If you’re hunting for travel insurance, you will have noticed the huge range of policies out there. What you may not have noticed is that these policies are issued by a handful of insurers, who are also known as the underwriter. Knowing who underwrites your travel insurance policy is an important consideration when choosing your policy, as it may help you save time when you shop around.
Note: This information was last updated March 2024
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.
How it all works
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.
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.
Why does it concern me?
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.
Save time by comparing underwriters first
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.
Do I make claims through my provider, the underwriter or someone else?
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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Jessica Prasida is a travel insurance expert for Finder. She lives and breathes travel, having worked as a travel agent and branch manager at STA Travel for over 4 years, then writing about travel insurance with Finder for another 5 years. Jess has a Bachelor of Business from the University of Technology, Sydney and a Tier 1 General Insurance qualification.
HI I am Australian on a holiday in Europe, 71 years old and have travel insurance for Europe with AXA. I decided on the spot to go to Cuba with friends for 8 days, leaving Frankfurt on 26 July. Not easy now to find travel insurance for that trip!!! I searched the web and asked AXA and others, all negative. I am sure some company will cover me but which one? Can you help. Thanks richard
Please note finder is a comparison and information service and not an insurer. We are not permitted to provide our users with personalized financial advice or product recommendations.
If you would like to compare policies from the travel insurance brands in our panel, please enter your travel details like destination, age and dates of the trip into the comparison form.
Once you have done you can click on ‘Go to site’ button to head over to the Insurer website.
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HI I am Australian on a holiday in Europe, 71 years old and have travel insurance for Europe with AXA. I decided on the spot to go to Cuba with friends for 8 days, leaving Frankfurt on 26 July. Not easy now to find travel insurance for that trip!!! I searched the web and asked AXA and others, all negative. I am sure some company will cover me but which one? Can you help. Thanks richard
Hi Richard,
Thanks for your inquiry.
Please note finder is a comparison and information service and not an insurer. We are not permitted to provide our users with personalized financial advice or product recommendations.
If you would like to compare policies from the travel insurance brands in our panel, please enter your travel details like destination, age and dates of the trip into the comparison form.
Once you have done you can click on ‘Go to site’ button to head over to the Insurer website.
Hope this information helped.
Cheers,
Arnold