Air Vanuatu liquidation exposes insurance coverage gaps | Insurance Business Australia
Travel
Air Vanuatu liquidation exposes insurance coverage gaps
Thousands of travelers left stranded, facing financial losses
Travel
By Roxanne Libatique
Air Vanuatu’s unexpected decision to enter voluntary liquidation has left thousands of travelers stranded and facing significant financial losses due to widespread flight cancellations.
A spokesperson from the Department of Foreign Affairs and Trade (DFAT) has advised Australians to reach out to their travel agents or travel insurance providers. Consumer experts, however, warn that only a few travel insurance policies cover such insolvency events.
Australian travel insurers that cover…
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…
The best COVID travel insurance is Seven Corners’ Trip Protection Basic, according to our analysis of travel insurance plan rates and coverage options.
Editor’s note: This article contains updated information from a previously published stories.
Best COVID travel insurance of 2024
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ICA highlights importance of travel insurance ahead of Easter holidays | Insurance Business Australia
Travel
ICA highlights importance of travel insurance ahead of Easter holidays
Advice backed by research revealing concerning trends
Travel
By Roxanne Libatique
As Easter holiday plans take shape, the Insurance Council of Australia (ICA) is emphasizing the need for Australians traveling abroad to secure travel insurance.
This advice is backed by recent data revealing a notable trend: a significant portion of travelers might embark on their overseas journeys without this key protective measure.
Australian travelers consider ditching insurance
Research conducted jointly by the ICA and the…
