Concerning number of Australians ditch travel insurance due to rising costs – survey | Insurance Business Australia
Travel
Concerning number of Australians ditch travel insurance due to rising costs – survey
Here are some tips for young and older Australians…
Travel
By Roxanne Libatique
Many Australians have opted out of travel insurance due to the rising costs, according to Compare Travel Insurance’s latest survey.
The survey found that 36% of Australians would not buy travel insurance due to its increased cost, while 26% would only buy the cheapest policy wherever possible. An additional 19% felt they “didn’t need it,” while…
The Foreign, Commonwealth & Development Office (FCDO) provides advice about risks of travel to help British nationals make informed decisions. Find out more about FCDO travel advice.
Areas where FCDO advices against travel
Your travel insurance could be invalidated if you travel against FCDO advice. Consular support is also severely limited where FCDO advises against travel.
Egypt-Libya border
FCDO advises against all travel to within 20km of the Egypt-Libya border, except for the town of El Salloum (where we advise against all but essential travel).
North Sinai
FCDO advises against all travel to the Governorate of North Sinai.
Northern part…
21 February 2024
The IA has warned insurers of the inherent risks related to premium financing as this is particularly sensitive to changes in interest rates. The surge in interest rates in the past two years has brought severe volatility to the market which has impacted both policyholders and the insurance market.
Mr Marty Lui, the IA’s head of Long Term Business (Acting), highlighted the risks involved in premium financing:
during periods of low interest rates, policyholders are able to use premium financing to benefit from the spread between their policy returns and bank loans and also amplify their returns…
Three customers who bought travel insurance from Canadian banks are outraged after being left with large foreign medical bills.
“They’re like a good gambler who never loses,” said Cyrus Derakhshan of Oakville, Ont. He is fighting RBC over a $16,500 claim denial for his 70-year-old mother. “For them it’s ‘Heads I win, tails you lose.’”
Cyrus Derakhshan is suing RBC after it denied his mom’s travel health insurance claim, citing ‘misrepresentation’ of her medical history. (CBC)
The banks refused to pay in these cases, based on how the customers answered broad-ranging questions about their health when they bought their policies.…
