The Growing Global Travel Insurance Market

Regulatory authorities and governments of several countries have made travel insurance mandatory. This trend is likely to increase the uptake of these products, expand business, and increase profitability of travel insurance providers from 2016 to 2020, according to a report by Technavio. A growing market and evolving demand have pushed insurance companies to develop and customize products, making it a highly competitive market for local and international private travel insurance companies that offer competitive pricing for their products.

Travel insurance covers expenses, such as trip cancellation due to a medical emergency during domestic and international travel. Some policies also pay for damage to rented equipment, such as car, or for ransom in case of kidnapping. Many online companies that sell flight tickets or tour packages offer travel insurance at an additional cost.

Multi-Million Dollar Death Master Settlements Reached

Insurance Commissioner Dave Jones announced multi-million dollar settlement agreements with Jackson National and Axa related to the Social Security Administration’s Death Master File database. Created by the Social Security Administration, the database provides insurers with the names of deceased people with Social Security numbers. Until recently, most insurers only used the database to identify deceased annuity holders in order to stop making annuity payments, not to identify deceased policyholders in order to pay life insurance benefits

To date, 22 life insurers have agreed to reforms in using the Death Master database to search for deceased policyholders and make payments to their beneficiaries. Now, life insurers representing over 73% of the market have agreed to reform their practices and search for deceased policyholders in order to pay benefits to their beneficiaries. Under the settlement, Jackson National will pay $2.5 million and Axa $3.28 million to the states participating in the national investigation. Insurers agreed to reform their business practices and use the database to search for policyholder beneficiaries that might be owed benefits from a life insurance policy.

A national investigation by state insurance commissioners led to life insurers returning more than $1 billion to beneficiaries nationwide. In addition to the investigation, the National Association of Insurance Commissioners is drafting a model law that would require all life insurers to use the Death Master File database to identify deceased policyholders in order to facilitate payment of benefits to their beneficiaries. Jackson National and Axa have agreed to compare all company records against the Death Master database to determine whether there are unclaimed death benefits and conduct a thorough search for beneficiaries to whom unclaimed benefits may be owed.

Health Plan for Expatriates and World Travelers

GeoBlue introduced a health insurance plan for expatriates and long-term travelers. With GeoBlue Xplorer Select, world travelers who are in the U.S. more than 35 days a year, can meet the requirements of the Affordable Care Act (ACA) while having comprehensive coverage outside the U.S. With GeoBlue Xplorer Select, travelers retain their domestic coverage, but also have international benefits to help them access care from quality providers outside the U.S. This combined approach is often equivalent in cost to a high cover, no deductible expat plan. Applicants may qualify for short-form underwriting and don’t need to provide any medical records or detailed health questionnaires. The underwriting process is expedited, the assigned rates are not based on the applicant’s health history, and maternity coverage is available on the plan effective date. For more information, visithttp://www.geo-blue.com.

Last Updated 01/19/2022

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