method, a thorough review of the shortcomings in the activities of insurance companies was carried out, which made it possible to clearly determine the level of importance and provide practical recommendations for their solution. The abstract-logical method was applied to make conclusions based on the study of policyholders’ behaviour, their tendency to risk, and the choice of insurance products. The increase in the volume of tourist trips in the world is accompanied by the increase in appropriate insurance. It causes insurance companies and tour operators a number of problems, such as insufficient adaptation of insurance products to the needs and risks of tourists, limited geographical coverage, and complex registration and compensation procedures. However, there are also prospects for the development: new technologies, such as artificial intelligence and blockchain, which can contribute to the automation and facilitation of insurance processes. Expanding geographic coverage and adapting insurance products to the specific needs of tourists can also ensure the growth of the insurance market in international tourism. The practical value of the conducted research is determined by the development of recommendations for international insurance companies aimed at overcoming problems and reducing risks in the field of travel insurance, both for representatives of the insurance business and for travellers

Keywords

• insurance case
• tourist activity
• market of insurance services
• insurance activity
• international insurance companies