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 inquiries spike from Zika virus concerns

mosquito zika virus travel insurance

Vacationers and business travelers, alike, are looking into coverage to give them peace of mind. According to a recent data release, calls regarding travel insurance have skyrocketed from airline travelers who are worried about the type of medical care they would receive if they were to be infected with the Zika virus while away from home, how much that care would cost, and whether or not it will provide them with the opportunity to cancel their plans if they are headed into an area where infections are known. People heading…

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Big data is becoming a priority for the insurance industry

US Big Data insurance industry

Executives come together to highlight the importance of big data Insurance technology executives from AIG, Chubb, Travelers, and several other insurance organizations recently came together during a seminar in Philadelphia to highlight the importance of big data in data management. Big data has become quite important within the insurance industry, with executives suggesting that there is no other industry that can benefit more from the use of big data. During the seminar, executives suggested that prioritizing big data may be able to help insurers better manage the risks associated with…

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Wedding insurance becoming more common among Americans

Wedding Insurance

With the increasing cost of getting married and everything that it entails, more couples are purchasing coverage. The average cost for Americans to get married is now approximately $26,000 and, to an increasing degree, couples are purchasing wedding insurance to help to cover themselves against the sizeable financial losses that could occur as a result of illness, extreme weather, or even a sudden change of heart. The coverage isn’t offered by a large number of insurers in the U.S. but the number may soon grow. At the moment, wedding insurance…

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Travel insurance isn’t always practical, says National Consumers League

Travel Insurance

The group has released a statement that the protection does not always make sense. According to the National Consumers League, a group that has been in existence for 114 years, the way that the industry functions has designed travel insurance in a way that it is typically not a good deal for travelers. They have pointed out that there are far too many exceptions to make the coverage worthwhile for most people. The consumer group has pointed out that travel insurance policies are filled with different kinds of exceptions that…

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Insurance industry in N.A. sees Canadian insurer sold to American company

insurance industry news

Travelers has announced that it will be making the purchase for $1.25 billion in cash. The North American insurance industry has seen another major acquisition as an American insurer, Travelers Companies Inc. has just revealed that it is making a purchase of the Dominion of Canada General Insurance Co. This purchase is being made for a total investment of $1.125 billion to buy the company outright. The acquisition is being made as a part of the attempt Travelers would like to make to expand its presence in the Canadian insurance…

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Travel insurance purchased by only half of Canadians

Travel Insurance

A new study has shown that only about fifty percent of travelers from the country buy a policy. A new study conducted by BMO has just revealed that while 83 percent of Canadians plan to go away on vacation at some point between May and October 2013, only half have intentions to purchase travel insurance to cover them while they are not at home. The survey examined a number of different habits of Canadians while they are away from home. For example, the average Canadian traveler intends to spend $3,073…

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