1 / 8

What is Travel Insurance?

Learn about the importance of travel insurance, including coverage for trip cancellation, medical emergencies, baggage loss, and more. Explore key considerations such as rate-making, bundled vs. unbundled coverage, and rating factors.

arturop
Download Presentation

What is Travel Insurance?

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. What is Travel Insurance? (or, what is one to do after the hyena tears down your camp?)

  2. What is Travel Insurance? • Travel Insurance, quite simply, protects potential losses relating to travel

  3. Typical Coverages • Trip Cancellation • Trip Interruption • Travel Delay • Medical • Emergency medical transportation • Lost/Damaged Baggage • Baggage Delay

  4. Coverages (cont.) • Accidental Death and Dismemberment, including Flight Accident AD&D • Pre-Existing Conditions Waiver (purchase period option) • Collision Damage Waiver (optional) • Typically there will also be a service package included

  5. GeneralStructure • Travel Insurance is generally sold as a package of coverages - very seldom as a “pick and choose” set of coverages • Certain coverages tend to be sold separately: CDW, Flight AD&D

  6. Ratemaking Considerations • Differing exposure bases on package: • Trip Cost (Trip Cancellation) • Trip Length (Medical) • Per Trip (Baggage Delay) • “Bundled” versus “Unbundled” • Nonstandard set of policy exposure periods • Catastrophe exposures (terrorism, hurricane, financial default)

  7. More Considerations • Potential Rating factors: • Trip Cost, Trip Length, Age, Destination, State, Tour Operator/Cruise Lines penalties • Take-up rate (spread of risk) • Unsophisticated seller

  8. Strange but true... • Man attacked by wild coconut! • Ripped off by a rat… • Running with the donkeys • Thanks for the rescue! • Nothing’s going to ruin my vacation!

More Related