TRAVEL INSURANCE:THE NUMBER of people with travel insurance has declined sharply over the last three years as the recession has deepened, according to a survey released by the VHI this week.
The survey, carried out by the insurer last October, found that 32 per cent of people had travel insurance compared with 42 per cent in 2007.
Nearly 5,500 of VHI Healthcare customers required emergency medical treatment while abroad last year, the insurer said, and nearly 1,600 involved hospitalisation while almost 400 people were repatriated under medical supervision.
The company said it paid out €4.3 million for medical claims made by travellers to the US, the most expensive place where a tourist can fall ill. The cost of an air ambulance to repatriate a visitor from the US to Ireland can be up to 150 times the cost of a normal flight home and can top €77,000. An angiogram in the same country, meanwhile, will cost €22,000 while a stay in an intensive care unit will set patients back a heart-stopping €5,500 per night.
The VHI paid out €3.5 million in claims made by tourists in Spain – it costs €22,000 to be transported by air ambulance from that country while a night in an intensive care unit there will run to €1,600.
The top three reasons for hospitalisation were accidents, infectious diseases and cardiovascular diseases.
In 2010 the most common claims under VHI Healthcare’s MultiTrip travel insurance were for cancellation and curtailment of trips, which amounted to 41 per cent of all claims. Outpatient medical expenses made up 32 per cent while loss or theft of baggage accounted for 13 per cent of claims.
“The highest single claim we paid for involved treatment for a baby who fell ill in the US and incurred medical bills of approximately €190,000,” said Declan Moran, VHI’s director of marketing and business development. “While we are all facing financial challenges and cost is clearly an issue when shopping around, the value of a comprehensive travel insurance policy is clear to see.”
He said the amount the company paid out to customers who needed to cancel or curtail trips highlighted “the importance of renewing your travel insurance policy when it expires rather than waiting until the last minute to ensure you are covered in the event of a cancellation”.
