January 2020: According to new travel research commissioned by AIG Ireland, almost half of Irish adults have experienced a mishap while travelling. The research shows the most common holiday mishaps are flight cancellations, lost baggage and missed flights. One in three have had to seek medical attention for themselves or a member of their travelling party in the past.
Medical expenses, trip cancellations and lost baggage are considered the most obvious risks to protect against by Irish consumers purchasing travel insurance. These concerns are reflected in AIG travel insurance claims from 2018, when almost a third of claims were in relation to trip cancellations, nearly a third of claims accounted for medical expenses and just over 10% of claims covered items of personal property.
The type of travel insurance claims AIG has experienced in the last three years range from serious medical expenses of almost €1 million paid out to a policy holder who suffered an illness whilst travelling in the US to another policy holder who received almost €30,000 when they had to cancel a trip due to a medical issue, while just over €6,000 was paid out to a policy holder when their airline lost their baggage. Air ambulance assistance can be very expensive, costing up to €100,000 and more if nurse assistance is required.
Commenting on the insights, Aidan Connaughton, Head of Consumer Insurance for AIG, said,
‘Holidays should be happy and relaxing occasions and at AIG we are here to support people through any eventuality that may occur, ensuring they receive the care they need while abroad and that they return home safely. Standing by those people has been the basis of our travel insurance business for the past 20 years. AIG in Ireland has paid tens of millions in expenses for policyholders during that period.
‘The research shows just how frequently holiday mishaps can occur. It is concerning to see that over a quarter of Irish adults (27%) feel travel insurance is a luxury purchase and that their health cover is sufficient to meet most eventualities while abroad.
‘In the last two years alone, we have supported two holidaymakers who each had medical expenses of almost €1 million. Whilst private medical insurance covers a person up to a certain level, it will not cover costs over that amount and does not provide any contribution to the cost of returning the customer to Ireland if they have to miss their original planned return date or require an air ambulance, medical escort or additional seating.’
‘It’s important that you have the peace of mind while abroad that you have a quality insurance policy backed by an insurer you can trust.’
The research shows that almost one in four (24%) Irish adults do not pay attention to the details of their travel policy or the extent of their cover. Travel insurance is vital for anyone going abroad, whether it be for business or leisure, to ensure they have the adequate cover in place. Over the last three years, AIG has witnessed the amount paid out in travel insurance claims increase by nearly 100% with a higher frequency of US medical expense claims.
AIG offers a range of great value travel insurance options that allow you to enjoy a worry-free holiday. Visit www.aig.ie/travel-insurance for further details.
About the research:
The research commissioned by AIG was carried out by Core Research and consisted of an online survey of 1,000 Irish adults conducted from 5 – 12 July 2019. The sample was quota controlled according to the latest census figures to ensure that a nationally representative view was obtained.
American International Group, Inc. (AIG) is a leading global insurance organization. Building on 100 years of experience, today AIG member companies provide a wide range of property casualty insurance, life insurance, retirement products, and other financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG common stock is listed on the New York Stock Exchange.
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AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries, and coverage is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.