Travel insurance specialist and product and service provider Just Travel Cover has reported its best month ever in January 2023.
The broker recorded a 63 per cent increase in the number of people it covered in comparison to the same month of 2022, exceeding pre-pandemic levels.
The company’s wholesale division recorded a 102 per cent growth compared to January 2022 levels, thanks in part to its acquisition of Alpha Underwriting last summer.
That deal saw Just Travel Cover grow its broker network, providing Alpha’s insurance brokers with access to its unique panel of leisure travel insurance products – including the innovative ‘Smart Luggage’, a parametric policy that pays delayed/lost luggage claims in real time.
However, this acquisition is not the only reason for the record-breaking month, as Director Daley Gore explained: “It’s clear that holidays are firmly on people’s agenda this year, with the travel industry reporting record bookings, and travel insurance is top of mind after the Covid pandemic,” he said.
“While there’s been a general uplift in holiday bookings, we’ve worked tirelessly to onboard new partners, adapt products and invest in our technology and systems to ensure our broker partners were ready to capitalise when the demand peaked, serving their customers and communities with a quality travel insurance product,” concluded Gore.
Cost of living crisis not stopping holidaymakers
A recent survey by Just Travel Cover found that despite the cost of living crisis, people are prioritising foreign holidays, with 71 per cent saying rising bills will not stop them heading abroad this year, which explains the increase in travel insurance enquiries in January.
Daley said: “The impact of Covid-19, coupled with headlines of rising costs of medical treatment overseas, has led to a heightened sense of importance around travel insurance, with many leaning on brokers and specialists to ensure they have the right cover.”
He continued: “We specialise in providing UK insurance brokers with access to a suite of leisure travel insurance products with high cover limits, cover for pre-existing medical conditions, cruises and winter sports – and there’s no age limit, which means our partners are well positioned to cater for most risks.”