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ABTA Reduces Protection ITIJITIJ Page 21 Page 22 Page 24 Page 28 International Travel Insurance Journal ISSUE 69 • OCTOBER 2006 ESSENTIAL READING FOR TRAVEL INSURANCE INDUSTRY PROFESSIONALS Consumer survey ABTA reduces protection reveals travel savvy According to the latest consumer study from the In a move that has dismayed the Office of Fair Trading US Travel Insurance Association (UStiA), people (OFT) in London, the Association of British Travel who buy travel insurance tend to be better Agents (ABTA) has cut back the protection it offers educated, travel more frequently and have higher consumers who book holidays with its members. household incomes than those who don’t. Sarah Amanda Aitchison reports Lee reports Until now, the ABTA bonding scheme has covered all The 2006 Travel Insurance Consumer Study holidays and flights booked with a member travel agent, confirmed how factors, such as destination and type so if the agent or operator goes bust, ABTA steps in and of trip, affect the purchase of different types of travel returns any lost deposits, or flies home those left stranded cover. But it also revealed interesting demographics abroad. While ABTA says it will continue to cover regarding travel insurance purchasers. “People are business failures, however, it will no longer cover losses if now more knowledgeable about the unpredictable a travel agent physically fails to carry out a booking. ABTA nature of their everyday lives, which can be affected also announced it would be removing cover for those by natural disasters, terrorism or even an illness in using agents to book accommodation only online. their family, so they are drawn to solutions that will Following the announced changes to ABTA’s cover, the mitigate these problems,” explained Jon Ansell, UStiA OFT said the new code offered by ABTA will not receive president and CEO. “Savvy, experienced travellers approval by its Consumer Codes Approval Scheme know the value of travel insurance and assistance, (CCAS). The CCAS was set up in 2001 to help consumers and use it to improve their overall travel experience.” identify businesses that promote consumer interests The survey reveals that people are more likely to ‘beyond the basic requirements of the law’. Currently, buy insurance when they feel that factors are out of fewer than a dozen industry codes are approved. their control. Hence, those North Americans ABTA insists the changes to its bonding scheme will have venturing overseas are three times more likely to little impact on holidaymakers: “As long as people buy insurance than those travelling within their own receive the relevant documentation from their travel country. Respondents in the survey cited the agent, clients’ holidays will go ahead as normal if the expense of their trip, having to pre-pay for a trip agent fails. Even though we have withdrawn from the and ‘peace of mind’ among the factors that OFT Code Approval scheme, we will continue to work motivated them to purchase insurance. with it to ensure that our code remains the gold Those purchasing travel cover often travel with a standard for the travel industry.” group of other holidaymakers, take longer trips, go continued on p.5 Age discrimination: the end is in sight As age laws to combat discrimination come into Moneysupermarket.com. He says that with premiums growing market. New effect on 1 October across the UK, the natural often doubling for those aged 66 and over, a research from AA Travel question on everybody’s lips is ‘how will this affect retirement that involves seeing the world could be Insurance found that people the insurance industry?’ Sarah Lee investigates more expensive than many expect. Recent research over 60 are increasingly taking by the company showed that premiums often hiked extended trips abroad, even One leading financial products portal is urging travel again once a person turned 70, and that competitively raising funds through equity insurers to ‘dump the discrimination’ and install a priced cover often came with diminished benefits. release schemes. Over a third more fair price structure for older travellers. “Ageism There should be a more rational pricing scale for such of retirees interviewed said may soon be illegal in the workplace but it seems rife insurance, it said, rather that implying there is a they had gone on an extended when it comes to travel insurance,” said Richard massive divide in risk between the ages of 65 and 66. holiday over the last 12 Mason, director of insurance at It is well known that the older traveller constitutes a continued on p.21 2 NEWS The future of terrorism insurance Zimbabwe travel cover launch insurance market. There is a limited capacity in that market. I’m not sure we’re NicozDiamond expects to launch a travel insurance ITIJITIJ going to have the capacity to meet client package shortly, officials at Zimbabwe’s largest International Travel Insurance Journal demand out there.” short-term insurer have said. Zimbabweans In Britain, where the most recent alleged travelling to the greater part of the European Union terror attack was foiled, the vast majority of are required to carry insurance cover, which can be WHAT’S IN people affected by the plot have not and relatively high in local currency. Most European will not receive any compensation from countries also demand substantial medical aid cover THIS ISSUE? their travel insurance policies due to before a visa can be issued. This has often curtailed terrorism exclusions. Graeme Trudgill, travel for Zimbabweans hoping to enter Europe for technical services manager at the British business. Insurers’ Brokers Association (BIBA), According to NicozDiamond chief executive officer REGULARS explains, “The majority [of insurers] don’t Grace Muradzikwa: “We have developed a travel have adequate reinsurance to cover insurance product and we expect to sign an News 1 terrorism attacks,” although BIBA has been Grapevine 4 lobbing insurers to amend restrictive Insurance matters 6 policies. Editorial comment 8 Some insurers will pay out if passengers Company brief 10 were left waiting at an airport for more than 12 hours, but according to BIBA, the Health matters 11 policies of other insurers will not be Travel matters 12 offering any payments at all. Given that Air ambulance news 15 Britain continues to be under a ‘severe’ Hot spots: TAK in Turkey 21 terror alert, purchasing a travel insurance World markets: Italy 22 policy with terrorism coverage is going to News Analysis: In-flight medical 24 become more and more vital for those travelling abroad. Service directory 30 Meanwhile, research from TNS Diary dates 35 Since the Terrorism Risk Insurance Act (TRIA) was OnLineBus, a global market information provider, On the move 35 enacted in the US, the market for terror cover has has shown that almost half of Britons are unaware Contributors 35 steadily grown, according to a study by Marsh and that many insurance policies do not provide cover McLennan Companies Inc.’s risk and insurance for disruption to travel plans caused by terrorism. agreement with our South African partners in the services subsidiary, Marsh Inc. Nearly 60 per cent of For 16 to 24 year-olds, this figure rose to 63 per coming days. We will continue to focus on FEATURES Marsh’s risk management and middle-market clients cent. consumer sensitive product development in the bought terrorism insurance last year, up from 27 per In related news, Whitehall officials confirmed to The coming year.” Dangerous times: sport for all 28 cent in 2003, and 50 per cent in 2004. Coverage Observer newspaper that the government has ruled Struggling to write new business from individuals also cost an average of 25 per cent less in 2005 out compensation for UK terror victims abroad – a with weaker disposable incomes and from industries than it did the previous year, the report found. decision that completely contradicts assurances from under increased financial stress, insurance ITIJ TEAM The firms most likely to buy the insurance were chancellor Gordon Brown. Lawyers representing the companies are seeking to introduce products that financial, real estate and healthcare firms, with at British victims of last summer’s attacks in Sharm el- will increase income from the customers they Editor-in-chief: Ian Cameron least 75 per cent participation in these industries. Sheikh said the move will discriminate against those already have on their books. The biggest ‘take-up’ increases were recorded in caught up in incidents abroad compared to those At the release of NicozDiamond’s six months to Editor: Sarah Lee the West and Northeast. Robert Blumber, head of wounded in attacks in this country, such as the June earnings recently, Muradzikwa reported Editorial assistant: Hannah Langfield Marsh’s terrorism insurance practice, is concerned victims of 7/7 London bombings. Many critics believe depressed revenue growth, with both individuals Staff writer: Amanda Aitchison that if Congress does let TRIA expire, which it is that the UK government’s foreign policy has made a and corporate clients struggling to insure adequately. due to do at the end of 2007, there will be serious target of its nationals abroad, and that as such the Apart from seeking new products that will add to Designers: Eli Butler consequences for the insurance industry: “You will government should shoulder responsibility for its income streams, NicozDiamond also said expenses David Oakley see a mad rush into the standalone terrorism victims of terror, whether at home or overseas. would be ‘kept in the spotlight’ going forward. US correspondent: Milan Korcok India correspondent: Saby Ganguly Conference manager: Denise Clements Asian nations will Careless Britons lose out on the beach Production: Helen Watts act together In days gone by, the only things to be found in a Advertising sales: David Fitzpatrick At the recent Association of Southeast Asian beach-bag were sunglasses, towels and sunscreen, Finance: Helen Parker Nations’ (ASEAN) meeting with its Asian Regional and maybe a Walkman.
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