Skip to main content

See also:

Why travelers must be prepared to deal with the effects of geopolitical conflict

Geopolitical events disrupt the global economy; this is especially felt in the travel industry.
Geopolitical events disrupt the global economy; this is especially felt in the travel industry.
Photo by Scott Barbour/Getty Images

Geopolitical events, such as the Russian military intrusion into the Ukrainian territory of Crimea, intermittent outbreaks of violence in Egypt, and ongoing protests across Europe, represent significant disruptions to the global economy. Taking into account unexpected severe weather and the harm done to our personal finances, including job loss as well as eradicate returns on investments, we live in a brave new world of uncertainty. This is especially an issue for those preparing to travel the world.

Whether on a business trip or vacationing, increasing uncertainty in our world means the ability to travel around the global includes more and more risks. Although travelers have the option to purchase Trip Cancellation Insurance through a reputable worldwide provider like Trawick International, a cancelled trip is the result of a whole host of personal and socioeconomic issues. Consequently, Trip Cancellation Insurance is probably the best way to minimize the costs of anything that might force would-be travelers to abandon their plans.

While job loss, sickness, and the death of a loved one are personal reasons travelers should be prepared to change their travel plans, international crises, abrupt severe weather events, and periodic economic collapses force travelers en mass to cancel their travel plans, which in turn causes even greater future uncertainty due to the economic ripple effects. Travel insurance ensures a good number of these would-be travelers are only putting their travel plans on hold. This means vacation and convention dollars will be not be lost.

The growing number of geopolitical and environmental issues affecting the travel industry means the ripple effects of mass cancellations will be experienced by individual travelers, the economies of popular destinations, and the global economy. Fortunately, products like travel insurance can help mitigate these ill-effects by turning a cancelled trip into a delayed trip and returning spendable funds to would-be travelers. Moreover, trip insurance products help industries like the travel industry prepare for certain uncertainty in a world where political figures are either causing disruptions or failing to prevent them.