Insurance Articles
Swine Flu & Travel Insurance – The H1N1 Influenza Outbreak
Posted by admin - 30/04/09 at 02:04:26 pmAn Travel Insurance update for 1300 Insurance Travel Insurance customers in relation to the Swine Flu outbreak.
DATE ISSUED: 29 April 2009
The Department of Foreign Affairs and Trade (DFAT) have reissued their travel advisory for Mexico,
advising travelers to “Reconsider your need to travel”.
Specifically DFAT have advised that:
We advise you to reconsider your need to travel to Mexico at this time because of the outbreak of
a severe strain of swine influenza in humans.
On 27 April, 2009, the WHO raised the level of the influenza outbreak from phase 3 to phase 4
(of 6). The change to the higher phase of pandemic alert indicates that the likelihood of a
pandemic has increased, but not that a pandemic is inevitable.
From http://www.smartraveller.gov.au.
The World Health Organisation (WHO) has issued the following:
“WHO is coordinating the global response to human cases of swine influenza A (H1N1) and
monitoring the corresponding threat of an influenza pandemic … WHO advises no restriction of
regular travel or closure of borders. It is considered prudent for people who are ill to delay
international travel and for people developing symptoms following international travel to seek
medical attention, in line with guidance from national authorities”.
From www.who.int
The following advice applies to policies issued on or before 28 April
at 1.31pm AEST.
Cancellation and Amendment Expenses:
For Policy Holders travelling to or through Mexico:
For Policy Holders intending to travel to or through Mexico there is no provision under the policy
to claim for cancellation or amendment costs. Claims made under this benefit, which arise directly
or indirectly from an epidemic or pandemic, are specifically excluded from cover.
Whilst this is the case, the Claims Department are prepared to review submissions for
indemnification of such expenses on individual circumstances. If a Policy Holder wishes to make
such a submission, they should ensure that they take steps to mitigate all costs and submit their
claim form with full supporting documentation.
For Policy Holders travelling to all other destinations:
For Policy Holders intending to journey overseas, but who are not travelling to or through Mexico,
there is no provision to claim for cancellation or amendment expenses if the decision is made to
cancel or curtail their journey.
Medical Expenses
For ALL Policy Holders:
If Policy Holders, travelling in any country, become unfortunate enough to contract this particular
strain of influenza, there is provision to claim for medical expenses incurred to treat this illness in
accordance with the terms and conditions of the policy.
If emergency assistance is required, Policy Holders are advised to immediately phone the 24
hour Emergency Assistance Department reverse charge on + 617 3305 7499.
For ALL Policies Issued After 28 April 2009 at 1.31 AEST:
Cancellation and Amendment Expenses:
For Policy Holders travelling to or through Mexico:
For Policy Holders intending to travel to or through Mexico there is no provision to claim for
cancellation or amendment expenses that result from H1N1 Influenza.
For Policy Holders travelling to all other destinations:
For Policy Holders travelling to destinations other than Mexico, there is no provision to claim for
cancellation or amendment expenses that result from H1N1 Influenza.
Medical Expenses
For Policy Holders travelling to or through Mexico:
If Policy Holders travelling to Mexico experience flu-like symptoms related to the new outbreak of
influenza, the cover afforded by their travel insurance policy may be limited. In such
circumstances, Policy Holders are advised to contact our Emergency Assistance Department
reverse charge on + 61 7 3305 7499 for further information.
For Policy Holders travelling to all other destinations:
If Policy Holders, travelling in any country, become unfortunate enough to contract this particular
strain of influenza, there is provision to claim for medical expenses incurred to treat this illness in
accordance with the terms and conditions of the policy.
If emergency assistance is required, Policy Holders are advised to immediately phone the 24
hour Emergency Assistance Department reverse charge on + 617 3305 7499.
Important Information:
At all times travellers are advised that they should make their own risk based assessments regarding the
destinations to which they are travelling, regardless of the cover afforded by their travel insurance
policies.
This advisory will be updated if and when further information comes to hand.
Should you have any further enquiries, please do not hesitate to contact our Client Services Department
on 1300 724 825.
Insurance Articles
Income Protection Insurance
Posted by admin - 24/04/09 at 04:04:50 pmEarlier this week we published advice for your Home and Contents Insurance. Today is Income Protection:
This protects your biggest asset – your ability to earn an income – by paying up to 75 per cent of your wage in the event you are unable to work because of illness or disability.
Statewide Superannuation Trust general manager strategy and business development Bill Watson said doing away with income protection cover because times were tough “could be a false economy”.
“For the sake of a few dollars a week you could be left without an income in the event you are unable to work”, he said.
Ms French said income protection cover was a “priority personal finance strategy”.
“We’ve found referrals and inquiries for income protection insurance have grown significantly since the economic conditions have tightened,” she said.
“Some people have seen their other assets fall in value in recent months and want to build their financial back-ups”.
Source: www.adelaidenow.com.au 19 April 2009
Insurance Articles
Unlucky break brings holiday in the Middle East to an end
Posted by admin - 23/04/09 at 04:04:49 pmLanguage barriers and cultural differences can sometimes make overseas travel a real challenge. But these issues become even more of a problem, when you injure yourself in a foreign country and require hospitalisation. Would you know where to turn for help, if you found yourself badly hurt while holidaying in the Middle East?
Whilst travelling through the Middle East, a customer tripped, causing quite serious injuries. The customer was travelling on a boat cruise, so the ship’s doctor treated the customer, and assisted in transferring the customer to hospital.
As the customer’s Emergency Medical Assistance provider, Mondial Assistance was called and the Medical Assistance team was advised of the customer’s accident.
The customer was treated in hospital for a fractured wrist and knee, and was advised that they would need further treatment, upon return to Australia.
The Mondial Assistance Medical Assistance team contacted our Medical Agent who assists with cases in the Middle East Region, to help with liaison and translation between the customer and the local nurses and doctors in the hospital.
Due to the customer’s fragile condition, the Medical Assistance team considered two options. The first option was to provide a nurse to escort and assist the customer with their trip home to Australia. The second option was for the customer to undergo medical treatment before returning to Australia.
The Medical Assistance team consulted with the customer, regarding these options. After considering the options, the customer decided to undergo medical treatment before returning home. So the Mondial Assistance Medical Assistance Team then arranged, in conjunction with our Medical Agent, for the customer to be transferred to the appropriate hospital with the necessary medical facilities to provide treatment.
Throughout the process of arranging the surgery, the Mondial Assistance Medical Assistance team liaised with the Middle East Consultant in Sydney to confirm visa requirements. They also consulted with the Department of Foreign Affairs & Trade, regarding the customer’s repatriation back to Australia.
During the customer’s entire stay in hospital, our Medical Assistance team liaised with family members in Australia, keeping them updated on their condition.
While the customer was undergoing treatment, our Medical Assistance team began organising the repatriation back to Australia. It was decided that the best option would be for the customer to take a commercial flight, with a flat bed seat accompanied by a Registered Nurse, to assist with the journey home.
Registered Nurse, Clement Ulcoq, assisted in repatriating the customer back to Australia. After medical treatment, the customer returned safely to Australia, and was admitted to hospital for further treatment and recovery.
You’re in good hands with Mondial Assistance.
Our ability to provide Overseas Emergency Medical Assistance and easy access to resources through the Mondial Assistance global community, means we are truly connected to the people we’re assisting in a caring way. In this case, we utilised our contacts around the world to access the medical facilities, ensuring that our customer received the required medical attention.
In Australia during 2007, we handled over 65,000 Travel Insurance claims and more than 9,182 Medical Assistance cases. Yet, in every case, we strive to provide a superior level of personal service, which sets Mondial Assistance apart.
Our Medical Assistance is the key to your safety, 24 hours a day, 7 days a week, 365 days a year – we’re here to help our customers.
Mondial Assistance Australia is one of the leading providers of Emergency Medical Assistance. Around the clock, around the world, we’re always ready to help you – whatever it takes.
Insurance Articles
Trend increase in Life Insurance sales
Posted by admin - 20/04/09 at 03:04:21 pmBelieve it or not, there is a sector of financial services which is generating more job opportunities than before the financial crisis. The life insurance industry has hit the hiring button as a recession-weary public seek to safeguard their wealth.
Life insurance sales in Australia jumped nearly 6% in Q4 2008, according to preliminary figures from research house Plan for Life. And an Australian insurer reports a 25% rise in its sales for Q1 2009, compared to Q1 last year.
And with more policies being sold, more jobs are being created. “There’s been a 100% increase in available roles compared to this time last year. This uptake really began in Q4 of 2008 and it’s been mainly growth hires,” says Sarah Wapling, a practice leader at Link Recruitment.
Australians are feeling the need to insure their wealth given the current economic environment. This has resulted in an increase of life insurance sales.
Source: www.efinancialcareers.com.au 20 April 2009
Insurance Articles
Recession sparks insurance fraud in the UK
Posted by admin - 17/04/09 at 04:04:14 pmThe recession has sparked a huge jump in the number of fraudulent insurance claims, new data suggests.
More than 107,000 claims were found to be false last year – a rise of 17 per cent on 2007.
The value of the claims was also 30 per cent higher than the previous year at £730million (AU$1.5billion).
One false claim came from a motorist who reported a stolen car, only to admit later he had pushed the vehicle over a cliff, the Association of British Insurers said. The claimant had planned to use the payout to clear debts.
Another insurance cheat claimed his car had been stolen following a mugging, before investigations revealed he had actually sold it to a friend.
One instance saw a claim made by a woman for a lost engagement ring. It was queried after she extended her home insurance cover the day before to include items lost outside her home.
By value, motor insurance claims were higher, with a total of 35,300 claims made worth £360million (AU$742million).
ABI director Nick Starling said: ‘Fraud thrives in a recession. But cheating on your insurance really does not pay. The only thing you are likely to gain is a criminal record.
‘Insurers are intensifying their crackdown on insurance cheats’.
Source: www.dailymail.co.uk 16 April 2009
Insurance Articles
Save time – Buy your Insurance online at 1300 Insurance
Posted by admin - 17/04/09 at 01:04:31 pmWe all lead busy lives and the last thing we have on our minds is Insurance. Most of us don’t have the time to see an insurance broker let alone fill out the forms required. At 1300 Insurance, you can take care of all your insurance policies online. No need to make an appointment to see a broker. Just fill out your details online and get a quote in a matter of minutes. It is the most convenient way of buying your insurance.
It gets better though. 1300 Insurance offers more than car and home insurance. We also offer a range of life insurance products, pet insurance and travel insurance.
So what are you waiting for? See how much you could save today.
Insurance Articles
Gold Comprehensive Car Insurance
Posted by admin - 16/04/09 at 02:04:15 pmHave you received your $900 bonus from the Rudd Government stimulus package?
If you car insurance policy is due soon, the stimulus package bonus has come at the right time. And we have even better news for you! 1300 Insurance currently has 10% online saving off the Gold Comprehensive Car Insurance.
Gold Comprehensive cover gives you Full Comprehensive cover with added features such as 24 month or 40,000km New Car Replacement. View all the features here.
If you are after affordable car insurance, look no further than 1300 Insurance.
Insurance Articles
Travel advice update – Thailand
Posted by admin - 14/04/09 at 04:04:59 pmImportant Information Regarding:
Bangkok, Thailand
DATE ISSUED: 14 April 2009
This advice relates to policies issued prior to 12 April 2009.
The Department of Foreign Affairs and Trade (DFAT) have issued the following warning regarding travel to Bangkok, Thailand and its surrounding provinces:
We advise you to reconsider your need to travel to Bangkok and surrounding provinces
(Nonthaburi, Samut Prakan, Nakon Pathom, Ayuthaya, Pratum Thani) due to ongoing civil unrest.
A State of Emergency was declared in Bangkok and surrounding provinces on 12 April 2009.
There have been violent clashes between security authorities and protesters. The military may
become involved in enforcing the decree and further violence is possible.
If you are in Bangkok or surrounding provinces, you should avoid unnecessary travel around the
city or province. If you are departing Bangkok by plane, you should allow extra time to reach the
airport in case of traffic delays. Flights in and out of Bangkok have not been disrupted. Travellers
should check with airlines and other travel providers on scheduled services.
For Customers Currently Travelling in Bangkok:
At this stage, there has been no disruption to scheduled flight services, however we advise all customers to allow extra travel time to reach the airport due to traffic disturbances.
At this stage there is no provision to claim for expenses associated with the early departure from Bangkok as such an expense would not fall within the benefits offered by the travel insurance policy.
For customers currently in Bangkok we advise that all caution, as stipulated in the warning from DFAT, is exercised.
If you require emergency assistance please phone our 24 Hour Emergency Assistance Department
reverse charge on + 61 7 3305 7499.
For Customers Who Have Not Yet Departed And Who Are Travelling Prior to 27 April 2009:
For customers travelling to Bangkok, or its surrounding provinces (Nonthaburi, Samut Prakan, Nakon
Pathom, Ayuthaya, Pratum Thani), there is provision to claim for cancellation expenses or amendment costs (whichever is the lesser) for the portion of the journey that has been affected. It is the responsibility of all customers to mitigate their costs as much as possible.
Many travel providers are waiving their normal cancellation and amendment fees for customers affected by the situation in Bangkok, and in all reasonable circumstances customers will be expected to take advantage of these waivers. Customers are advised to contact their travel providers for further details, and the most appropriate options available.
Customers scheduled to depart after 27 April 2009 should check for further updates closer to their travel date.
There is no provision to claim for expenses associated with this incident for customers who are travelling to areas of Thailand not mentioned in the DFAT advice above.
This advice will be updated if new information comes to hand.
Should you have any further enquiries, please do not hesitate to contact our Client Services Department on 1300 467 872.
Insurance Articles
Major Insurers Flag Rise in Insurance Premiums
Posted by admin - 09/04/09 at 05:04:11 pmQBE Insurance among other major insurers has flagged a 4 per cent increase in overall premiums to compensate for the number of weather catastrophes and the global financial crisis that has hit the insurer hard
It joins competitors Suncorp, IAG and Allianz in spruiking premium increases, according to KPMG Partner Brian Greig, amid “enormous pressure from weather-related claims and from the financial markets”.
You Might Note: No mention of price rises from 1300 Insurance
1300 Insurance Home and Content insurance premiums are now likely to be as competitive as ever.
“It’s clear that any repricing (of risk) will trend upwards, particularly given the recent losses from the storms and bushfires which will be included in the full-year reporting,” Mr Greig said.
The insurer’s full-year profit fell 3 per cent last year to $1.86 billion, which was also attributed to the fall in equity markets and lower interest rates.
Last year, QBE received claims for 29 weather-related catastrophes, costing $424 million, compared to $317 million in 2007 from 21 catastrophes.
However, chief executive Frank O’Halloran yesterday assured shareholders that the company’s balance sheet was in “great shape”, with surplus capital of $3.3 billion, and said he expected gross written premium and net earned premium to be up by 20-25 per cent this year.
Mr O’Halloran said the company would retain a low-risk investment portfolio, with only 5 per cent equities exposure and 99 per cent liquidity, and would be targeting a gross yield of 3 per cent this year.
“The substantially lower interest rates and need to match our currency liabilities with investments of the same currency, as well as our focus on quality, means we need to be patient until economic conditions improve,” he said at QBE’s annual general meeting in Sydney yesterday.
He forecast QBE’s combined operating ratio to be less than 88 per cent this year, which when combined with the expected increase in gross written premium and net earned premium “will likely mean a significant increase in underwriting profit by close to 30 per cent in 2009″. However, Mr O’Halloran said lower interest yields on QBE’s cash and fixed interest portfolios would offset a large part of the projected increase in underwriting profitability, bringing the insurance profit margin to a range of between 16 per cent and 18 per cent of net earned premium.
Mr O’Halloran said the majority of QBE’s businesses, spread across 45 countries, were outperforming their peers.
“The substantial majority of our products and businesses around the world are producing returns above our 15 per cent minimum return on equity requirements,” he said.
After completing 11 acquisitions last year, QBE chair John Cloney raised the possibility of further purchases this year, but ruled out scooping up any of the beleaguered American International Group “at this stage”.
“In relation to AIG’s carcasses, we haven’t seen anything that we think comes with an attractive profile and comes at a reasonable price,” he said.
QBE shares closed 2.85 per cent lower yesterday at $18.41.
Reference: The Australian 09 April 2009
Insurance Articles
Home Contents Insurance
Posted by admin - 09/04/09 at 04:04:58 pmWhen was the last time you reviewed your home and contents insurance?
For example, if you have just finished renovations on your home, the value of your home and contents would have changed. Its is important to insure you are adequately covered in the case of theft or even fire. We hear on too many occasions after a house fire, the damage bill is more than the amount insured. Don’t let this happen to you.
Also take into consideration what it would cost to rebuild your home. It most certain building costs have risen since you last reviewed your insurance cover.
Click to get a home insurance online quote or call us on 1300 467 872 (1300 Insurance).