Latest Travel Insurance News

InsureandGo a travel insurance provider revealed the most-claimed for top five of travel insurance in last year of 2007. The total amounts that travel insurers produced last year was 400milion pounds. That’s came from a 1.75 million claims alone in 2007.

In those claims the most popular claim was the medical treatment with over 500 000 claims made and totaling of 242.3 million pounds in pay-outs. Medical claims cost an roughly average of 477 pounds per claim as opposed to an average of 231 pounds per claim. Lost combined with stolen baggage reach 430 000 claims while costing about 35 million pounds. Cancellation of flight contributed 200 000 claims and cost the insurance company a total of 77 million pounds.

Several teams are set to play at the international rugby games. Rugby fans will clash and alongside with it they are being urged to make sure their travel insurance is ready. The Halifax insurance company advises the fans to check their travel insurance when watching plays at England, Wales, Ireland, Scotland, Italy and France.

Half of all sales are accounted to single trip travel insurance, and it may seems cheaper to pay for an annual policy rather than multiple and sometimes even a single trip travel coverage. Paul Birkhead of Halifax stated that although eager fans regularly check their tickets and the passports when they goes overseas travel insurance is also vital issue.

Moneysupermarket.com has learned, base on their research conducted, that the annual travel insurance are friendlier on the consumer’s wallet rather than getting single trip coverage for individuals while enjoying on holiday.

Peter Gerrard the Insurance research chief explains and advises the consumers to look for the best deal on travel insurance over single trip policies and is believe to be way cheaper. Peter also explained that not only the cost of the insurance to look for but the payouts of potential problems especially on the medical bills which is essential and at the same time very costly.
The highlight of the website was the case of Flexicor Direct, which offers travel insurance for only 60 pounds to cover family of four on multiple holidays.

In the most recent study about 35% of respondents were found out that they leaving for holiday without travel insurance coverage. That is one in three Britons were fails to get and insurance to protect them to medical emergency cost and loss of personal belongings.

Furthermore, 36 percent of the respondents were doing the same careless attitude once there are away. They keep their valuable possessions to other person rather than the use of safety deposit boxes on the hotel rooms and left their passports and money at the bedside tables. Over 50 percent of the respondents preferred a single trip insurance over the annual policy traveling once a year.

A new private medical insurance product has launched by Groupama HealthCare – Santé.
It was launched in 2006 and focused to serve the corporate SME Sector. Its exlcusive cover provides a full refund on eligible inpatient treatment together with various levels of outpatient cover. Its improvement has extended with additional option for dental and optical insurance. Also the processed of the travel insurance with Groupama has been streamlined.

The head of Groupama Healtcare said that, “The enhancements to Santé by Groupama Healthcare are the direct result of broker feedback, sought both on an individual basis and through our Healthcare Advisory Board.”

A consultation paper was released by the Financial Services Authority (FSA). The paper contains the plans for regulating Connected Travel Insurance or CTI, meaning travel insurance sold during holiday. Previously the FSA already regulates the travel insurances that are directly buy from the insurance company. Base on the paper, the guidelines is to make sure that the companies who are selling the travel insurance are proper and appropriately resourced including its employees.

Consumers should receive adequate, clear, concise, and consistent information about the travel insurers’ services. Those who are looking for advice should also get quality responses from the insurers so that consumers able to make a choice.