Australian Direct Travel Insurance Report

Key Benefits

The challenge to compare Australian Direct Travel Insurance products is made complex due to the large number of products, range of product features and lack of consistent pricing information available.

Plan For Life research solves this challenge by using an Actuarial approach to benchmark product feature scores and the average premiums for each plan type.

Results show that there is no strong correlation between high product feature scores and higher average premiums. This reveals in some cases that pricing is based more on brand reputation than features.

The Direct Travel Insurance Report shows relative positioning of competitors for international or domestic comprehensive, essential, budget, medical and non-medical products offered to either single trip or frequent multi trip travellers.

Coverage

The analysis covers 24 direct travel insurance providers, underwritten by 10 underwriters. These providers offer 136 travel insurance products or plans, of which 114 offer either single trip or annual multiple trip travel cover included in this report. Direct Travel Insurance Report includes only those Products available to be priced and purchased online.

Methodology

Plan For Life has benchmarked selected Direct Travel Insurance Providers with a proven methodology, as used for comparing Direct Life Insurance products. We have undertaken the collection, analysis and ranking of the features and insurance premiums based on the following specification:

  • Cover Types: Comprehensive, essentials, budget / basic, medical only, non-medical and annual multi trip cover
  • Geography: Australia, Asia, North and South America, Europe, Pacific and Worldwide
  • Age ranges: < 25 years, 25-35 years, 35-45 years, 55-69 years, 70+
  • Durations: 7 days, 14 days, 30 days, 90 days and annual
  • Availability :Online to Australian international and domestic

Format

  • Title:  Direct Travel Insurance Report 2014
  • Published: February 2015 (with data as at June 2014)
  • Format:  PDF (written report) and Spreadsheets (detailed premium data tables). Customised version is also available.
  • Updates: Includes an update during 2015 and adding in additional providers and products.