FEATURES OF INSURANCE IN MODERN INTERNATIONAL TOURIST BUSINESS

Abstract

The article is devoted to topical issues of insurance in the modern international tourism business. Theoretical generalization of the basic principles of development of the insurance market in the tourist sphere is carried out. It is determined that insurance in the international tourism business should be considered as a system of financial and economic relations that arise between insurance companies, tourism entities and tourists to meet the interests and needs of each of them. It is generalized that insurance risk is the main object of insurance in tourism. At the same time, the insured event requires additional financial costs for the provision of various types of assistance and related services. The domestic regulatory framework for risk insurance in the field of international tourism is systematized. The key factors that are recognized as insurance factors in the field of tourism business: paid medical care in case of accidents, acute illnesses, cases of unforeseen disability, cases of loss of documents, luggage, unplanned expenses and other insured events that entail unforeseen and unintentional expenses insured tourists. The structure of the most common insurance cases that took place against Ukrainian citizens who have been abroad in recent years is presented. The distribution of individual countries with the largest share of insured events has been made. The most popular types of insurance in international tourism are generalized. The peculiarities of insurance in the modern international tourism business in the conditions of the COVID-19 viral pandemic are systematized and the directions of development of tourism insurance in the conditions of the post-COVID economy are outlined. It is proved that domestic insurers are in the phase of rethinking global trends in tourism insurance, one of the main areas of which should be considered to take into account the post-COVID period. Under these conditions, traditional insurers are now undergoing a major transformation of their own business models with a greater focus on the interests and needs of the insured, which will make this financial instrument more accessible to a new generation of customers. It is argued that the largest players in the industry need to strengthen regulatory mechanisms to ensure data confidentiality, advocate for cooperation between regulators at the global level and launch educational programs for the public to improve their insurance literacy.