AIG underscores travel insurance shortfalls in current ecosystem

Travel insurance shortfalls - Hand - Airplane

The changing nature of the travel industry as a whole has caused coverage to fall short of what it should be. AIG recently released a report on the current travel insurance shortfalls as travelers leave their agents behind. The report was titled “Insuring Travellers in the Digital Age.” The current travel comparison trend is boosting convenience but is leaving travelers under-insured. The AIG report pointed out that the average traveler will visit 28 websites throughout the 53 day period before they book their trips. The internet is offering them tools…

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Travel insurance regulation changes headed to Colorado governor

Travel Insurance

A regulatory bill is now headed to Gov. John Hickenlooper after meeting no resistance in the Senate. A bill designed to provide the travel insurance industry in Colorado with regulation for the first time is now on its way to the desk of Governor John Hickenlooper in order to obtain his signature so that it can be passed into law. This bill was moved along to the Governor without experiencing any votes against it in the state Senate. Rep Tracy Kraft-Tharp (D-Arvada) sponsored House Bill 1185, which saw great favor…

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Travel insurance purchased by only half of vacationers

Medical Travel Insurance

The results of a recent study have shown that travelers are not purchasing medical coverage before they leave. According to the results of a recent study on summer vacations, only half of Canadians who head out of the country during the summer purchase travel insurance to cover themselves in case of a medical emergency. This includes those who are headed to the United States or abroad on their vacations. The travel insurance study was conducted by BMO Insurance. What it determined was that among the 83 percent of Canadians who…

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Research and Markets releases latest report about travel insurance last year

Research and Markets has made its latest report called “UK Travel Insurance 2011” available, providing deeper insight into the performance of the leading travel insurers in the country as well as key data regarding market share and GWP. This report helps to provide context for the data it has collected, as well as an analysis of the key issues in this sector of the market. Among its features is a discussion of last year’s trends in marketing that help to indicate the direction of the market and the strategies of…

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Investors call for private sector to mobilize against climate change

Despite controversy, the issue of climate change is gaining serious momentum with various industries. During a session of the United Nations last week, a group of investors with a collective $26 trillion under management, took a stand on the issue, claiming that the private sector needs to be more involved in protecting the environment and that no singular government can solve the problem. The collective group is comprised of insurance professionals, government officials and business leaders from all over the world. Few governments have taken the issue of climate change…

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John Hancock Financial announces new travel insurance offerings

John Hancock Financial has announced that it will now be offering products from the travel insurance sector, which will be available to consumers through its new website which has been created specifically for that purpose, as well as through comparison websites for that type of coverage. The new travel insurance coverage will provide protection for trip interruption or cancellation, accident, medical, and baggage, as well as multi-lingual, 24-hour emergency services. The insurer, which is based in Boston, has said that while the products themselves will be distributed by the John…

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The return of the vacation and travel insurance

According to survey results by Mondial Assistance USA, a travel insurance company, the majority of Americans intend to take a vacation in 2011, a situation that has not been seen since the start of the global economic crisis. The insurer, based in Richmond, Virginia, found that 51 percent of Americans claim to be either “somewhat confident” or “confident” that they will be taking a vacation of a minimum of one week in length, and that will be at least 100 miles away from their primary residence. This is an increase…

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Is travel insurance becoming a necessity?

Having suffered through the worldwide economic recession and a year marred by disruptions, the travel insurance industry is finally seeing an increase in business. More people bought travel insurance last year as people became aware of the potential for calamitous situations to arise during travel. With earthquakes, floods, volcanic eruptions, blizzards, and civil disturbances, people have begun to see the value of such policies. Dean Sivley, chief executive of Travel Guard, a travel insurance provider, has said that more people are buying policies, but that the company is also paying…

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