Singapore Survey
Total Page:16
File Type:pdf, Size:1020Kb
ESSENTIAL READING FOR TRAVEL INSURANCE INDUSTRY PROFESSIONALS WWW.ITIJ.CO.UK JANUARY 2011 • ISSUE 120 Winter claims costs revealed The latest analysis from one UK-based travel insurance company has revealed that the average cost of a winter sports claim in 2009/10 was £478. Sarah Watson has more details New claims data from online company insurewithease shows that Eastern Europe has sloped in just behind Austria and Switzerland as the fi fth most popular winter sports destination. France is still the hot favourite for skiing, with 47 per cent of winter sports claims being made by people who headed for the French slopes for some vin chaud. Those looking for skiing or snowboarding holidays are still willing to travel long-haul to reach their destinations, with North America racking up the second highest number of claims for the company at 15 per cent. Of concern for insurers will be the generally higher claims costs seen from tourists who received treatment in the US – it only takes a small number of travellers to make claims from expensive hospitals in desirable ski resorts for the total amount paid by the insurer to reach high fi gures. When it comes to the types of winter sports claims seen by the insurer, 55 per cent are for medical expenses, with fractures and broken bones accounting for 15 per cent of all medical claims. While the average cost of a claim is £478, a serious leg fracture in US resorts such continued on p5 Singapore survey Still uncovered New research from credit card provider According to the results of a survey undertaken commissioned by one of Singapore’s largest direct their insurer if the airline they had booked with went Barclaycard has found that one third of British by Aviva, Singaporean holidaymakers are going on online insurance companies in order to help the bankrupt; 31 per cent did not realise they could holidaymakers jet off without travel insurance. holiday underinsured and are worryingly unaware company better understand the needs of travellers make a claim for the theft of valuable items; and 20 Mandy Aitchison has the details of the survey, of the benefi ts travel insurance can bring a tourist from Singapore, but it actually exposed an alarming per cent did not know that insurance would cover which shows that the message from the travel in need. Mandy Aitchison has the details rate of underinsurance among the population, along medical expenses for injuries caused by accidents. insurance industry of the importance of insurance with high levels of ignorance when it comes to how While ignorance about the product is worrying, the has yet to fi lter through to the buying public The survey by Aviva showed that 51 per cent travel insurance could help. survey also showed a trend for people who do know of Singaporean travellers polled said they go on Perhaps most concerning for travel insurers is what travel insurance does, but choose to think that The fi ndings of Barclaycard’s survey show that when it holiday with no insurance whatsoever on a regular the lack of knowledge from consumers about the it is simply unnecessary. One in four respondents came to buying travel cover, 36 per cent of those polled basis, despite 71 per cent of people admitting to product. A high proportion – 49 per cent – said they to the survey said they felt that insurance is not chose not to arrange it because (famous last words) experiencing major incidents or disruption while did not know that travel insurance could cover a necessary for short trips abroad, while one in 10 they didn’t think they would need it. The study, which on holiday, and 31 per cent saying they have lost missed connection for scheduled fl ights; 41 per cent people aged between 21 and 30 said that it is not was carried out in the UK, revealed that the average a valuable item while travelling. The study was were unaware that they could be compensated by useful ‘at all’. More people continued on p5 Briton risks at least four trips a continued on p5 2 NEWS IN THIS ISSUE ITIJ CONTRIBUTORS REGULARS Tatum Anderson is a freelance international health and technology business writer with a decade of experience. News continued 4 Her specialist subjects include emerging markets, business, health and public health policy. She has written for a variety Editorial blog 6 of publications, including The Economist, Guardian Weekly, Insurance matters 8 BBC News Online, the Wall Street Journal Europe and the Company brief 10 Financial Times. Health matters 11 Milan Korcok is an award-winning freelance health Travel matters 12 policy and economics writer who covers travel insurance, public health, and medical education issues in Canada and IPMI news 16 the US. He has been writing about health fi nancing and Cross-border care 18 policy issues in these countries since the 1960s, is a frequent contributor to leading North American professional journals Air ambulance news 20 and consumer media, and is publisher of the consumer Profile: Mark Lee 38 website www.travelinsurancefi le.com. He lives in Fort Lauderdale, Florida. Service directory 39 Grapevine 46 Karyn Paskett currently works as a co-ordinating nurse On the move 47 for International SOS, a provider of international healthcare, medical assistance, and security services. She regularly participates on commercial medical repatriations. Paskett is an Australian trained registered nurse specialising in intensive care with a focus on helicopter and light aircraft retrievals. Prior to joining International SOS, she worked in numerous intensive care units including a specialist neuroscience unit in FEATURES Australia, the UK and the Channel Islands. News Analysis: Licensing uniformity in the US 22 A move that could change the face of travel insurance sales Feature: Digital marketing Part II 26 How insurers can make good use of the latest marketing techniques Feature: Trauma on the slopes 28 Airlifting injured skiers and snowboarders can be a complex operation Assistance & Healthcare World Markets: Dubai 32 ITIJ TEAM Editor-in-chief: Ian Cameron ITIJ Published on behalf of: Voyageur Publishing & Events Ltd, Editor: Sarah Watson Voyageur Buildings, 43 Colston St, Bristol BS1 5AX, UK Voyageur Buildings, 43 Colston Street, Bristol BS1 5AX, UK Title editor: Mandy Aitchison Telephone: +44 (0)117 922 6600 The information contained in this publication has been published in good faith and Copy editor: James Paul Wallis every effort has been made to ensure its accuracy. Neither the publisher nor Voyageur editorial dept: Ext. 3 Ltd can accept any responsibility for any error or misinterpretation. All liability for loss, Conference manager: Denise Clements disappointment, negligence or other damage caused by reliance on the information advertising dept: Ext. 1 contained in this publication, or in the event of bankruptcy or liquidation or cessation Production: Kirsty Diclaudio of the trade of any company, individual or fi rm mentioned is hereby excluded. subscriptions dept: Ext. 209 Helen Watts Subscriptions: Kate Knowles Printed by Pensord Press, South Wales, United Kingdom fax: +44 (0)117 929 2023 Copyright © Voyageur Publishing 2011. Materials in this publication may not be reproduced in any Advertising sales: David Fitzpatrick email: [email protected] form without permission James Miller web: www.itij.co.uk INTERNATIONAL TRAVEL INSURANCE JOURNAL ISSN 1743-1522 Finance: Elspeth Reid Would you like to make a comment? Louise Goddard Please get in touch with Ian Cameron, Design: V Creative Design WOULD YOU LIKE TO SUBSCRIBE? Editor-in-Chief of ITIJ on +44 (0)117 922 6600 ext205 vcreativedesign.co.uk VISIT www.itij.co.uk InternationalInternational TravelTravel InsuranceInsurance JournalJournal ■ www.itij.co.uk 4 NEWS Quebec travel insurance distribution guide: a model for America? Claims made easy As American travel insurers move to unify criteria spelled out in the AMF’s drafting manual – • And it must state that the insurer is aware that As Australians gear up for their traditional summer licensing standards and consumer protection sort of a model blueprint. To activate the Guide, the other insurance products offering similar coverage holiday period, local firm Travel Insurance Direct controls among sellers of their products nationally insurer must declare, in writing to the AMF, that it are available in the marketplace. (TID) is advising travellers to take some simple (see News Analysis US Licensing uniformity in the complies with Quebec laws and regulations and that To date, Quebec’s Distribution Guide regime has not precautions to assist them with any holiday claims. US on p22), travel insurers in Canada’s Quebec it meets the requirements of the Act – which means been taken up by any other province, but Faribault TID general manager Ian Jackson said that while province move ahead with a somewhat similar it accurately reflects the product being distributed. sees it as such a ‘magnificent opportunity’ to open up most Australians would enjoy an uneventful holiday, initiative. Milan Korcok reports So as to ease up any potential administrative backlog, the selling of travel insurance products through non- a small but important proportion would inevitably the AMF allows the insurer to start selling its product insurance personnel, that’s it’s just a matter of time experience an incident or emergency that would The Canadian programme allows non-licensed the day it submits its Guide for approval on the before the system spreads to other provinces and result in a call to an insurer. He told travellers: “If personnel to sell their products while guaranteeing strength of its declaration that it is in compliance. ‘change(s) the way we are selling insurance products you’re with a reputable travel insurance provider and consumer transparency. Quebec’s Distribution Ultimately, the AMF will review the Guide and it may in Canada’.