Canadian Cover Concern Analysis in Health Coverage
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ESSENTIAL READING FOR TRAVEL & HEALTH INSURANCE INDUSTRY PROFESSIONALS visit www.itij.comwww.itij.com for the latest news DECEMBER 2013 • ISSUE 155 US market Canadian cover concern analysis in health coverage. The statistics showed that 35 per cent of travellers do not buy travel health insurance, The latest Travel Insurance Market Survey and just six per cent knew that their provincial health performed by the US Travel Insurance Association plan only covers, on average, around nine per cent of (UStiA) has found that spending by US citizens on medical expenses incurred overseas. Other fi ndings travel insurance products continues to increase of the survey were that 21 per cent of Canadians had year on year. Sarah Watson examines the fi ndings received medical treatment while travelling, with the most common reason for people seeking medical The UStiA survey covered the 2010 to 2012 care overseas being gastrointestinal illness. Sixty per period, fi nding that in 2012, Americans spent nearly cent of travellers who sought medical attention while $1.9 million on travel insurance. The most popular abroad had taken out insurance to pay for the cost of type of policies were those offering coverage for care, although most respondents to the survey said trip cancellation or interruption, which accounted they would do ‘whatever necessary’ to get the medical for 94 per cent of total premium sales, a rise of treatment they needed. 15 per cent on 2010. Sales of travel medical and A slightly odd fi nding of the survey is that only 94 per medical evacuation insurance plans represented the cent of travellers pack underwear when they go abroad, remaining six per cent of sales. Other fi ndings from to which John Thain, president of THiA, said: “Travel the report show that insurance sales represent a health insurance should be as essential to a vacation growing ancillary sales channel for travel agents and as underwear. Many people will already have some tour operators, with sales by agencies and suppliers coverage through employers or credit cards and it’s increasing by 11 per cent between 2010 and 2012, important to understand existing coverage, and ensure representing 55 per cent of total premium volume you have the necessary supplemental coverage.” taken by the industry. TD Insurance, meanwhile, carried out its own survey Alan Josephs, chief marketing offi cer at Allianz Global into Canadian travel trends, fi nding that only half of Assistance, said of the survey: “The fact that travel Canadians aged 50 or over checked the details of their agents account for a signifi cant percentage of all travel insurance policy before leaving for a holiday, travel insurance products sold is a testament to the and just 16 per cent called their insurance provider fact that consumers trust travel continued on p.6 to determine if they needed to update their existing policy in any way. Dave Minor, a vice-president at TD Insurance, commented on the fi ndings: “Snowbirds have a unique set of insurance needs, different than most Canadian travellers. Not only do they need to understand exactly what their travel insurance policy covers, but they may have to review auto, recreational vehicle, and home insurance policies – both for their property down south and back home – before they travel.” Minor went on to explain: “Snowbirds should review the details of their travel medical insurance policy, including whether or not there is a time limit for out-of-country coverage, and what they need to know about pre-existing conditions and limitations. If a snowbird has visited a hospital or switched medications Two new surveys in Canada demonstrate a The fi rst piece of research comes from THiA – the in the past 12 months, this information needs to be worrying lack of both awareness and knowledge Travel Health Insurance Association of Canada – disclosed to their insurance provider, as a failure to do concerning travel insurance plans. Mandy Langfi eld whose recent national survey of Canadians examined so may impact insurance coverage should they need to has more details their travel habits and understanding of provincial make a claim.” REGULARS News continued p.4 Travel matters p.17 Grapevine p.38 Company brief p.8 IPMI news p.20 On the move p.39 Insurance matters p.9 Profile p.30 ITIC Schedule 2014 p.22 Health matters p.14 Service directory p.31 ITIC Americas 2014 p.23 WWW.ITIJ.COM FEATURES Editor-in-chief: Ian Cameron Editor: Sarah Watson Title editor: Mandy Langfield Sub-editor: James Paul Wallis Editorial assistant: Stefan Mohamed US correspondent: Milan Korcok Director of events: Denise Clements Subscriptions: Helen Watts Production: Kate Knowles Advertising sales: David Fitzpatrick & James Miller Finance: Elspeth Reid & Louise Goddard Design: V Creative Design vcreativedesign.co.uk Charting a smooth ITIJ course page 28 Voyageur Buildings, 43 Colston St, Bristol BS1 5AX, UK Matthew S. Vuolo considers the Telephone: +44 (0)117 922 6600 challenges involved in navigating editorial department: extension 3 the complex world of offshore advertising department: extension 1 Crunching the numbers page 24 insurance, and offers some key subscriptions department: extension 209 tips to insurers considering the accounts department: extension 4 Travel insurers and medical assistance companies that fail to seize the advantages and potential pitfalls opportunities offered by the unfolding big data revolution risk being that come with moving offshore fax: +44 (0)117 929 2023 left behind. Robin Gauldie examines what the industry needs to do to take advantage of the information on offer email: [email protected] web: www.itij.com WOULD YOU LIKE TO SUBSCRIBE? www.itij.com/subscribe Sarah Watson Editorial Comment Editor of ITIJ Published on behalf of: Voyageur Publishing & Events Ltd, As the year draws to an end, it’s lasted long aft er sessions had fi nished, of EHIC refusal in Spain. Our work Voyageur Buildings, 43 Colston Street, Bristol BS1 5AX, UK a perfect ti me to refl ect on the along with, of course, the fi nale dinner with the nati onal media in the UK and The information contained in this publication has been published in good faith and achievements of the last 12 months and Awards ceremony, made this our liaison with the EC and European every effort has been made to ensure its accuracy. Neither the publisher nor Voyageur Ltd can accept any responsibility for any error or misinterpretation. All liability and to recall favourite moments. One ITIC Global one of the best yet. It was insurers has helped push change in this for loss, disappointment, negligence or other damage caused by reliance on the information contained in this publication, or in the event of bankruptcy or liquidation such moment has to be the recent certainly the largest conference to date, area and, judging by the informati on or cessation of the trade of any company, individual or fi rm mentioned is hereby ITIC Global event in Vienna, where I which is testament to its growing value coming out of the ITIC session on this excluded. The views expressed do not necessarily refl ect those of the publisher. was yet again honoured to co-present to those in the global travel and health topic (see ITIC Global Review, p 24), Printed by Pensord Press, South Wales, United Kingdom the ITIJ Awards. The Awards evening insurance industry; and we’ve captured insurers in Europe are seeing matt ers was truly memorable and the winners ITIC Copyright © Voyageur Publishing 2013. Materials in this publication the best of the event in the enclosed return to normal. It’s nice to end the may not be reproduced in any form without permission indisputably deserving. Congratulati ons Global Review – our annual round-up of year with some good news! to each of them, and to the fi nalists in the conference’s panel sessions, social We hope you have had a great year and INTERNATIONAL TRAVEL INSURANCE JOURNAL ISSN 1743-1522 each category. functi ons and ITIJ Awards. Enjoy! we look forward to bringing you news The lively atmosphere of the wider Another notable event for ITIJ this and analysis of the issues that matt er to Would you like to make a comment? conference, the insightf ul speaker year has to be our involvement in you most throughout 2014 and beyond. Please contact the editorial desk: presentati ons, and the debates that bringing closer att enti on to the issue Happy holidays! [email protected] - or call us: +44 (0) 1179 226600 - ext. 3 4 NEWS Winter warning As the northern hemisphere’s winter sports season bills for rescue operations in Europe. Research by policy or an extension to their travel policy to cover gets going, UK travel insurance specialist Columbus the insurer has found that the current average cost of such kit during the holiday. Brand manager Chantelle Direct (winner of the ITIJ Intermediary of the Year being airlifted from a mountain and taken to hospital Dadd said: “Our customers enjoy seeking out the best Award 2013) has shown that skiers could face huge stands at £2,500 – a cost that won’t be covered by slopes and the challenging track runs. To get the most the European Health Insurance Card. Columbus from their holiday experience, they are travelling with And so as Christmas approaches, ITIJ has been Direct also found that when it came to the different their own equipment, but are forgetting that cover made aware of some typical festive season claims: types of costs associated with winter sports claims, for their skis, boots and bindings is necessary. The air ambulance was by far the most expensive bill to company is also concerned about the safety of skiers Case 1 pay, with costs of around £10,000 from Europe and and snowboarders, with research showing that a high Rudolph the Red Nose Reindeer was admitted to £40,000 from the US or Canada.