ESSENTIAL READING FOR TRAVEL & HEALTH INSURANCE PROFESSIONALS
SEPTEMBER 2019 • ISSUE 224
NEWS ANALYSIS P.12 EDGE OF DARKNESS Exploring the rise of dark tourism
FEATURE P.32 MORE THAN JUST A MIDDLEMAN Checking in with the brokers
Once upon a time in America
SERVICE DIRECTORY P.39 Your essential guide to suppliers for the global travel and health insurance industry
The insurance is out there ... A Florida-based insurance agency that has been offering alien abduction coverage to the good people of planet Earth since 1987 has recently added Area 51 Coverage The ‘product’ is inspired by the recent Facebook campaign titled ‘Storm Area 51, They Can’t Stop All of Us’, and intended for those brave (or perhaps foolhardy) souls planning to break into Area 51, a restricted-access military zone in Nevada, US which is reputed to contain evidence of alien life. The action is planned for 20 September. Saint Lawrence Agency, founded by Mike St Lawrence, offers a US$10-million policy with $20-million double indemnity (should there be extenuating circumstances) for the single lifetime premium of $19.95. The alien abduction policy offers outpatient psychiatric care, double indemnity coverage and sarcasm coverage – ‘if they heckle you’, explained St Lawrence, though he noted that the sarcasm coverage is limited to immediate family members only. “In our research, we found out that 70 per cent of all the sarcasm originates in the immediate family,” he said. By 1999 the company had over 5,000 policyholders and had approved two claims. “If you do the math – if you’re working with the internal revenue service – it’s not a great deal of money,” said St
A new study from the US Travel Insurance Association (UStiA) suggests that consumers in the US are spending as much as $4 billion on travel insurance annually, demonstrating a welcome willingness to safeguard their financial health against potential risks In 2018, according to UStiA’s 2016-2018 Travel Protection Market Study, Americans spent approximately $3.8 billion on all types of travel protection – including annual products, per-trip coverage and all flavours of benefits
– representing a staggering 40.9-per-cent increase compared with 2016. Around 65.8 million people (49.1-per-cent higher than in 2016) were protected by more than 46.3 million plans (36.5-per-cent more than 2016), and UStiA also found that these plans were purchased through myriad different channels, including travel insurance providers, travel agents, aggregators and online suppliers. The vast majority – nearly 90 per cent – of travel protection products purchased by American consumers in 2018 included benefits for trip cancellation and interruption, while products
and programmes with more of a focus on medical and medical evacuation benefits accounted for 6.3 per cent of overall sales. Commenting on the findings of the report, UStiA’s Executive Director Megan Cruz said: “The industry has continuously evolved to meet the needs of the marketplace. With increased mobility, the travel insurance industry has met the needs of the market by providing products and coverages that protect lives, valuables and investment.” The study was conducted on behalf of UStiA by Willis Towers Watson.
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