What is the most common travel insurance claim?

By far, the most common and often most significant travel insurance claim is for medical emergencies. A sudden illness or injury during your trip can not only ruin your plans but also cause a severe financial strain.

Is it worth claiming on travel insurance?

Travel insurance can give you extra protection if your holiday doesn't go as planned. This is very important if you are travelling independently because you may find yourself stranded with no way to get home and no rep to help sort out your holiday problem.

What is the most expensive insurance ever?

We've set a new Guinness World Record for the most valuable life insurance policy ever sold, worth US$250 million. Issued and fully underwritten by HSBC Life, our insurance business in Hong Kong, it was taken out by an individual customer earlier this year.

What is typically the most common damage claim?

Wind and Hail As the most frequent causes of filed homeowners insurance claims, wind and hail account for 45.5% of claims.

What is the ultimate claims amount?

Ultimate claims are the total sum the insured, its insurer, and/or its reinsurer pay for a fully developed loss. A fully developed loss is the paid losses plus outstanding reported losses and incurred but not reported (IBNR) losses.

What is not covered by travel insurance?

Reasonably foreseeable events. Known storms, epidemics, acts of war. Travel restrictions imposed by government authorities. Pre-existing conditions, unless the Premium plan is bought within the window for coverage.

What percentage of travel insurance claims are denied?

Legitimate claims According to the United States Travel Insurance Association, one out of every six insureds ends up filing a claim, and less than 10 percent of those claims are denied. If your travel insurance claim is denied, you may be upset,. However, getting upset is not going to help you.

What are the most costly homeowners claims?

#1. Fire and Lightning. From 2014–2018, fire and lightning accounted for the costliest claims, with an average claim of $79,785. About one in every 350 insured homes had fire and lightning damage.

How much does $1000000 insurance cost?

The average cost for a million-dollar life insurance policy is anywhere from approximately $50 to more than $1,000 a month, depending on your age, health, annual income, policy type and other factors.

Which type of homeowners claim is usually the most expensive type of claim?

Average Claim Payout Etc. Fire and lightning damage tend to be the most expensive claims. But it's worth noting that flood insurance is sold separately from homeowners insurance, so that type of water damage will not be reflected in these numbers.

Will my insurance go up if I make a lot of claims?

The greater the number of claims filed, the greater the likelihood of a rate hike. File too many claims—especially in a very short amount of time—and the insurance company may not renew your policy. If the claim is based on the damage you caused, your rates will almost surely rise.

$187,000 bill: Top 10 most expensive travel insurance claims of 2023 (2024)

Travel was well and truly back in 2023 but that also meant Aussies found themselves in unexpected and expensive situations when holidaying abroad.

Southern Cross Travel Insurance has revealed its most expensive international travel claims made by Aussies in 2023, with a hot tub injury and a surfing accident among the top 10.

The top claims covered everything from illnesses or injuries and, while most claimants were older Aussies, one was just 14 years old.

$187,000 bill: Top 10 most expensive travel insurance claims of 2023 (1)

Do you have a story to share? Contact tamika.seeto@yahooinc.com

Southern Cross Travel Insurance CEO Jo McCauley said it was encouraging to see such a strong resurgence for travel following the pandemic, but urged Aussies not to cut out the basics.

Most expensive claims

Here were the top 10 most expensive travel insurance claims from 2023.

1. Hot tub fall - $187,604

Topping the list was a 14-year-old traveller who fractured his shoulder after falling out of an outdoor hot tub while on holiday with his family in the USA. The teen had to have emergency surgery for the injury and the family made a claim for a staggering $187,604.

2. Complications in Germany - $155,000

A 71-year-old man suffered complications related to a heart condition while on holiday in Germany. While recovering from his condition, he injured his leg, which became infected. He ended up needing surgery and made a claim for $155,000 in medical expenses.

3. Fiji fracture - $147,148

A 94-year-old had to cut her Fiji holiday short after falling and fracturing her hip. She was hospitalised and then repatriated via air ambulance back to Australia. The medical bill and transport was $147,148.

4. Cancer complications - $140,148

A 69-year-old had to return home early from Indonesia after suffering complications related to their brain cancer. Their claim for $140,148 was paid out.

5. Pneumonia issues - $102,060

A 62-year-old suffered fluid on the lungs related to pneumonia and had to head back from Indonesia via air ambulance. It involved them taking an air ambulance and cost $102,060.

6. Wrist fracture - $87,000

A 60-year-old sustained a serious wrist fracture while on holiday in America. They ended up having to undergo surgery and were paid a claim of $87,000.

7. Emergency treatment in Vietnam - $86,500

A 48-year-old had to seek emergency treatment for gastroenteritis and septicemia while on holiday in Vietnam. They had a $86,500 claim paid.

8. Bile duct problem in Greece - $84,000

An 86-year-old suffered a blocked bile duct while on holiday in Greece and ended up claiming $84,00 for medical expenses.

9. Broken hip - $81,000

A 91-year-old had a broken hip while holidaying in Vietnam and had a claim of $81,000 paid.

10. Surfing accident - $79,500

Lastly, a 36-year-old suffered a broken sacrum (near the pelvis) after getting into a surfing accident in Mexico. He needed an internal air ambulance in Mexico and then had to travel back to Australia on a business class flight. The claim paid was $79,500.

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