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Claims related to business travel are on the rise

07.02.2019

Business Travel Claims

The number of business travel related claims has been growing steadily, as is clearly revealed by AIG’s claims statistics. In 2018, AIG Finland handled over 20 %1 more business travel related claims than in 2017, and if the beginning of 2019 is any indicator, the trend will continue also this year.

According to Eurostat, business travel trips originating in one of the Baltic countries (Estonia, Latvia, Lithuania) that required an overnight stay in the destination grew by 10,5 %2 from 2014 to 2017, totaling up to 811 717 journeys in 2017. More recent statistics are not available yet.

With the number of business travel trips growing, it is even more important than before that the employers take their duty of care seriously and take responsibility of their employees’ safety while travelling on behalf of the companies by offering them sufficient insurance coverage.

Increased travel awareness

A recent trend shows that business travelers are more aware and committed to business travel than before. They like to be prepared and search information about the destination, both before and during the trip. The use of travel related helpful tools, such as apps, has also increased.3

Information and security are often connected, hence the increased use of travel apps can be seen as a very positive development. AIG Travel Assistance app is a valuable service provided to those who are insured under AIG’s Business Travel Insurance. The app grants access to several useful features that offer assistance and information before, during and after the journey, such as:

  • Instant HELP! button
  • Travel destination information regarding political situation, security, travel logistics, cultural conditions, contact information, and health advice
  • City guides
  • Electronic travel insurance card with insurance policy number
  • Instructions for submitting claims
  • Check-in function

Global expertise

All the more companies have multinational functions all over the globe. In the globalizing world, it’s important that the insurer has an extensive and experienced global network to provide insight on international laws and regulations. Also, knowledge and understanding of local conditions and practices is a valuable asset if something were to happen during a business trip. In addition, local knowledge of healthcare and hospitals guarantees that the employees get the best treatment and care in case of a medical incident.

Comprehensive and tailor-made coverage

Much can happen when employees travel. Political instability, terrorism and kidnappings, illnesses, accidents and other unforeseen events are all within the limits of possibility even when travelling in Europe. AIG’s modular Business Travel Insurance allows companies to select the level of cover they need and want. The available covers range from simple Core plan suitable for the most regular business trips within nearby regions to the most comprehensive Assured plan that covers risks related to, for example, kidnap, ransom and extortion as well as political risk and natural disaster evacuation.

Read more about our business travel insurance here >>

 

1AIG business travel claim statistics 2017-2018

2Eurostat: https://ec.europa.eu/eurostat/web/products-datasets/-/tour_dem_ttorg  

3Acte Globale – Report “Take a lead on duty of care for modern business traveler” - https://www.acte.org/ACTE/Education/Research_and_Whitepapers/ACTE/Education/Research_and_Whitepapers.aspx?hkey=82296ead-04b8-4a42-ae8c-09094bc66628