In March, our insurance brokerage sister company, The Travel Vault completed another round of ATOL, ABTA and ABTOT bond renewals, which provided valuable insights into the insurance market. Here are four key trends The Travel Vault team saw while processing bonds for their clients.
- The travel industry’s continued recovery and improving trading results are giving insurers more confidence to increase available capacity.
- The entrance of new insurers into the bond market has had a positive impact, leading to more competitive premiums for renewals.
- Despite economic pressures and global uncertainties, the travel sector remains optimistic for growth in 2024, with projected sales continuing to rise.
- The Travel Vault arranges over £50million of bonding each year, and the travel sector’s continued recovery allowed us to free up previously secured cash for several clients during the March renewal period.
The Travel Vault is an insurance broker that helps travel firms protect their businesses and customers by arranging specialist bonding and insurance products. If you need help with either of these, please contact the friendly, professional team.
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