- Global
vacation rental market estimated at 297 million users
- Industry
currently expanding at CAGR of 6.9% from $57.7 billion in 2019
- InsuraGuest
platform targets millions of rooms worldwide
The vacation rental market is booming as more and more
travelers opt for the bespoke benefits that come with a hotel alternative. With
the boom, however, come concerns about unexpected vacation problems – both
minor and major. Property owners and guests need worry no more, for InsuraGuest Inc. is providing a suite of insurance
products tailored to the vacation-rental industry.
Revenues from vacation rentals in 2019 grew at close to 7%
annually, providing robust returns for the approximately 23,000 rental
companies in the United States and the 115,000 or so scattered around the
world. But as every savvy investor knows, returns can never be divorced from
risk. For property owners, increased business means the increased likelihood of
mishaps, misfortunes and misadventures. People fall, get burnt or cut, become
the victims of crime or worse accidently die.
Unfortunately, protecting against such perils is difficult
under most insurance policies, leaving both property owners and vacationers
exposed to a host of risks. Fortunately, protection offered by InsuraGuest can
mitigate the worse aspects of many mischances. This technology company is
utilizing its proprietary flagship InsurTech (insurance + technology) software
platform – InsuraGuest – to provide specialized insurance products to the
business-to-business (B2B) vacation rental and hotel sectors. An InsuraGuest
policy covers the gap between homeowners’, general liability, and travelers’
insurance.
Everyone seems to be going on vacation these days, with more
than 297 million vacation-rental users worldwide. This is equivalent to the
entire U.S. population going on vacation all at the same time. Business in the
industry has been good since the likes of Airbnb and VRBO (Vacation Rental by
Owner) made vacation rentals a chic thing. Recent reports indicate that
vacation rentals are expected to match hotel bookings by the end of 2020 (http://ibn.fm/HkaIs).
Growth in the industry has been phenomenal, clipping along
at a rapid CAGR of 6.9%. If that rate of expansion continues, vacation-rental
revenues, estimated to be $57.7 billion for 2019, will climb to $86 billion by
the end of 2025.
Naturally, with close to 300 million people traversing the
globe, accidents will happen. But property owners are covered when they
purchase InsuraGuest, which, in turn, offers the policy to registered guests
for an additional nightly fee. The specialized policy affords coverage for
theft of personal property while in the hotel, accidental in-room property
damage, as well as accidental medical expense and accidental death and
dismemberment, with policy limits ranging from $2,500 to $50,000.
InsuraGuest Inc. is presently focused on the B2B hotels and
vacation-rentals sectors, where the company’s API integrates with clients’
property-management systems to offer guests a specialized guest-protection
policy. The platform and policy combination InsurTech product help transfer the
exposure to liability away from the property and property owner while guests
still benefit from potential accident and loss coverage during their stays.
InsuraGuest’s platform is currently capable of integrating with approximately
71 different hotel and vacation rental-property-management systems, linking to
millions of rooms worldwide.
InsuraGuest Inc. is currently focused on the U.S. market and
expects to be licensed to sell insurance in every state in the near future.
However, the company is eyeing the much-larger European market. Despite its
immense size, the United States only accounts for 20% of the global
vacation-rental market. Europe, with 60%, leads the world, with all other
regions accounting for the remaining 20%.
Accordingly, InsuraGuest Inc. is pursuing expansion
opportunities. The company recently signed a letter of intent with a master
general agent in the United Kingdom and Europe to distribute its platform and
products to hotel and vacation-rental markets in those regions. The company
also plans to expand to Asia in 2020.
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
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Scottsdale, Arizona
www.QualityStocks.com
480.374.1336 Office
Editor@QualityStocks.com
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