When you are a British expat living abroad, there are some things from back home that should still tick your box. If you are someone travelling from their new expat home, to explore even more of the world, one of those things should be knowing that your travel insurance provider has the best of credentials.
Economic pressures are being felt across all sectors, including insurance. That’s why Europesure Travel Insurance is warning travellers to take care and to seek out some reassurance that their travel insurance would not leave them high and dry, due to the demise of the insurer underwriting the policy.
Europesure Travel Insurance highlights how the past five years alone have seen 12 insurance companies fold within the UK/Gibraltar markets, according to the UK-based Insurance Insolvencies Financial Services Compensation Service. Some of these trading failures occurred pre-pandemic, with those involved unable to blame a global health crisis for their woes.
The problem is that very few travellers ever question the security of the company behind their travel insurance. Europesure now says that needs to change. Buying the peace of mind of travel insurance is of little use, if the provider of the cover is not able to validate the protection.
The insurance world is operating in a current ‘hard market’, where insurers are tightening up their policy wordings and withdrawing cover, in some instances. If a travel insurance provider finds themselves unable to renew terms with their insurer, things could get tricky.
Europesure Travel Insurance says direct customers and also brokers, travel agents and other intermediaries selling travel insurance to their clients, should look for transparency as to who the insurer backing the travel policy is. They should examine the policy small print or look for clarification of the insurer, as should be detailed on the website selling the cover. If no insurer is named, they should question why. If they can see a name, they should try to check on the credentials of that insurer and their rating in the market.
For a broker, agent or intermediary, this should be part of due diligence when serving the customer.
Europesure Travel Insurance’s products are provided to UK and Gibraltar residents by Status Insurance Management Ltd, who are regulated by the Financial Conduct Authority (FCA). Its products in the EU, the rest of the EEA and Monaco are provided by Status Insurance Agents, Sub Agents and Consultants CY Limited, who are regulated by the ICSS in Cyprus. These companies are UK and European Coverholders at Lloyds, benefiting from the prestige of belonging to the strongest brand in insurance, with roots stretching back over 300 years.
Lloyds policies come with the reassurance of excellent financial security and the backing of first-class underwriting expertise.
All policies offered by Lloyds Coverholders, like Europesure, are rated on the ‘very strong to excellent’ scale with independent rating agencies. Clients can have great confidence over the security of their policies.
Europesure Travel Insurance’s sales and marketing director, Paul O’Sullivan, has over 30 years’ experience in providing travel insurance solutions to European residents. As he says, “The markets are suffering various pressures and the insurance world is not immune to these. Even travellers who check their tour operator or travel agent belongs to an organisation, such as ATOL or ABTA, which will assist if their individual operator ceases to trade, do not tend to show the same wisdom when assessing the strength of their travel insurance provider. That should change.
“Wherever you live and wherever you are travelling, you should back your trip with the maximum amount of financial security. That means checking that your travel insurance provider is not likely to fail and let you down, should you need to call on your cover.”
Do make that vital check today and question, if necessary, whether you should be putting your faith in the company supplying your travel cover. If you want to gain total peace of mind, you can instead head to www.europesuretravelinsurance.com
Photo courtesy of Alex Shute on Unsplash