New insurer World2Cover set to shake up the travel insurance market

Kelly Emmerton

Wednesday 09 December 2015

New travel insurance provider, World2Cover, is set to take the highly competitive travel insurance market by storm with three new products, promising Australian customers policies with global coverage, family benefits, winter sports options, and a simple claims process.

New insurer World2Cover set to shake up the travel insurance market

Claudio Saita, Chief Operating Officer & Executive Director at Tokio Marine Management Australia said “World2Cover is not a faceless insurer, but one that offers a policy that will cover you in a time of need, directly engaging with our customers to make their claims process as easy and straightforward as possible.”

With this in mind, World2Cover has expanded its range into Basics, Essentials and Domestic policies, while their Premium policy has been available for some time. The benefits covered under these policies include unlimited cover for cancellations, optional ski insurance and global 24hr emergency help.

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Insurance Business reported Saita describing these policies as “cost-effective protection within the local market,” launched as World2Cover aims to strengthen its position within Australia.

World2Cover was launched by the Australian branch of the Tokio Marine Group, one of the largest and most well-established travel insurance companies in the world. Since launching in 1879, the Tokio Marine Group now operates in 39 countries and has been in Australia since 1963.

World2Cover was the Tokio Marine Group’s first effort in capturing the consumer market in Australia - a market that was worth approximately $772 million in outbound travel insurance in 2014.

If you’re in the market for travel insurance, here are some tips for finding the policy for you:

1. The first or cheapest policy you see may not be the one for you. Read the fine print and compare all your options before you make a decision. This can save you a lot of time and worry in the long run

2. Be upfront about pre-existing medical conditions, because otherwise, your cover could be compromised in an emergency

3. Tailor your policy to your travel destination. Medical cover is essential if you are heading to America, and if you’re heading to New Zealand, make sure you’re covered for all the snow sports and activities you’ll be trying

4. Check that you’re getting what you pay for. Don’t pay a huge premium for medical or luggage limits that won’t be suitable for your trip

5. Make sure you’re aware of the excess you’ll be paying if you do have to make a claim. There’s likely to be different excess amounts for different claims, for example, your luggage excess might only be $200, while medical excess could run up to $1000

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