As an increasing number of people seek unique culture-immersive holiday experiences or simply an outlet for spending time together with far-flung family members, the luxury travel market is expected to grow with a CAGR of nearly 8 percent between 2019 and 2026, according to research by analysts at Allied Market Research (http://nnw.fm/qp9Ec).
The hotel industry, vacation rental investors and independent Airbnb-type homeowners with rooms for let are poised to provide more options than ever to eager but weary travelers. The United States alone has approximately 9 million second homes, with 25% being rented (http://nnw.fm/7ovEs), representing a huge market potential for short-term rentals accessible online through sites like Airbnb and Vrbo (http://nnw.fm/m6xiY). In addition, the U.S. hotel industry recently reported a healthy rise in year-over-year revenue and revenue per available room (RevPAR) during November, according to American Hotel & Lodging Association (AHLA) publication Lodging (http://nnw.fm/Ze3VH).
InsuraGuest Inc. is helping to provide these travelers and the venues they visit with peace of mind through a breakout InsurTech product that targets coverage needs that may not be met by traditional traveler’s insurance, medical insurance or homeowner’s insurance. The company’s specialized API connects with the hotel’s or vacation rental’s property management systems, giving it access to millions of properties worldwide.
“We are excited to be expanding our distribution into Europe. The European market is more than twice the size of the US,” InsuraGuest Chairman and CEO Douglas Anderson stated in a September news release (http://nnw.fm/d6ixB). “Last year there were 2.8 billion hotel nights stayed in Europe compared to 1.1 billion in the US. Additionally, $100 billion was spent on vacation rentals.”
Most recently, InsuraGuest announced adoption of its proprietary InsurTech software by western Maryland’s Wisp Resort®, a four-season ski, golf and mountain recreational destination.
The InsuraGuest™ coverage is purchased by the hotel and provides coverage for covered claims from each registered guest and all room occupants upon check-in. The specialized policies afford coverage to the hotel for hotel liability coverage, which includes in-room damage, loss or stolen goods, accidental medical expense and accidental death and dismemberment benefits up to the policy limits, as underwritten by Crum & Forster companies.
The vacation rental market is increasingly becoming the preferred night-stay option for some travelers and it is enjoying a global scale. Real estate trend watchers at the iPropertyManagement.com website predict vacation rentals will overtake the hotel industry’s revenues this coming year (http://nnw.fm/CfB64), citing over 150 million Airbnb users worldwide and 60 percent of those accounts in Europe.
An increasing number of insurance providers are offering short-term rental insurance policies to property owners that don’t protect the property’s guests. InsuraGuest’s aim is to fill that gap and cover the guest in case of property liability damage or theft, as well as liability in case guests suffer accidental injuries that require medical attention while on the property.
About InsuraGuest. Inc.
InsuraGuest Technologies Inc. (TSX.V: ISGI) is a software company that utilizes its proprietary insurtech (insurance + technology) platform to deliver digital insurance to its customers. Its first product, InsuraGuest Hospitality, delivers custom Hospitality Liability coverages to hotels and vacation rentals. InsuraGuest coverages are purchased by the hotels and vacation rental properties, which can address covered claims from guests and their room occupants during their stay.
For more information, visit the company’s website at www.InsuraGuest.com