Travel-Related Incidents Spike up to 34% in January

Page 1 of 2

For Immediate Release

21 December 2016

Travel-Related Incidents Spike up to 34% in January

New data from Warehouse Money shows a big spike in claimable travel insurance incidents over the peak summer holiday season.

It is a great feeling finally heading away for the eagerly anticipated Christmas holiday. You’re in the cab heading for the airport, passports in hand. Then the traffic comes to a standstill and you realise you’re not going to make your flight.

Or perhaps you’re ready to begin your long-awaited holiday and have finally arrived at your international destination… but your luggage has not.

Though it might sound bah-humbug, new data out from financial service provider Warehouse Money shows travel-related incidents like these jump hugely over the holiday season, with claimable travel-related incidents increasing by up to 34%* from December to January.

Hadyn Halls, Executive General Manager for Warehouse Money, says the reasons why anyone could be affected are simple. “For a start, there are more people looking to relax and go on trips at the same time, so there is more potential for hitting a traffic snarl-up, more chance of luggage going missing at airports, and more chance of a flight delay.”

Warehouse Money data also shows that transport-related claims, such as missing a flight, account for 12% of all travel insurance claims, while 31% of claims relate to illness during the trip and the highest percentage of travel insurance claims relate to lost or damaged luggage or personal items, at 37%.

“Our data shows that 63% of travellers are travelling for between five to 14 days,” says Halls, “so when we travel for longer periods, we are more likely to take our devices and other such high value items with us, which explains why damage or loss of luggage or other personal items is so high.”

Halls says having travel insurance in place can at least make sure holiday makers are not out of pocket if there’s a major hiccup when they should be relaxing.

“In instances where you miss your flight due to a traffic incident, if your airline won’t refund your ticket or allow you to use your ticket on a later flight, your travel insurance may well cover the cost of a replacement ticket. Or if there is a baggage mix up and your luggage is in one country while you’re in another, your travel insurance may cover the cost of the emergency supplies you’ll need until your luggage arrives.”

Most comprehensive travel insurance policies also cover you for any unexpected medical and hospital treatment when you’re overseas.

“When you look at the increased chance of needing to make a claim when you’re travelling over the holiday season, it just makes sense to have yourself well covered,” says Halls.

* Claimable travel-related incidents data is based on claims submitted between December 2014 and December 2015.

** Travel claims data is based on all claims submitted between November 2015 and September 2016.

Warehouse Money travel insurance policies are sold by nib nz limited. They are managed by Cerberus Special Risks Pty Limited and underwritten by certain underwriters at Lloyd’s. This is general advice, please read the policy wording for full terms, conditions and exclusions.

- ends –

About The Warehouse Group Financial Services and Warehouse Money:

The Warehouse Group Financial Services (TWGFS) is a leading provider of consumer credit cards and insurance. Its key brand is Warehouse Money which was launched to help New Zealand families get more out of every day with financial products and services that suit their needs from a trusted and loved Kiwi brand. TWGFS and Warehouse Money are part of The Warehouse Group, a New Zealand success story which includes some of the country's most iconic retailers. TWGFS also offers a variety of consumer and corporate finance solutions through Diners Club and Marble Finance.

About The Warehouse Group:

The Warehouse Group Limited comprises 92 Warehouse stores, 73 Noel Leeming stores, 65 Warehouse Stationery stores and 10 Torpedo7 stores in New Zealand and several online businesses. The company had a turnover of $2.9 billion in FY15 and employs over 12,000 people.

© Scoop Media