- The global vacation rental market is projected to reach nearly $63 billion from 2020 to 2024, with a year-over-year growth rate for 2020 estimated at 5.51%
- InsuraGuest’s proprietary InsurTech software platform empowers the B2B hotels and vacation rentals sectors to offer guests a specialized guest-protection policy
- The InsurTech product helps transfer the exposure to liability away from the client/property while guests benefit from potential accident and loss coverage
Family vacations, solo adventures and business travel are a trillion-dollar business with one thing in common – the potential for accident or loss can occur, even though few people consider the possibility and may not have adequate, or any, traveler’s insurance. Service-as-a-software (SaaS) company InsuraGuest Inc.’s proprietary flagship InsurTech software platform delivers a specialized insurance policy that acts as the first line of defense for clients, properties and guests in an industry that impacts millions of people daily around the globe.
Nearly 100 million Americans are expected to embark on family vacations this year, according to a recent AAA Travel survey (http://ibn.fm/gZ8Rf), while more than 80 million international travelers are projected to visit the U.S. Direct spending by domestic and international travelers in the U.S. averaged $3 billion a day in 2018, according to the U.S. Travel Association, an advocacy group for the $2.5 trillion U.S. travel industry (http://ibn.fm/FRrp5).
When vacation rentals and hotels become an InsuraGuest member property and offer the protection policy, the coverage extends to the property’s guests once they check in. InsuraGuest provides specific coverage for such things as accidental damage to rooms, lost or stolen items, medical expenses, death or dismemberment (http://ibn.fm/RC6rU). The company is working on expanding the scope of its InsurTech platform and insurance products to cover European Union member states and the United Kingdom, with plans in motion to launch on the Asian market by mid-2020 (http://ibn.fm/3Q4rK).
The European and Asian hotel markets are both more significant than the U.S. market, holding a combined 5.4 billion hotel nights stayed in 2018, compared to 1.1 billion stayed nights in the United States. With distribution in Europe and the United States, InsuraGuest’s combined demographics will total 3.9 billion nights stayed, and will more than double its vacation rental opportunities.
For more information, visit the company’s website at www.InsuraGuest.com
NOTE TO INVESTORS: The latest news and updates relating to InsuraGuest are available in the company’s newsroom at http://ibn.fm/InsuraGuest