Joe shops online for travel insurance and decides 1Cover Comprehensive Travel Insurance is suitable for his trip to Italy. Joe buys the policy and the premium he pays goes to Lloyd's, the underwriter of 1Cover travel insurance. Lloyd's then pays a portion of that premium to 1Cover as a commission for selling the travel insurance policy to Joe.
Travel insurance underwriters
Find out who is behind Australian travel insurance policies.
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Important:Travel insurance rules continue to change as a result of the pandemic. Some information may not be accurate at this time. It’s even more important to double-check all details that matter to you before taking out cover. Please note:
- Some policies may not be available through Finder at this time
- It’s unlikely that your policy will cover expenses from border closures
|Brand||Underwriter||Who handles general claims?||24/7 emergency assistance providers||Apply|
|ACE||American Express||ACE Assistance|
|Auto & General Insurance Company Ltd||Budget Direct||Budget Direct|
|Lloyd’s||Fullerton Health Corporate Services||Fullerton Health Corporate Services|
|Hollard||Fast Cover||Fast Cover Emergency Assistance|
|Mitsui Sumitomo Insurance Company, Limited||InsureandGo||MAPFRE ASSISTANCE||Get quote|
|Mitsui Sumitomo Insurance Company, Limited||Tick Travel Insurance||MAPFRE ASSISTANCE|
|Lloyd's||nib||nib International Assistance|
|Issued by Chase Underwriting and underwritten by certain underwriters at Lloyd's||Gallagher Bassett Services (Travel Insuranz Claims Dept)||Customer Assist|
|Chase Underwriting Pty Ltd||Gallagher Bassett Services (insure4less Claims Dept)||Customer Assist|
|Allianz||Allianz Global Assistance||Allianz Global Assistance|
|Allianz||Allianz Global Assistance||Allianz Global Assistance|
Who underwrites the policies compared on finder.com.au?
At finder.com.au, we aim to provide you with all the information you need to make an informed purchase decision. The table above will help you figure out who you are buying from and who you need to deal with if you have to make a claim circumstances or have an emergency.
- You purchase a policy. When you purchase a policy from an insurance provider or a travel insurance brand, you’ll need to pay a premium.
- Underwriter is paid. The premium goes to the underwriter of the policy.
- Provider takes a cut. The underwriter then pays a commission to the travel insurance provider or brand.
If something goes wrong on your holiday and you need to make a claim, you need to know that your travel insurance policy is backed by a reliable underwriter with a simple and efficient claims handling process. A reputable underwriter can ensure you don’t end up out of pocket for unexpected travel disasters and will also offer a 24/7 emergency hotline.
You’ll need to consider the following factors when choosing your underwriter and the service being offered:
- Reputation. You can gauge a company’s standing in the industry through recommendations from industry experts, online reviews and financial comparison websites.
- Experience with the Australian market. Consider how long the underwriter been issuing policies to Australians and if it has a good grasp of the ins and outs of the Australian insurance industry.
- The claims process. Consider what you need to do when you make a claim, how long it takes for claims to be processed, and whether the company has a good reputation for paying out claims.
- The emergency response team. Check to see if the underwriter runs a 24/7 emergency hotline that you can contact from anywhere in the world. An emergency response team that can help you find a doctor, a police station or whatever help you may need in a foreign country can be handy.
- The benefits. The benefits and limitations of a policy can usually be associated with the underwriter.
- The exclusions. Check if the underwriter excludes certain activities and incidents from its policies, such as participation in sports and adventure activities while on holiday. Cross-check that with another underwriter.
You can save time if you compare underwriters instead of insurance policies first. Policies issued by the same underwriter will generally be similar to one another, whereas you’re likely to find bigger differences between a policy issued by underwriter A and underwriter B. You can then look at different policies from the same underwriter to further refine your choice.
Who handles your claim will vary depending on:
- Your policy
- The type of claim
Read your product disclosure statement (PDS) for instructions on who you need to contact in the event of a claim.
Different policy, different process
Columbus Direct Travel Insurance is underwritten by Lloyd’s, but you would need to make a claim for a stolen laptop with Columbus Direct. If you require medical treatment at a hospital overseas, you will need to contact its medical assistance provider, Specialty Group Ltd. On the other hand, if you have a 1Cover policy, you would direct any claim (regardless of its nature) to the underwriter, Allianz.
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