While September is typically the preferred bond renewal period for most travel businesses that hold an ATOL or ABTA membership, the March renewal has provided valuable insights into the industry’s recovery.
Here are some key takeaways from the March bond renewal season:
- The industry is showing signs of strong recovery, with revenue projections rising for 2023/24.
- Insurers are becoming more confident in the travel sector and are offering better terms to a wider range of clients.
- We have seen insurance capacity more than double at this renewal, resulting in lots of cash being released for our clients.
- There is a positive outlook with new insurers entering the bonding market, including the two most recently announced: Accredited Insurance & AXA Insurance
These takeaways show promising signs for the industry and the insurance market. As travel continues to recover, businesses should take advantage of the improved terms and increased insurance capacity.
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