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Aiico Travel Insurance – What you Should Know

May 24, 2023 by Get Insurance Today

AIICO Insurance was founded in 1963 and has since been a key provider of life and health insurance, general insurance, investment management, and pension management services as a means to create and protect wealth for individuals, families, and corporate customers.

AIICO Insurance   offers one of the best and most comprehensive travel insurance policies you could find in Nigeria. Travel insurance policies can be tricky to navigate because most insurance policies provide cover for the medical expenses you incur while on your trips only.

However, AIICO Insurance’s travel insurance policies offer a wider range of protection and compensation for an even wider range of events. They have simplified how to get travel insurance in Nigeria .

What kind of losses can occur during travelling?

 A lot could go wrong on a trip overseas. You could get into an accident or fall sick. Less severe but equally dangerous things could also happen, such as having your trip cancelled, losing your luggage and any other unfortunate events that could cause you losses. These losses are; 

•  Emergency medical expenses: no one plans to be visiting the hospital, especially when they are on vacation. AIICO’s travel insurance policies provide cover for those unforeseen trips to the doctor’s.  
• Repatriation on medical reasons: sometimes critical injuries can occur on holidays, and the need to be flown back to the home country pops up. AIICO provides cover for such air medical expenses.
• Evacuation: a vacation spot can quickly become a warzone or pandemic site. AIICO Insurance policies cover the evacuation expenses should they arise.
• Repatriation of mortal remains (corpse): in the event of death, AIICO insurance policies cover the cost of bringing deceased back to his or her home country. 

AIICO Insurance’s Travel insurance policies truly represent the basic functions of insurance itself and that is a protection against accidents and mishaps. These policies provide compensation for an unfortunate event depending on almost any situation that could occur while you or your family travel.

Why should I buy AIICO Travel insurance?

Getting an AIICO travel insurance cover guarantees you a near-perfect trip without you having to look over your shoulder. You don’t have to worry about medical expenses, being stranded because your flight is cancelled, or even losing your possessions. Nothing speaks vacation like safety and security.

How much does AIICO Travel Insurance cost?

As is the case with every insurance policy, the price varies greatly. It all depends on your preferences and your budget. AIICO Travel insurance has a plan for every preference and budget, and all you need to do is make a move to buy one. 

How can I buy AIICO Travel Insurance?

Buying AIICO Travel Insurance is easy. All you need to do is to walk into any AIICO Insurance company branch near you and speak to an AIICO Staff or Agent. AIICO Insurance has branches in 16 states in Nigeria. You may also reach AIICO Insurance through their official website, or through mail at [email protected].

Travel insurance is one type of coverage you should not pass up on, especially if you travel a lot or are considering taking a trip out of the country soon. Anything could happen, and it always pays to have someone watching your back while you relax on a trip. AIICO handles that for you. Nothing speaks security more than AIICO Travel Insurance. 

Related Posts:

• AIICO Pensions - What you should know
• AIICO Car Insurance - How to Purchase Car Insurance…
• Should You Get Travel Insurance for Your Next Trip…
• How To Get Travel Insurance In Nigeria
• How Much is Travel Insurance in Nigeria?
• Allianz Travel Insurance

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The information provided on this website is to help you know what to expect or questions/options to consider when seeking an insurance cover that will be the right fit for you, your family and business.

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11 Best Travel Insurance Companies in May 2024

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

If the past few years have shown us anything, it’s that travelers need to be prepared for the unexpected — from a pandemic to flight troubles to the crowded airport terminals so many of us have encountered.

If you don't have sufficient travel insurance coverage via your credit card , you can supplement your policies with third-party plans.

Whether you’re looking for an international travel insurance plan, emergency medical care or a policy that includes extreme sports, these are the best travel insurance providers to get you covered.

How we found the best travel insurance

We looked at quotes from various companies for a 10-day trip to Mexico in September 2024. The traveler was a 55-year-old woman from Florida who spent $3,000 total on the trip, including airfare.

On average, the price of each company’s most basic coverage plan was $126.53. The costs displayed below do not include optional add-ons, such as Cancel For Any Reason coverage or pre-existing medical condition coverage.

Read our full analysis about the average cost of travel insurance so you can budget better for your next trip.

However, depending on the plan, you may be able to customize at an added cost.

As we continue to evaluate more travel insurance companies and receive fresh market data, this collection of best travel insurance companies is likely to change. See our full methodology for more details.

Best insurance companies

Types of travel insurance

What does travel insurance cover, what’s not covered, how much does it cost, do i need travel insurance, how to choose the best travel insurance policy, what are the top travel destinations in 2024, more resources for travel insurance shoppers, top credit cards with travel insurance, methodology, best travel insurance overall: berkshire hathaway travel protection.

Berkshire Hathaway Travel Protection

• ExactCare Value (basic) plan is among the least expensive we surveyed.
• Speciality plans available for road trips, luxury travel, adventure activities, flights and cruises.
• Company may reimburse claimants faster than average, including possible same-day compensation.
• Multiple "Trip Delay" coverage types might make claims confusing.
• Cheapest plan only includes fixed amounts for its coverage.

Under the direction of chair and CEO Warren Buffett, Berkshire Hathaway Travel Protection has been around since 2014. Its plans provide numerous opportunities for travelers to customize coverage to their needs.

At $135 for our sample trip, the ExactCare Value (basic) plan from Berkshire Hathaway Travel Protection offers protection roughly $10 above the average price.

Want something cheaper? Air travelers looking for inexpensive, less comprehensive protections might opt for a basic AirCare plan that includes fixed amounts for its coverage .

Read our full review of Berkshire Hathaway .

What else makes Berkshire Hathaway Travel Protection great:

Pre-existing medical condition exclusion waivers available at nearly all plan levels. 

Plans available for travelers going on a cruise, participating in extreme sports or taking a luxury trip.

ExactCare Value (basic) plan was among the least expensive we surveyed.

Best for emergency medical coverage: Allianz Global Assistance

Annual or single-trip policies are available.

• Multiple types of insurance available.
• All plans include access to a 24/7 assistance hotline.
• More expensive than average.
• CFAR upgrades are not available.
• Rental car protection is only available by adding the One Trip Rental Car protector to your plan or by purchasing a standalone rental car plan.

Allianz Global Assistance is a reputable travel insurance company offering plans for over 25 years. Customers can choose from a variety of single and annual policies to fit their needs. On top of comprehensive coverage, some travelers might opt for the more affordable OneTrip Cancellation Plus, which is geared toward domestic travelers looking for trip protections but don’t need post-departure benefits like emergency medical or baggage lost.

For our test trip, Allianz Global Assistance’s basic coverage cost $149, about $22 above average.

What else makes Allianz Global Assistance great:

Annual and single-trip plans.

Plans are available for international and domestic trips.

Stand-alone and add-on rental car damage product available.

Read our full review of Allianz Global Assistance .

Best for travelers with pre-existing medical conditions: Travel Guard by AIG

Travel Guard by AIG

• Offers last-minute coverage.
• Pre-Existing Medical Conditions Exclusion Waiver available at all plan levels.
• Plan available for business travelers.
• Cancel For Any reason coverage only available for higher-level plans, and only reimburses up to 50% of the trip cost.
• Trip interruption coverage doesn't apply to trips paid for with points and miles.

Travel Guard by AIG offers a variety of plans and coverages to fit travelers’ needs. On top of more standard trip protections like trip cancellation, interruption, baggage and medical coverage, the Cancel For Any Reason upgrade is available on certain Travel Guard plans, which allows you to cancel a trip for any reason and get 50% of your nonrefundable deposit back as long as the trip is canceled at least two days before the scheduled departure date.

At $107 for our sample trip, the Essential plan was below average, saving roughly $20.

What else makes Travel Guard by AIG great:

Three comprehensive plans and a Pack N' Go plan for last-minute travelers who don't need cancellation benefits.

Flight protection, car rental, and medical evacuation coverage, as well as annual plans available.

Pre-existing medical conditions exclusion waiver available on all plan levels, as long as it's purchased within 15 days.

Read our full review of Travel Guard by AIG .

Best for those who pack expensive equipment: Travel Insured International

Travel Insured International

• Higher-level plan include optional add-ons for event tickets and for electronic equipment
• Rental car protection add-on for just $8 per day, even on lower-level plan.
• Many of the customizations are only available on the higher-tier plan.
• Coverage cost comes in above average in our latest analysis.

Travel Insured International offers several customization options. For instance, those going to see a show may want to add on event ticket registration fee protection. Traveling with expensive gear?Consider adding on coverage for electronic equipment for up to $2,000 in coverage.

Be sure to check which policies are available in your state. You will need to input your destination, residence, trip dates and the number of travelers to get a quote and see coverages.

What else makes Travel Insured International great:

Comprehensive plans include medical expense reimbursement accidents, sickness, evacuation and pre-existing conditions, depending on the plan.

Flight plans include coverage for missed and canceled flights and lost or stolen baggage.

Read our full review of Travel Insured International .

Best for adventurous travelers: World Nomads

World Nomads

• Travelers can extend coverage mid-trip.
• The standard plan covers up to $300,000 in emergency evacuation costs.
• Plans automatically cover 200+ adventurous activities.
• No Cancel For Any Reason upgrades are available.
• No pre-existing medical condition waivers are available.

Many travel insurance plans contain exclusions for adventure sports activities. If you plan to ski, bungee jump, windsurf or parasail, this might be a plan to consider.

Note that the Standard plan ($72 for our sample trip), while the most affordable, provides less coverage than other plans. But it can be a good choice for travelers who are satisfied with trip cancellation and interruption coverage of $2,500 or less, do not need rental car damage protection, find the limits to be sufficient and do not need coverage for certain more adventurous activities.

What else makes World Nomads great:

Comprehensive international travel insurance plans.

Coverage available for adventure activities, such as trekking, mountain biking and scuba diving.

Read our full review of World Nomads .

Best for medical coverage: Travelex Insurance Services

Travelex Insurance Services

• Top-tier plan doesn’t break the bank and provides more customization opportunities.
• Offers a plan specifically for domestic travel.
• Sells a post-departure medical coverage plan.
• Fewer customization opportunities on the Basic plan.
• Though perhaps a plus for domestic travelers, keep in mind the Travel America plan only covers domestic trips.

For starters, basic coverage from Travelex Insurance Services came in at $125, almost exactly average for our sample trip.

Travelex’s plans focus heavily on providing protections that are personalized to your travel style and trip type.

While the company does offer comprehensive plans that include medical benefits, you can also choose between cheaper plans that don’t provide cancellation coverage but do offer protections during your travels.

Read our full review of Travelex Insurance Services .

What else makes Travelex Insurance Services great:

Three comprehensive plans available, two of which cover international trips.

Offers a post-departure plan geared exclusively toward disruptions after you leave home.

Two flight insurance plans available.

Best if you have travel credit card coverage: Seven Corners

Seven Corners

• Annual, medical-only and backpacker plans are available.
• Cancel For Any Reason upgrade is available for the cheapest plan.
• Cheapest plan also features a much less costly Interruption for Any Reason add-on.
• Offers only one annual policy option.

Each Seven Corners plan offers several optional add-ons. Among the more unique is a Trip Interruption for Any Reason, which allows you to interrupt a trip 48 hours after the scheduled departure date (for any reason) and receive a refund of up to 75% of your unused nonrefundable deposits.

» Jump to the best cards with travel insurance

The basic coverage plan for our trip to Mexico costs $124 — right around the average.

What else makes Seven Corners great:

Comprehensive plans for U.S. residents and foreigners, including travelers visiting the U.S.

Cheap add-ons for rental car damage, sporting equipment rental or trip interruption for any reason.

Read our full review of Seven Corners .

Best for long-term travelers: IMG

• Coverage available for adventure travelers.
• Special medical insurance for ship captains and crew members, international students and missionaries.
• Claim approval can be lengthy.

While some travel insurance companies offer just a handful of plans, with IMG, you’ll really have your pick. Though this requires a bit more research, it allows you to search for coverage that fits your travel needs.

However, travelers will want to be aware that IMG’s iTravelInsured Travel Lite is expensive. Coming in at $149.85, it’s the costliest plan on our list.

Read our full review of IMG .

What else makes IMG great:

More affordable than average.

Many plans to choose from to fit your needs.

Best for travelers with unpredictable work demands: Tin Leg

• In addition Cancel For Any Reason, some plans offer cancel for work reason coverage.
• Adventure sports-specific coverage is available.
• Plans have overlap that can be hard to distinguish.
• Only one plan includes Rental Car Damage coverage available as an add-on.

Tin Leg’s Basic plan came in at $134 for our sample trip, adding about $8 onto the average basic policy cost. Note that you’ll pay a lot more if you shop for the most comprehensive coverage, and there are eight plans to choose from for trips abroad.

The multitude of plans can help you find coverage that fits your needs, but with so many to choose from, deciding can be daunting.

The only real way to figure out your ideal plan is to compare them all, look at the plan details and decide which features and coverage suit you and your travel style best.

Read our full Tin Leg review .

Best for booking travel with points and miles: TravelSafe

• Covers up to $300 redepositing points and miles on eligible canceled award flights.
• Optional add-on protection for business equipment or sports rentals.
• Multi-trip or year-long plans aren’t available.

Selecting your travel insurance plan with TravelSafe is a fairly straightforward process. The company’s website also makes it easy to visualize how optional add-on elements influence the total cost, displaying the final price as soon as you click the coverage.

However, at $136, the Basic plan was among the more expensive for our trip to Mexico.

What else makes TravelSafe great:

Rental car damage coverage add-on is available on both plans.

Cancel For Any Reason coverage available on the TravelSafe Classic plan.

Read our full TravelSafe review .

Best for group travel insurance: HTH Insurance

HTH Travel Insurance

• Covers travelers up to 95 years old.
• Includes direct pay option so members can avoid having to pay up front for services.
• A 24-hour delay is required for baggage delay coverage on the TripProtector Economy plan.
• No waivers for pre-existing conditions on the lower-level plan.

HTH offers single-trip and multitrip medical insurance coverage as well as trip protection plans.

At around $125, the Trip Protector Economy policy is at the average mark for plans we reviewed.

You can choose to insure group trips for educators, crew, religious missionaries and corporate travelers.

What else makes HTH Insurance great:

Medical-only coverage and trip protection coverage.

Lots of options for group travelers.

Read our full review of HTH Insurance .

As you shop for travel insurance, you’ll find many of the same coverage categories across numerous plans.

Trip cancellation

This covers the prepaid costs you make for your trip in cases when you need to cancel for a covered reason. This coverage helps you recoup upfront costs paid for flights and nonrefundable hotel reservations.

Trip interruption

Trip interruption benefits generally involve disruptions after you depart. It helps reimburse costs incurred for flight delays, cancellations and plenty of other covered disruptions you might encounter during your travels.

This coverage can cover the costs for you to return home or reimburse unexpected expenses like an extra hotel stay, meals and ground transportation.

Trip delay coverage helps cover unexpected costs when your trip is delayed. This is another coverage that helps offset the costs of flight trouble or other travel disruptions.

Note that many policies have a total amount a traveler can claim, with caps on per diem benefits, too.

Cancel For Any Reason

Cancel For Any Reason coverage allows you to recoup some of the upfront costs you paid for a trip even if you’re canceling for a reason not otherwise covered by your standard travel insurance policy.

Typically, adding this protection to your plan costs extra.

Baggage delay

This coverage helps cover the costs of essential items you might need when your luggage is delayed. Think toiletries, clothing and other immediate items you might need if your luggage didn’t make it on your flight.

Many travel insurance plans with baggage delay protection will specify how long (six, 12, 24 hours, etc.) your luggage must be delayed before you can make a claim.

Lost baggage

Used for travelers whose luggage is lost or stolen, this helps recoup the lost value of the items in your bag.

You’ll want to make sure you closely follow the correct procedures for your plan. Many plans include a maximum total amount you can claim under this coverage and a per-item cap.

Travel medical insurance

This covers out-of-pocket medical costs when travelers run into an emergency.

Because many travelers’ health insurance plans don’t cover medical care overseas, travel medical insurance can help offset out-of-pocket health care costs.

In addition to emergency medical coverage, many plans have medical evacuation or repatriation coverage for costs incurred when you must be taken to a hospital or return to your home country because of a medical situation.

Most travel insurance plans cover many trip protections that can help you be prepared for unexpected travel disruptions and expenses.

These coverages are generally aimed at protecting the money you put into your trip, expenses you incur because of travel trouble and costs incurred if you have a medical emergency overseas.

On top of core coverages like trip cancellation and interruption and travel medical coverage, some plans offer add-on options like waivers for pre-existing conditions, rental car collision damage waivers or adventure sports riders. These usually cost extra or must be added within a specified timeframe.

Typical travel insurance policies offer coverage for many unforeseen events, but as you research to select a plan, consider your needs. Though every plan differs, there are some commonly excluded coverages.

For instance, you typically can’t get coverage for a named storm if you bought the coverage after the storm was named. In other words, if you have a trip to the Caribbean booked for Sept. 25 and on Sept. 20 a hurricane develops and is named, you generally won’t be able to buy a travel insurance plan Sept. 21 in hopes of getting your money back.

Many plans also don’t cover activities performed under the influence of drugs or alcohol or any extreme sports. If the latter applies to you, you might want to consider a plan with specific coverages for adventure-seekers.

For numerous plans, a few other situations don’t qualify as an acceptable reason to cancel and make a claim, such as fear of travel, medical tourism or pregnancies (unless you booked a trip and bought insurance before you became pregnant or there are complications with the pregnancy). This is where a Cancel For Any Reason add-on to your coverage can be helpful.

You can also run into trouble if you give up on a trip too soon: a minor (or even multihour) flight delay likely isn’t sufficient to cancel your entire trip and get reimbursed through your plan. Be sure to review what requirements your specific plan has when it comes to canceling a trip, claiming trip interruption, etc.

Travel insurance costs vary widely. The final price of your plan will fluctuate based on your age, length of trip and destination.

It will also depend on how much coverage you need, whether you add on specialized policies (like Cancel For Any Reason or pre-existing conditions coverage), whether you plan to participate in extreme sports and other factors.

In our examples above, for instance, the 35-year-old traveler taking a $2,000 trip to Italy would have spent an average $76 for a basic plan to get coverage for things like trip cancellation and interruption, baggage protection, etc. That’s a little less than 4% of the total trip cost — lower than average.

If there were multiple members in a traveling party or if they were going on, say, a rock-climbing or bungee-jumping excursion, the costs would go up.

On average, travel insurance comes to about 5% to 10% of the trip cost. However, considering many of the plans reimburse up to 100% of the trip cost (or more) for disruptions like trip cancellation or interruption, it can be a worthwhile expense if something goes wrong.

It depends. Consider the following factors that might affect your decision: You’re young and healthy, all your bookings are refundable or cancelable without a penalty, your flights are nonstop, you’re not checking bags and a credit card you carry offers some travel protections . In that case, travel insurance might not be necessary.

On the other hand, if you prepaid a large chunk of money for a nonrefundable African safari, you’re going on a Caribbean cruise in the middle of a hurricane season or you’re going somewhere where the cost of health care is high, it’s not a bad idea to buy a travel insurance plan. Here’s how to find the best travel insurance coverage for you.

If you’re thinking of booking a trip and not planning to buy travel insurance, you may want to consider at least booking refundable airfare and not prepaying for hotel, rental car and activity reservations. That way, if something goes wrong, you can cancel without losing any money.

Selecting the best travel insurance policy comes down to your needs, concerns, preferences and budget.

As you book, take a few minutes to consider what most concerns you. Is it getting stranded because of flight trouble? Having the ability to cancel for any reason you see fit without losing money? Getting sick or injured right before departure and needing to postpone the trip? Injuring yourself or falling ill while overseas?

Ultimately, you want a plan that protects you, your money and the large investment in your trip — but doesn’t cost too much, either.

Medical coverage. If your priority is having adequate medical coverage abroad, you might want to look for plans with high limits for medical emergencies and medical evacuation.

Complex travel itinerary. If your itinerary has lots of flight connections, prepaid hotels and deposits for activities you can’t get back, prioritizing a plan with the best coverage for trip cancellations or interruptions may land at the top of your list.

Travel uncertainty. If you’re on the fence about a trip and have nonrefundable reservations, you may want to select a plan with a Cancel For Any Reason coverage option, which can help you recoup about 50% to 75% of the costs. This helps provide peace of mind, placing the decision on whether to travel entirely in your hands.

Car rentals. If you’re renting a car, a collision damage waiver is often worth looking into.

The following destinations are the top insured destinations in 2024, according to Squaremouth (a NerdWallet partner).

The Bahamas.

Costa Rica.

Antarctica.

In 2022, travelers spent about 25.53% more on trips than they did before the pandemic.

As of December, NerdWallet analysis determined travel prices are 10% higher than pre-pandemic. Each statistic makes a strong case for protecting your travel investment as you plan your next trip.

Bookmark these resources to help you make smart money moves as you shop for travel insurance.

What is travel insurance?

CFAR explained.

Is travel insurance worth getting?

10 credit cards that provide travel insurance.

Here is the list of travel cards offered by Chase that include various forms of travel insurance.

Having one of these in your wallet is a good start to protecting your travel investments and preventing expensive accidents; however, savvy travelers check card terms closely and sometimes supplement with a third-party policy, like from one of the companies above, to better protect themselves.

on Chase's website

• Trip delay: Up to $500 per ticket for delays more than 12 hours.

• Trip cancellation: Up to $10,000 per person and $20,000 per trip. Maximum benefit of $40,000 per 12-month period.

• Trip interruption: Up to $10,000 per person and $20,000 per trip. Maximum benefit of $40,000 per 12-month period.

• Baggage delay: Up to $100 per day for five days.

• Lost luggage: Up to $3,000 per passenger.

• Trip delay: Up to $500 per ticket for delays more than 6 hours.

• Trip delay: Up to $500 per trip for delays more than 12 hours.

• Car rentals: Theft and collision damage for most cars in the U.S. and abroad.

• Trip cancellation: Up to $1,500 per person and $6,000 per trip.

• Trip interruption: Up to $1,500 per person and $6,000 per trip.

• Baggage delay: Up to $100 per day for three days.

We used the following factors to choose insurance providers to highlight:

Breadth of coverage: We looked at how many plans each company offered plus the range of their standard plans. 

Depth of coverage: We considered two data points to get a sense of how much each company pays out for common travel issues — the maximum caps for trip cancellation and trip interruption claims.

Cost: By looking at the costs for basic coverage across multiple companies, we determined an average cost for shoppers to benchmark plan prices against.

Customizability: While standard plans can cover a lot of ground, sometimes you need something a little more personal.

Customer satisfaction. Using data from Squaremouth when available, and Google Reviews as a backup, we can give kudos to companies with better track records from their clients.

No, it doesn’t necessarily get more expensive the longer you wait to purchase. However, as you put off buying insurance, you may lose access to potential plans and coverage options.

In general, buying travel insurance within a few days to two weeks of prepaying or making an initial deposit for your trip is your best bet. Assuming you’re not booking last-minute, this will provide you with access to the widest possible range of coverage options. It also helps prevent any medical conditions or storms that pop up between booking and buying a plan from ending up as excluded situations, which won’t be covered by your plan.

But, generally, many plans do allow you to buy coverage quite close to your departure date.

To get the most out of your travel insurance plan, buy it soon after making your initial prepayment or deposit to ensure you have access to the biggest menu of plans possible.

Select a plan that’s comprehensive enough to cover the travel scenarios you’re most concerned about or likely to encounter but not too expensive or laden with protections you’d never likely need.

Whatever your coverage, thoroughly review the plan so you understand what’s covered and what’s not, plus how to adhere to the plan’s rules for making a claim.

Travelers frequently use phrases like “trip insurance” and “travel insurance,” as well as “trip protection,” interchangeably, but they do mean different things, according to Stan Sandberg, founder of insurance comparison site TravelInsurance.com.

Trip insurance, or trip protection, generally refers to predeparture (or preevent) coverage if you need to cancel. You may see these plans sold by airlines, online travel agencies or even ticketed event sellers.

“You could refer to it as the portion that protects the investment in the trip,” Sandberg says.

A travel insurance plan typically includes that — plus more comprehensive benefits to protect you during your trip, from medical coverage to trip delay and lost baggage protections, and many more elements, depending on the plan.

Though travel insurance is typically not required for international trips, your personal circumstances will play a key role in whether it’s a good investment.

For instance, young, healthy travelers with few prepaid trip expenses embarking on a relatively risk-free trip may not see a need to buy a plan.

Older travelers with complicated itineraries who are visiting destinations where they could potentially fall ill or get injured — or who could encounter bad weather or some other disrupting factor along the way — may want to buy coverage.

Consider a few key questions:

How well would your health insurance plan cover you if you needed to visit a hospital overseas?

How much did you prepay for a hotel or rental car?

How much money would you be out if weather or some other flight issue derailed your itinerary?

Could you afford an unexpected night in a city where you have a connecting flight?

Do you already have a credit card that provides some travel protections?

Your answers to these questions can help you decide whether you need travel insurance for your international trip.

In general, buying travel insurance

within a few days to two weeks of prepaying or making an initial deposit

for your trip is your best bet. Assuming you’re not booking last-minute, this will provide you with access to the widest possible range of coverage options. It also helps prevent any medical conditions or storms that pop up between booking and buying a plan from ending up as excluded situations, which won’t be covered by your plan.

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2024 , including those best for:

Flexibility, point transfers and a large bonus: Chase Sapphire Preferred® Card

No annual fee: Bank of America® Travel Rewards credit card

Flat-rate travel rewards: Capital One Venture Rewards Credit Card

Bonus travel rewards and high-end perks: Chase Sapphire Reserve®

Luxury perks: The Platinum Card® from American Express

Business travelers: Ink Business Preferred® Credit Card

On a similar note...

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Travel Insurance

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Take the worry out of your travels with affordable flight or trip insurance.

Looking to plan the vacation of a lifetime or flying home for the holidays? Trip insurance and flight insurance can provide the peace of mind you need for your next journey. The GEICO Insurance Agency, with Berkshire Hathaway Travel Protection (BHTP), offers comprehensive travel insurance coverage, with prompt service and global assistance. Get an online travel insurance quote today and confidently protect your next adventure.

AirCare Flight Insurance

If you only need to protect your travel costs for a flight, AirCare may be what you need. With affordable coverage for both domestic and international flights, AirCare flight insurance helps you plan with peace of mind.

ExactCare Travel Insurance

If you want to cover your flight and other trip arrangement's ExtraCare can help. An ExactCare Travel Insurance policy can help with the unexpected like:

• Trip Cancellations/Interruptions/Delays
• Lost/Stolen travel documents
• Unexpected medical expenses

What's the difference between flight insurance and travel insurance?

The main difference is that a flight insurance policy only covers your airfare. On the other hand, a travel insurance policy helps protect your flight as well as other parts of your trip. While you're planning your next trip, think about where you're going and what you'll be doing. Once you have that, it'll be easier to choose which policy works best for your trip.

What does a flight insurance policy cover?

AirCare Flight Insurance has a variety of benefits including emergency travel assistance, 24/7/365. Some common flight coverages are:

• Airfare incase flights are cancelled or you miss a connection
• Personal items like lost or delayed luggage
• Flight delays in your departure (at the gate or on the tarmac)

AirCare Quote

What does a travel insurance policy cover?

ExactCare Travel Insurance provides all-in-one travel protection, with family friendly pricing and worldwide emergency travel assistance 24/7/365. Common things covered by travel insurance are:

• Trip cancellation or interruption
• Personal items like passports and luggage
• Medical costs like hospital and doctor expenses, medical evacuations, and more

ExactCare quote

What is not covered by travel insurance?

Your coverage is based on the plan you choose. However, in general some things that aren't normally covered by travel insurance are:

• Action and team sports, for example auto racing, pro sports travel, or other extreme sport activities
• Travel to get medical care
• Trip Cancellation because you changed your mind

For more information, please check your policy.

Is travel or trip insurance worth the cost?

Travel insurance can help protect your vacation or trips from unexpected things happening. You can travel without trip insurance but doing so brings greater risk if something goes wrong or you encounter unexpected delays. Flight insurance or trip insurance coverage can include things like flight cancellation, lost luggage, trip cancellation, emergency medical transportation, and more. Learn more about travel insurance and why you should get a travel insurance quote today!

How much does travel insurance cost?

Travel insurance typically costs 5 to 10 percent of your total trip cost, though that can be influenced by several things.

• The cost of the trip
• The length of your trip and destination
• The amount of coverage selected
• The number of travelers covered under the policy

Worldwide service and claims information.

It's easy to manage your travel insurance..

Berkshire Hathaway Travel Protection (BHTP) has made it easy to manage your travel insurance. You can:

• Visit Berkshire Hathaway Travel Protection's website
• Email [email protected]

Is travel insurance worth it?

Yes. Things happen that are out of your control. Whether it's your flight being cancelled or delayed to a family emergency. Life happens and that's how travel insurance can help. Plan for the unexpected with a travel insurance policy so you can rest easy knowing you're covered.

Travel Insurance: Get the answers you're looking for.

• What travel insurance plans are available? BHTB offers AirCare (flight only) and 3 main plans: ExactCare Value, ExactCare, and ExactCare Extra. ExactCare Value provides great traveling insurance coverage for budget minded travelers. You can rest easy knowing you're covered for things like trip cancellation, trip interruption, and medical expenses. The main difference is the maximum amount that will be covered. ExactCare and ExactCare Extra's insurance cover the same things as ExactCare Value and add coverage for missed connections and accidental death & dismemberment. The overall amount covered is also increased for each plan respectively.
• Can I get trip insurance for an extended overseas stay? Yes. We can help you with getting insurance for overseas. Please visit our overseas insurance page for information about all the options we have for you!
• Is there travel insurance that can cover my vehicle while traveling to Mexico? Your US auto insurance policy won't cover your vehicle when you drive into Mexico. We're here to help you find the Mexico car insurance you need to insure your car.
• Tips for saving money on your next vacation. No one wants to overpay things. We're here to help. Check out our 5 ways to save your money on your next family vacation.
• Where you're going
• Number of days you're traveling
• Cost of your overall trip
• Coverage you pick
• Number of people covered under your policy

If you choose to get a rate quote or service your policy online, you will be taken to the Berkshire Hathaway Travel Protection website which is owned by Berkshire Hathaway Specialty Insurance Company, not GEICO. Any information that you provide directly to Berkshire Hathaway Specialty Insurance Company on its website is subject to the privacy policy posted on their website, which you should read before proceeding. GEICO assumes no responsibility for their privacy practices or your use of their website.

ExactCare is provided through Berkshire Hathaway Global Insurance Services, LLC. ExactCare and AirCare are underwritten by Berkshire Hathaway Specialty Insurance Company. Both coverages are secured through the GEICO Insurance Agency, LLC.

Benefits may vary by jurisdiction. Please contact a representative to confirm availability.

Please note:

The above is meant as general information and as general policy descriptions to help you understand the different types of coverages. These descriptions do not refer to any specific contract of insurance and they do not modify any definitions, exclusions or any other provision expressly stated in any contracts of insurance. We encourage you to speak to your insurance representative and to read your policy contract to fully understand your coverages.

Colorado Language Preference

Are you a resident of or looking for insurance in the State of Colorado?

We are temporarily unable to provide services in Spanish for Colorado residents. You will now be directed to an English experience.

Estamos encantados de ofrecer nuestra nueva version del sitio web en Español. Apreciamos su paciencia mientras seguimos mejorando su experiencia.

A Practical Guide to Buying Travel Insurance

Travel insurance could be the difference between a huge medical bill or a modest copay. use these tips to find the best policy for your trip..

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It’s far better to buy travel insurance and never use it than to not be covered in an emergency.

Courtesy of Shutterstock

For many, travel insurance seems like an unnecessary additional expense. But if you get stuck in a costly situation—a medical emergency, a canceled trip due to a pandemic , a stolen camera—it suddenly becomes a totally worthwhile investment that saves, not costs, you money.

This was the case for writer Chris Ciolli. After years of traveling without a safety net, she invested in travel insurance on a recent trip during which she was rushed to the hospital at 3 a.m. for a slew of just-in-case tests. She ended up with an underwhelming diagnosis of gastritis, but also a slow trickle of medical bills—a few hundred dollars here, a thousand there—that totaled nearly $6,000. Fortunately, her monthlong $185 World Nomads policy covered everything after an initial $80 copay.

But even if you understand the benefits and you’re committed to buying travel insurance, choosing the right policy for your needs—and even knowing what those needs are—can be tricky. To help you choose the best travel insurance for your trip, we’ve consulted a number of travel agents, insurance industry professionals, and lifelong travelers for advice. In this guide, you’ll find everything you need to know, from travel insurance reviews and comparisons to common questions answered, to pick the best policy for your next trip.

What is travel insurance?

Travel insurance is a plan, similar to health or auto insurance, that protects you from expenses incurred during unforeseen mishaps while traveling, such as lost luggage, trip cancellations, or medical emergencies.

Although your current homeowner’s, renter’s, auto, or health insurance may cover you for certain things while traveling, it usually doesn’t cover everything—especially on international trips. A good travel insurance plan will cover the gaps.

Where do you get travel insurance?

Some very basic forms of travel insurance are included if you booked your trip with a credit card such as World MasterCard, Capital One Venture Rewards, and Chase Ink and Sapphire cards. With these plans, you may be protected regarding some delay, luggage, and travel accident expenses, but the coverage is usually pretty basic.

You can also purchase it as an add-on while booking flights, cruises, or hotels. These plans are also limited and will only cover you in the event of an unavoidable cancellation due to events such as a natural disaster or a death in your family. “While it may seem less expensive, it may not cover all of the components of your trip,” says Andrew David Harris, vice president and COO of Harris Travel Service . While both of these are better than nothing, the most comprehensive and best travel insurance policies are sold by providers such as World Nomads, Allianz Global Assistance, Seven Corners, or TravelEx. You can purchase these plans through your travel agent, but it’s often less expensive to book directly with the travel insurance provider or through a comparison website, like SquareMouth .

What does travel insurance cover?

Every traveler and trip is different, which is reflected by the variety of travel insurance plans on the market. No matter what plan or provider you choose, below are some common things travel insurance covers. Experts agree that before you buy, you should absolutely look for specific exclusions in the fine print on potential policies. If you’re unsure about something, reach out. A good insurance company will be responsive and willing to clarify your questions.

Trip cancellation and interruption

Most travel insurance policies will include some form of trip cancellation and interruption coverage to reimburse you for nonrefundable expenses, like a prepaid hotel or plane ticket. Unless you add cancel for any reason (CFAR) insurance to your plan, there will be a limited set of acceptable reasons to claim this. Illness, death of an immediate family member, and weather are commonly accepted reasons.

Trip delays and missed connections

Also common is reimbursement for additional expenses incurred if a trip is delayed and meets criteria set out by the provider. With World Nomads, your flight must be delayed by at least six hours to qualify.

Baggage and personal effects

Most plans will cover the cost of lost or damaged luggage and personal belongings as well as the cost of purchasing additional items if your luggage is delayed.

Emergency medical and dental care

This covers the cost of medical care when you get sick or have an accident in another country and usually includes medical evacuation. However, travel insurance isn’t a substitute for regular health insurance so nonemergency medical expenses (physicals, anything cosmetic, eye exams) aren’t covered. Childbirth isn’t covered either, even for pregnant travelers who go into labor prematurely.

Shannon O’Donnell, 2013 National Geographic Traveler of the Year and blogger at A Little Adrift , mentions another coverage gap travelers miss: “You’re only covered for what you’re licensed to do back home—if you don’t have a permit for a motorbike and you drive one in Southeast Asia, you might not be covered in an accident.”

Emergency medical evacuation

This covers the cost of an emergency transfer (in an ambulance or helicopter, for example) from an area with inadequate medical care to the nearest medical center with the services you need. It’s costlier but essential in isolated and politically unstable parts of the world.

Accidental death and dismemberment and repatriation

Experts say that “truckloads of coverage for hospital costs and medical repatriation home” are the most important things to look for. “The rest is just window dressing.” A lot of basic plans won’t include this in their coverage, but you can easily add this on with an upgrade to a more premium tier.

Concierge and 24/7 service

Daniel Durazo, director of Marketing and Communications for Allianz Global Assistance , says that “a good policy includes a 24/7 contact line for both medical and travel emergencies.”

Common travel insurance add-ons to consider

A basic plan is usually enough for most travelers, but it may not cover everything you need if you’re older, have pre-existing medical conditions, participate in sports while traveling, book an expensive trip, or travel with expensive gear (such as a high-end camera). If you fall into any of these categories, consider an add-on or upgrade.

Upgrade lost luggage, trip delay, and cancellation amounts

“Standard travel insurance levels cover more modest belongings and lodging,” advises Annette Stellhorn, president and Group Luxury Travel designer at Accent on Travel . If you’re traveling with expensive gear or spending a lot on your trip, consider upgrading to a tier that covers your costs adequately.

Additional coverage for adventure and high-risk travel

Stellhorn also notes that adventure and high-risk travel “require higher benefit amounts for medical evacuation, which can run more than $250,000.” And Judy Perl at Judy Perl Worldwide Travel says that “most insurance companies will not insure high-risk travel at all, with the exception of big companies like First Allied and Travelex .” Even fewer risky activities and sports may only be covered to a limit: that is, climbing to certain heights and diving to certain depths.

Most sports are covered up to a certain level of intensity; any higher and you may have to purchase a different tier of insurance. World Nomads, for example, will cover a slew of adventure travel activities and sports, but at an additional cost on top of its basic insurance.

Cancel for any reason (CFAR) insurance

It’s important to read the fine print of any insurance plan because, even if it includes trip cancellation coverage, this often only kicks in under certain circumstances. As many travelers found out recently, trips canceled due to the recent coronavirus pandemic were not covered unless they had a CFAR add-on .

Jennifer Wilson-Buttigieg, co-owner and copresident at Valerie Wilson Travel , explains that these plans “only cover 75 percent of trip expenses [and only] if travelers cancel their trips at least 48 hours in advance.”

Does travel insurance cover pandemics?

No. “Once actual events have unfolded, such as the coronavirus outbreak, they are considered known or foreseeable events and are no longer covered by most travel insurance policies,” says Afar’s Michelle Baran . The exception is if you chose to upgrade your plan to include a CFAR add-on.

What are the best travel insurance policies?

The best travel insurance policy will depend on you and your trip. You’ll want to make sure you have a plan that covers the cost of your entire trip and the activities you want to do and won’t leave you in the dark if you have preexisting conditions. The following are some of the best travel insurance partners to consider:

Best for: Older travelers and those with preexisting conditions.

While Allianz provides great travel insurance for any traveler, it’s especially appropriate for those with pre-existing conditions, since those are covered in every one of its plans. However, its basic coverage only covers up to $500 in lost or damaged baggage, so consider an upgrade if you’re traveling with more expensive equipment.

Get a quote: allianztravelinsurance.com

Best for: Medical coverage only

GeoBlue’s Voyager basic medical coverage is not a comprehensive travel insurance plan that covers a slew of scenarios; rather it provides travelers with basic medical travel insurance. The deductible is a high $500, but at $19 to $35 per trip, it’s an inexpensive way to protect yourself in case something catastrophic happens. If you’re adequately covered for travel mishaps like lost luggage or stolen goods by other insurance (like your credit card or homeowner’s insurance), this might be the plan for you.

Get a quote: geobluetravelinsurance.com

Best for: Traveling with kids

With TravelEx, travelers can choose between a basic or select travel insurance package with options to customize it according to their needs. Both plans cover standard things like trip cancellation and emergency medical services and are an all-around comprehensive option. However, its Travel Select plan also includes free coverage for any children under 17 traveling with you. For families, TravelEx Select is a great money-saving option.

Get a quote: travelexinsurance.com

How much does travel insurance cost?

Complete travel insurance packages can cost as little as $8 per day but vary depending on the length of the trip, destination(s), and the tier of travel insurance you choose. Some, but not all, travel insurance may also cost more for travelers with pre-existing conditions or older adults.

As a comparison, here are some examples of travel insurance costs for a 45-year-old traveler on a $5,000, one-week trip to Mexico:

• $138 for an explorer plan with World Nomads
• $179 for a basic plan with Allianz
• $248 for an essential plan with AIG
• $261 for a basic plan with Travelex

While some of these plans may seem expensive, keep in mind that if they provide you the coverage you need, they can be a huge money saver. Insurer World Nomads says that its average claim amount for 2017 was $1,634, and its most expensive claim—a medical evacuation of a child from Sitka, Alaska, to Seattle—was nearly $200,000. Suddenly, that $8 per day makes travel insurance worth it . But, as Michael Holtz, founder and CEO of the travel agency SmartFlyer , says, “People don’t think they need it until they need it.”

How do I buy travel insurance?

You should always buy travel insurance from an official, reputable provider or website, such as purchasing directly through the insurance provider, a travel agent, or a comparison website; these “offer a way to search, compare, and purchase from a wide array of plans,” says Stan Sandberg, cofounder of TravelInsurance.com .

Comparison sites to buy travel insurance include:

• Travelinsurance.com
• SquareMouth
• Insuremytrip

Sandberg strongly recommends consumers speak with a licensed agent when they are unsure about benefits. The website Elliott Report is another good resource and features a list of reputable travel insurance companies compiled by consumer advocate Christopher Elliott.

When to buy travel insurance

Generally, you should book your travel insurance as soon as you can after booking your flights and hotels. If you’re traveling to a destination affected by hurricanes , book sooner rather than later, because you can’t buy insurance to cover delays or cancellations related to a storm that already has a name.

People with preexisting conditions need to consider other factors. Most insurers will cover only expenses related to prior illnesses in very specific circumstances; travelers with preexisting conditions must book coverage within a specific time frame, usually between 14 and 21 days, following their initial trip reservation, and they must be medically able to travel on the date they purchase the insurance.

Your travel insurance policy period should be for the duration of your trip from door to door (no gaps or shortcuts, please) and cover you for every place you plan to visit, whether it’s in-state, out-of-state, or international. Some destinations are at higher risk than others, so insurers don’t offer the same coverage for the same price everywhere.

What does your existing insurance cover while traveling?

While your existing health, auto, renter’s, or homeowner’s insurance may cover a few things while you’re traveling, it likely doesn’t cover everything.

• Health insurance: Many U.S. health-care policies, including Medicare, don’t cover travelers on international trips. Some plans will cover you abroad, so check with your provider. If your health insurance only covers you domestically, both the Centers for Disease Control and the U.S. State Department recommend purchasing medical travel insurance.
• Travel insurance: Credit cards can provide limited coverage of some delay, luggage, and travel accident expenses, as well as part of your rental car insurance.
• Homeowner’s and renter’s insurance: Home contents or rental insurance may cover some lost, stolen, or damaged valuables or even offer a reasonably priced floater policy (an add-on to your regular policy that covers easily moveable property) if you travel with expensive equipment.
• Auto insurance: Within the United States, your primary auto insurance will almost always cover rental vehicles. There are a few exceptions for domestic rentals, like if your current auto insurance has low coverage limits. International car rentals are a different story. In Mexico, for example, rental car insurance is mandatory , even if you have insurance at home. Always be sure to check local rules before you reserve a rental car.

Tips for filing claims and getting reimbursed

Unlike most domestic health insurance policies, travel insurance doesn’t typically have a deductible. Some inexpensive policies will require you to pay a small, nonrefundable, initial policy excess amount before further costs up to the benefit limit are covered. Many policies work on a reimbursement plan: You pay upfront, save your receipts, and file a claim, then after processing, your insurance company pays you back for covered expenses.

Most policies require you pay non-emergency expenses out of pocket and submit your claim for reimbursement afterward. In a non-life-threatening emergency, call your insurer for instruction if you’re able; it will make the claims process easier, and the insurer may be able to direct you to a hospital or medical center where your care can be billed directly to it.

Hannah Logan, of the blog Eat Sleep Breathe Travel , says this step is especially important because the small print on many policies “reads that calling the contact number [may be] a requirement for coverage.”

No matter what, document everything. Whether it’s lost baggage, a medical expense, or damage to your rental car, gather and keep anything that can help your claims case: your original rental car agreement, receipts, photos, medical paperwork, a copy of your boarding pass.

Buying travel insurance is a little like packing a suitcase: It can seem overwhelming at first, but eventually it becomes routine and a necessary part of every trip. Once it does, you can travel worry-free, secure in the knowledge that you’ve saved yourself from a possible $6,000 mistake.

This article originally appeared online in 2018; it was updated on June 19, 2020, and on May 15, 2024, to include current information.

World Nomads provides travel insurance for travelers in over 100 countries. As an affiliate, we receive a fee when you get a quote from World Nomads using this link. We do not represent World Nomads. This is information only and not a recommendation to buy travel insurance.

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Best Travel Insurance Companies In Nigeria

Traveling is an exhilarating experience, offering the opportunity to explore new destinations, cultures, and cuisines. However, when planning your next trip, it’s crucial to consider the importance of travel insurance. 

Travel insurance provides financial protection against unforeseen events such as trip cancellations, medical emergencies, and lost luggage, ensuring you can travel with peace of mind. 

In Nigeria, several insurance companies offer travel insurance products tailored to the needs of travelers. In this article, we’ll explore some of the best travel insurance companies in Nigeria, and help you make an informed decision when choosing coverage for your next trip.

• Leadway Assurance:

Leadway Assurance is a top insurance provider in Nigeria, specializing in a wide array of insurance products, including travel insurance. Their travel insurance policies offer comprehensive coverage for travelers, encompassing medical expenses, trip cancellations, personal accidents, coverage for loss of baggage or property, and more. With customizable options to suit individual requirements, competitive premiums, and plans tailored for various destinations and purposes such as Hajj and Umrah.

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Leadway Travel Insurance holds the top position in Nigeria for the highest amount of claims settled over time. Opting for insurance coverage from Leadway guarantees that you can embark on your journeys with confidence and peace of mind.

• AIICO Insurance Plc:

AIICO Insurance is one of Nigeria’s largest insurance companies, known for its reliability and customer-centric approach. Their travel insurance products offer comprehensive coverage for travelers, including medical emergencies, trip interruptions, personal accidents, and more. With efficient claims processing and responsive customer support, AIICO Insurance gives travelers the confidence they need to travel worry-free.

• AXA Mansard Insurance Plc:

AXA Mansard Insurance is a trusted name in the Nigerian insurance industry, offering a wide range of insurance solutions, including travel insurance. Their travel insurance plans provide coverage for medical emergencies, trip cancellations, baggage loss, and other travel-related contingencies. With competitive premiums and flexible coverage options, AXA Mansard Insurance ensures travelers can confidently enjoy their journeys.

• Custodian Investment Plc:

Custodian Investment is a reputable insurance company in Nigeria, known for its reliability and financial stability. Their travel insurance products offer comprehensive coverage for travelers, including medical expenses, trip cancellations, and emergency medical evacuation. With efficient claims processing and personalized customer service, Custodian Investment provides travelers with peace of mind on their journeys.

When it comes to choosing the best travel insurance company in Nigeria, it’s essential to consider factors such as coverage options, premiums, customer service, and claims processing efficiency. Whether you’re planning a business trip, a family vacation, or a solo adventure, having the right travel insurance can make all the difference in ensuring a smooth and worry-free travel experience. With reputable insurers like Leadway Insurance, AIICO Insurance, AXA Mansard Insurance, and Custodian Investment offering comprehensive coverage and reliable services, Nigerian travelers can explore the world with confidence, knowing they’re adequately protected every step of the way.

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U.S. News takes an unbiased approach to our recommendations. When you use our links to buy products, we may earn a commission but that in no way affects our editorial independence.

AIG Travel Guard

Learn about travel insurance plans offered through AIG Travel Guard and how they compare.

Diverse range of travel insurance plans to choose from

Cancel for any reason (CFAR) coverage available with some plans (conditions apply)

Annual coverage available

Generous limits for emergency medical expenses and medical transportation available

Preexisting medical conditions waiver available (conditions apply)

Low costs for family plans

Essential plan coverage limits may be insufficient

CFAR coverage reimburses at only 50%

What AIG Travel Guard Is Known For

Like many other top travel insurance providers, AIG Travel Guard offers a broad range of plans to cover different types of trips. The company's main coverage options include the basic Essential Plan, the mid-tier Preferred Plan and the top-tier Deluxe Plan, which comes with the highest levels of coverage available.

AIG also offers an annual travel insurance plan that can apply for all trips that an insured individual (or group) takes within a year. Other niche plans from this provider include the Pack 'N Go Plan for last-minute trips, a plan for emergency evacuation and medical transportation, a rental car coverage plan, and an adventure travel insurance plan.

AIG Travel Guard stands out in a few different areas. First, the company offers cancel for any reason (CFAR) coverage as an optional add-on with its Preferred and Deluxe plans. However, this coverage only reimburses up to 50% of prepaid travel expenses, which is lower than other providers. CFAR coverage only applies if travel insurance is purchased within 15 days of making an initial payment on a trip.

AIG Travel Guard also offers a preexisting medical conditions waiver when travelers purchase coverage within 15 days of the initial trip payment. Another standout feature of this company is that its mid- and top-tier plans have high coverage limits for emergency medical expenses and emergency medical evacuation. This emergency evacuation coverage, also called "Medevac," can pay for air evacuation services, transportation to the nearest hospital or clinic, medical transportation to your home country, and more.

AIG Travel Guard Travel Insurance for Individual Trips

AIG Travel Guard plans for individual trips come in three tiers with accelerated levels of coverage and more add-ons available. This lets you tailor your travel insurance coverage to your unique needs, including the type of trip you're taking and the perils you want to protect against the most.

The chart below shows the coverages you can get with each tier.

AIG Travel Guard Pack 'N Go Plan

AIG Travel Guard also offers a last-minute coverage option for consumers who don't need trip cancellation coverage. There is only one available tier for this plan, and it includes the following coverages:

AIG Travel Guard Travel Insurance for Multiple Trips

The company also offers an annual travel insurance plan. This type of coverage can work well for frequent travelers who are always jetting off somewhere new but don't want to purchase an individual plan for every trip. Coverages offered include the following:

AIG Travel Guard Travel Insurance Costs

AIG Travel Insurance costs vary based on the number of travelers in a plan, the age of travelers, the cost of the trip, the tier of coverage selected and other details. We received quotes for several sample trips to give you an idea of how much you might pay.

AIG Travel Guard is not accredited by the Better Business Bureau (BBB), and the company also has a low rating with the platform of just 1.08 out of 5 stars. The travel insurance provider has closed 175 customer complaints filed with the BBB in the last 12 months and 791 complaints in the last three years. On Trustpilot, the company has an average star rating of just 1.7 out of 5 stars across 65 reviews on the platform. By contrast, the company has a 4.6 rating on InsureMyTrip. Here's an overview of some positive and negative user reviews that show the experiences of past customers.

Good Customer Service Experience

We bought a TravelGuard policy when we bought airline tickets through Frontier. Only a couple days later Frontier changed our flight times by 13+ hours which would no longer work for our travel plans.

Since it was within the 15 day "review" period TravelGuard fully refunded our premium consistent with their policy quickly and with NO drama.

I was able to talk with TravelGuard customer service with less than a minute of holding. He walked me through the steps to make a written refund request. I heard back from my written request in less than 24 hours. – Sara via Trustpilot

They paid my claim for stolen items when I was in Vegas on an annual travel plan. It did take a few months. The claim amount was three times the premium I originally paid. – Bradley S. via Trustpilot

Travel Guard has been unresponsive and has left me feeling frustrated and disappointed. I booked a trip and purchased trip insurance through Travel Guard. I had to cancel the trip for medical reasons and I filed a claim on January 8, 2024. The information they requested was uploaded on the Travel Guard Portal on January 9, 2024. Forty-eight hours after sending the information, I contacted them to make sure they had all the required information. They confirmed they had all the forms I sent. They told me it would take 10 to 15 business days to review the claim and the insurance adjuster would contact me. It is now February 12th and I have not heard anything from Travel Guard or the adjuster. I have called a few times and keep getting the same run around. I called again today and even asked to speak to a supervisor and was told the supervisor is just going to say the same thing and would not connect me. I paid good money for this trip insurance and am feeling like I was scammed. – William M. via Better Business Bureau

Had to Wait for the Check, But at Least it Came

My husband and I had a flight on Alaskan Airlines from Portland to Tampa, which was canceled because the airlines did not have sufficient staff to operate the flight. We were stuck in Portland for two additional days before we could return home. I thought we would be reimbursed in full, but it turns out, our policy only allowed for a certain amount per person daily. It took a month and a 1/2, but we did receive a check for $600. It wasn't the full amount of two additional days for food, lodging, and rental car, but it was better than nothing. – Clare L. via Trustpilot

Takes two weeks to get response from claims. Then they ask for additional information even though you already sent. Dont get to talk to claims adjusters only email I had to resubmit information again with letter of explanation. Another way to prolong payments. Very flustered with not being able to talk to adjuster. You only talk to a real person when you call in to ask for adjuster. They cant trans the call. Only emails still havent received reimbursement. – Cindy W. via Better Business Bureau

Why Trust U.S. News Travel

Holly Johnson is a travel writer who covers topics like travel insurance, family travel, all-inclusive resorts and cruises. She has researched travel insurance options for her own vacations and family trips to more than 50 countries around the world and has experience navigating the claims and reimbursement process. Johnson works alongside her husband, Greg, who sells travel insurance through their travel agency, Travel Blue Book .

Read more about AIG Travel Guard in:

• The Best Travel Insurance Companies
• The Best International Travel Insurance
• The Best Vacation Rental Travel Insurance
• The Best Family Travel Insurance

Understanding What Travel Insurance Covers

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Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate insurance products to write unbiased product reviews.

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• Travel insurance is intended to cover risks and financial losses associated with traveling.
• Coverage can include trip cancellation, baggage protection, medical care, and emergency evacuation.
• When filing a claim, be specific and comprehensive in your documentation to ease the process.

Whether it's a trip across the world or a trip across the state, having travel insurance provides major relief if things go awry. Flight delays, lost baggage, illness, injuries, and other unforeseen events can disrupt even the best-laid plans. With a major disruption comes the potential for unanticipated expenses.

Travel insurance and the coverage it offers can help keep you protected and save you money in the long run.

Overview of Travel Insurance Coverage

Travel insurance policies protect travelers from financial losses should something go wrong during their trip. You can customize which coverages you want to include, and there are several to choose from.

"Common types of coverage include trip cancellation, trip interruption, baggage protection, coverage for medical care if you get sick or hurt during your trip, and emergency medical evacuation," says Angela Borden, a travel insurance expert and product strategist for travel insurance company Seven Corners.

Travel insurance plans offer nonrefundable payments and other trip-related expenses. While monetary compensation is a primary benefit, there is another valuable perk of travel insurance. It can provide peace of mind.

What does travel insurance cover?

Your specific travel insurance plan (and its terms and conditions) will determine the minutia and specifics of what is covered. As with most other forms of insurance, a general rule of thumb is the more you spend, the better your coverage.

"Travel insurance can be confusing, so it's best to research a reputable company that specializes in travel insurance and has a long history of successfully helping travelers all over the world," says Borden.

Trip cancellation and interruptions

A travel insurance policy can reimburse you for a prepaid, nonrefundable trip if it is canceled for a covered event, such as a natural disaster or a global pandemic.

Trip interruption insurance covers you if you're already on your trip and you get sick, there's a natural disaster, or something else happens. Make sure to check with your travel insurance providers to discuss any inclusions, coverage, and more.

Travel delays and missed connections

Travel delay insurance coverage provides reimbursement for any expenses you incur when you experience a delay in transit over a minimum time. Reimbursements can include hotels, airfare, food, and other related expenses.

Medical emergencies and evacuations

Typically, US healthcare plans are not accepted in other countries. So travel insurance with medical coverage can be particularly beneficial when you are abroad. Medical coverage can also help with locating doctors and healthcare facilities.

Medical transportation coverage will also pay for emergency evacuation expenses such as airlifts and medically-equipped flights back to the US. Out of pocket, these expenses can easily amount to tens of thousands of dollars. Certain plans may even transport you to a hospital of choice for care.

Travel insurance generally does not include coverage for pre-existing conditions. That said, you can obtain a pre-existing condition waiver, which we will talk about later.  

Baggage and personal belongings

Most airlines will reimburse travelers for lost or destroyed baggage, but be prepared for limitations. Travel insurance plans will typically cover stolen items, such as those stolen out of a hotel room. This may not include expensive jewelry, antiques, or heirloom items. Typically, airlines have a few days to recover your bag.

In the meantime, you can make a claim to pay for items like certain toiletries and other items you need to pick up. If your bag is truly lost or you don't get it for an extended period, you can file a true lost baggage claim.

What does credit card travel insurance cover?

A major perk on several travel credit cards is embedded credit card travel insurance . Typically, you will need to use the specific card for the transaction (at least with partial payment) for travel coverage to kick in.

Each card has specific rules on what exactly is covered. But one of the industry leaders is the $550-per-year Chase Sapphire Reserve credit card. Here's a snapshot of what is covered with this specific card:

• Baggage delay: up to $100 reimbursed per day for up to five days if a passenger carrier delays your baggage by more than six hours.
• Lost and damaged baggage: up to $3,000 per passenger per trip, but only up to $500 per passenger for jewelry and watches and up to $500 per passenger for cameras and other electronic equipment.
• Trip delay reimbursement: up to $500 per ticket if you're delayed more than six hours or require an overnight stay.
• Trip cancellation and interruption protection: up to $10,000 per person and $20,000 per trip for prepaid, nonrefundable travel expenses.
• Medical evacuation benefit: up to $100,000 for necessary emergency evacuation and transportation when on a trip of five to 60 days and traveling more than 100 miles from home.
• Travel accident insurance: accidental death or dismemberment coverage of up to $100,000 (up to $1,000,000 for common carrier travel).
• Emergency medical and dental benefits: up to $2,500 for medical expenses (subject to a $50 deductible) when on a trip arranged by a travel agency and traveling more than 100 miles from home.
• Rental car coverage: primary coverage for damages caused by theft or collision up to $75,000 on rentals of 31 days or fewer

More protections are included with cards with an annual fee, but there are exceptions. The no-annual-fee Chase Freedom Flex , for instance, includes up to $1,500 per person (and up to $6,000 per trip) in trip cancellation and trip interruption coverage.

However, there are some differences between credit card travel coverage and obtaining coverage from a third party.

"Credit card coverage does not typically provide travel medical benefits," Borden says. "For protection if you get sick or hurt while traveling, you'll want a travel insurance plan with medical coverage."

Whether you get your travel insurance in a standalone policy or through a credit card, it's important to review your plan details carefully. In either case, there may be exclusions and other requirements such as deadlines when filing a claim, Borden notes.

What travel insurance coverage do you need to pay more for?

Knowing what travel insurance doesn't cover is as important as knowing what it does cover.

"Travelers should understand that travel insurance benefits come into play only if a covered reason occurs," Borden says. Most standard travel insurance plans won't reimburse you for the following:

Cancel for any reason (CFAR)

Cancel-for-any-reason travel insurance covers a trip cancellation for any reason, not just a covered event. your standard benefits won't kick in unless it's a covered event. For instance, you'll be reimbursed simply for changing your mind about taking a trip.

That said, CFAR travel insurance is not without its downsides. For one, it's more expensive than traditional insurance, and most CFAR policies will only reimburse you for a percentage of your travel expenses. Additionally, CFAR policies aren't available for annual travel insurance . 

You can find our guide on the best CFAR travel insurance here.

Foreseen weather events

Sudden storms or unforeseen weather events are typically covered by standard travel insurance plans. There are exceptions to be aware of. For example, an anticipated and named hurricane will not be covered.

Medical tourism

If you're going to travel internationally for a medical procedure or doctor's visit, your travel insurance plan will not cover the procedure itself. Most medical travel plans also won't cover you if something goes wrong with your procedure.

Pre-existing conditions and pregnancy

Those with specific pre-existing conditions, such as someone with diabetes and needing more insulin, will not be covered by most plans. In addition, pregnancy-related expenses will likely not be covered under most plans.

That said, you can obtain a pre-existing condition waiver for stable conditions. In order to obtain a wavier, you will need to purchase travel insurance within a certain time frame from when you booked your trip, usually two to three weeks, depending on your policy.

Extreme sports and activities

Accidents occurring while participating in extreme sports like skydiving and paragliding will typically not be covered under most plans. However, many plans offer the ability to upgrade to a higher-priced version with extended coverage.

Navigating claims and assistance

When a trip goes awry, the first thing you should do is document everything and be as specific as possible with documentation. This will make the claims process easier, as you can substantiate and quantify your financial losses due to the delay.

For example, your flight home has been delayed long enough to be covered under your policy, you'll want to keep any receipts from purchases made while waiting. For instances where your luggage is lost, you will need to file a report with local authorities and document all the items you packed.

Cancellation protection also requires meticulous attention to detail. If you're too sick to fly, you may need to see a doctor to prove your eligibility. If an airline cancels a flight, you'll also need to document any refunds you received as travel insurance isn't going to reimburse you for money you've already gotten back. 

Part of the benefit of CFAR insurance is the reduced paperwork necessary to file a claim. You'll still need to document your nonrefundable losses, but you won't have to substantiate why you're canceling a trip.

Choosing the right travel insurance

Each plan should be personalized to meet the insured party's needs. Some travelers prefer to stick to the bare minimum (flight cancellation benefits through the airline). Others want a comprehensive plan with every coverage possible. Before you buy anything, set your destination. Are there any travel restrictions or changes pending? Does your destination country require emergency or other medical coverage?

If the destination airport is known for lost or delayed luggage, travelers should keep important items in carry-ons. Lost or delayed luggage coverage protects insured parties in the event of a significant delay or total loss.

Second, check current credit card travel benefits to avoid redundancies. Savvy travelers don't need to pay for the same coverage twice.

Finally, consider your individual needs. Do you have a chronic medical condition, or do you feel safe with emergency-only medical coverage? Keep in mind, this does not include coverage for cosmetic surgery or other medical tourism. Do you have a budget limit for travel insurance? Asking and answering these important questions will help every traveler find the right product.

Most travel insurance plans are simple, and Business Insider's guide to the best travel insurance companies outlines our top picks. Remember, read your policy and its specifics closely to ensure it includes the items you need coverage for.

No one likes to dwell on how a trip might not go as planned before even leaving. However, at its core, travel insurance provides peace of mind as you go about your trip. While the upfront cost may seem significant, when you compare it to the potential expenses of a canceled flight, emergency evacuation, or a hefty medical bill, it's a small price to pay in the grand scheme of things.

Get Travel Insurance Quotes Online

Protect your trip with the best travel insurance . Compare travel insurance quotes from multiple providers with Squaremouth.

What does travel insurance cover frequently asked questions

Does travel insurance cover trip cancellations due to a pandemic like covid-19.

Coverage for pandemics vary from policy to policy. Some travel insurance companies have specific provisions for pandemic-related cancellations, while others may exclude them entirely.

Are sports injuries covered under travel insurance?

Sports injuries are often covered under travel insurance, but high-risk or adventure sports might require additional coverage or a special policy.

Can travel insurance provide coverage for travel advisories or warnings?

Travel advisories have different effects on your travel insurance depending on your policy. Traveling to a country already under travel advisory may invalidate your coverage, but if you're already traveling when a travel advisory is announced, you may be covered.

How does travel insurance handle emergency medical evacuations?

Travel insurance usually covers the cost of emergency medical evacuations to the nearest suitable medical facility, and sometimes back to your home country, if necessary.

Are lost or stolen passports covered by travel insurance?

Many travel insurance policies provide coverage for the cost of replacing lost or stolen passports during a trip.

If you enjoyed this story, be sure to follow Business Insider on Microsoft Start.

Comprehensive List of Insurance Companies in Nigeria [2024]

Here are some of the top insurance companies in Nigeria you should know about.

Many Nigerians are not aware of the vast amount of insurance companies in Nigeria. This ignorance, together with some other factors, is one of the reasons why their insurance coverage is still very low within the country.

To enrich your knowledge about insurance companies in Nigeria, I will be showing you a comprehensive list of Insurance companies within the country, at least, based on my latest research.

By the way, insurance may be defined as a strategic means of protecting individuals, groups, or organizations from financial loss resulting from predictable or unpredictable events surrounding their activities. It is a form of risk management, primarily used to wedge against the risk of a contingent or uncertain loss.

Before we begin, there are some important insurance-related terminologies I should first introduce you to.

• Policy – Plans, or service packages offered by an insurance company.
• Life insurance – Life insurance covers the costs to family and business in the event that one loses one’s life due to professional, business-related, or other activities.
• Insurance policy – The written contract to effect insurance, or the certificate thereof, by whatever name called, and including all clauses, riders, endorsements, and papers attached thereto and made a part thereof.
• Coverage/insurance plan – The specific protection provided by a plan against the results of the hazards insured against, that is, the property it protects against.
• Premium – A periodic payment by the insured to the insurance company in exchange for insurance coverage.
• Annuity – A contract that provides for a stipulated sum payable at certain regular intervals during the lifetime of one or more persons, or payable for a specified period in exchange for a specified premium. There are various types of annuities, such as immediate and deferred, which can be fixed or variable.
• Life insurance – Insurance in which the risk insured against is the death of a particular person, the insured, upon whose death, while the plan is in force, the insurance company agrees to pay a stated sum or income to the beneficiary.
• Insured  – the individual or entity that receives insurance coverage.
• Insurer – the company providing the insurance coverage to an individual or entity, aka insurance broker.
• Insurance broker – A person who acts as the representative of the applicant for insurance. Although brokers are compensated with a commission from the insurance company (just like agents), they do not represent the insurer. Their sole duty is to get the best possible coverage for their clients at the lowest possible cost.
• Comprehensive insurance coverage – Insurance with a wide scope of coverage. Comprehensive liability provides coverage for a range of damages, incidents, and losses, but it is not all-inclusive. Specific exclusions apply depending on the terms of the plan.

Table of Contents

List of Insurance Companies in Nigeria

Here is a comprehensive list of insurance companies in Nigeria. It might be a long read but I have picked out the important points to note, including their service packages.

1. Leadway Assurance

Just as their name implies,  Leadway Assurance  has continued to lead as the foremost and largest insurance company in Nigeria (2019), by gross premiums and turnover . It was the first insurance company in Nigeria, founded in 1970, and is reputable for its insurance service efficiency and customer reliability.

Leadway Assurance offers insurance services in general business insurance, life, and pension insurance services, and allied financial services like secured credits, bonds, miscellaneous financial losses, and portfolio management. Their plans include the following;

• Family benefit plan
• Leadway saving plan
• Term assurance plan
• Money plan.
• Educational saving plan
• Personal saving plan
• Deferred annuity plan

2. AIICO Insurance Plc

AIICO (American International Insurance Company) , established in Nigeria in 1963 as an agency of the American Life Insurance Company(ALICO), is one of the leading insurance companies in Nigeria. With their goal of becoming the country’s leading insurer of choice, AIICO has actively provided insurance services including life insurance, health insurance, retirement service plans, etc.

In their success, AIICO has become the market leader in life insurance and retirement services, as well as non-life insurance services in the country. They are the second-largest insurance company in Nigeria (2019) by gross premiums and they have occupied this position a consecutive number of times.

AIICO offers life assurance and annuity, general insurance and special risks, pension management, health insurance, and assets management; and their services are available to individuals, corporations, and financial and government institutions within the country. Some of their specific insurance plans include;

• Income investment plan
• Three payment plan
• Travel Insurance
• corporate saving plan
• Education investment plan
• Flexible endowment plan
• Electronics equipment plan, etc

3. Custodian and Allied Insurance

Custodian and Allied Insurance (CAIL)  is wholly indigenous in its ownership and is the third-largest insurance company in Nigeria. CAIL was founded for the sole purpose of developing, packaging, and delivering innovative insurance products that best satisfy customer needs whilst operating a highly profitable, efficient, resourceful, and ethical organization that will survive well into the future to become a valuable asset to its shareholders.

CAIL has well fulfilled its objectives and promises to customers to a very large extent, covering mainly general insurance and life insurance. They have the following plans tailored appropriately to the specific needs of everyone and anyone.

• Investment plus plan
• Immediate annuity plan
• Tuition protection plan
• Auto insurance plan
• Travel insurance plan
• Capital plan, etc

4. AXA Mansard Insurance

AXA Mansard Insurance  was incorporated as a private liability company in 1989 and is registered as a composite company with the National Insurance Commission of Niger (NAICOM). AXA Mansard Insurance is a member of the AXA Group of Companies , a financial company that has risen to become one of the leading insurance and asset management companies worldwide, serving over 107 million clients in 64 countries of the world including Nigeria.

AXA Mansard Insurance mainly focuses on health insurance, asset management services, and pension insurance services through its three subsidiaries – AXA Mansard Health Limited, AXA Mansard Investments Limited, and AXA Mansard Pensions Limited.

The company is also reputed for its efficient customer reliability and offers the following life and non-life insurance plans;

• Student protection plan
• Autoflex plan
• Equity income plan
• Auto classic plan
• Money market plan
• Easy care plan
• Life savings plan
• Instant plan
• Health insurance plan
• Retirement savings plan
• General ( business/ tourism) protection plan

5. Mutual Benefits Assurance Plc

Mutual Benefits Assurance Plc  was incorporated in April 1995 under the name Mutual Benefits Assurance Company Limited and re-registered as a Public Limited Liability Company (Plc) in May 2001. They had made great strides in the Nigerian insurance industry, in areas of general and life insurance.

It became listed on the Nigeria Stock Exchange in May 2002 and is currently one of the largest insurance companies in the country. Their plans include;

• Motor/auto insurance
• Fire and special peril plan
• Travel health insurance
• Life assurance
• Personal pension and investment plan

6. Cornerstone Insurance Plc

Cornerstone Insurance , incorporated as a private limited liability company in July 1991, became one of the first insurance companies in Nigeria to provide customers with an online platform for insurance services, registration, and transactions.

This insurance company was established to conduct insurance activities in a professional, ethical, and customer-focused manner, and they have achieved some success in making insurance easily accessible and available for interested customers.

Since its inception, Cornerstone Insurance has remained dedicated to the priority interest of its clients and creating solutions that meet their needs.

The company became a Public Limited Liability in 1997, the same year it was listed on the Nigerian Stock Exchange. Cornerstone is licensed and re-certified by the National Insurance Commission (NAICOM) to offer general and life insurance plans and some of their specific plans are as follows:

• Motor insurance plan (Auto Insurance)
• Gadget protection plan
• Investment plan
• Halal Takaful plan
• School fee guarantee plan
• Goods-in-transit plan
• Home insurance plan
• Life insurance plan
• Annuity plan
• Aviation and Marine insurance plan
• Mortgage protection
• Term assurance, etc

7. African Alliance Insurance Plc

African Alliance Insurance (AAI) Plc  is a subsidiary of the Munich Reinsurance Company, a world-class reinsurer, charged with the objective of improving the quality of life of their clients. Since its incorporation in May 1960, the company has established a solid reputation for excellent customer service and prompt claims settlement and has been recognized as the most experienced and strongest specialist life assurance office in Nigeria.

African Alliance Insurance Company offer the following plans to its clients:

• Annuity assurance plan
• Term assurance
• Group life assurance plan
• Mortgage plan
• Money appreciation
• Takaful plan
• Savings plan
• Direct debit form plan
• Individual assurance plan
• Investment assurance plan
• Children education plan

As an innovative insurance company that cares about ease of access for its clients, African Alliance Insurance implemented a premium calculator on its site to make it easier for new clients to calculate how much premium they will pay for their chosen plan.

8. Goldlink Insurance Plc

Goldlink Insurance  was incorporated as a private limited liability insurance company in April 1992 and was granted a license to operate as a full-fledged insurance company in September 1993. It later became a public liability company in May 2007 and was thereafter listed on the Nigerian Stock Exchange in February 2008.

Goldlink Insurance Company has its head office in Lagos State, Nigeria with over 16 branches across the country. Established with the desire to achieve a passionate client-centered relationship, Goldlink Insurance has become one of the Indigenously-owned insurance companies in Nigeria committed to building trust and confidence through the delivery of first-class insurance services to their clients.

Among the insurance plans covered by this company include disaster plans, life insurance, and so on. Here is a list of their insurance packages:

• Group life insurance plan
• School safety plan
• Fire and special perils plan
• Compulsory Insurance plan
• Oil & Gas plan
• Engineering Insurance
• General Accident plan
• Individual Life Insurance plan
• Reinsurance plan
• Liability plans plan
• Marine & Aviation plan
• Motor Insurance plan
• Life and pension plan

9. Continental Re-insurance

Continental Reinsurance started operation as a private reinsurance company in 1985, thereafter as a general reinsurer in 1987, and finally as a composite reinsurer in 1990.

As a reinsurer, Continental Reinsurance Company acts as an insurance company for other insurance companies. That is, they assume the risks of the insurance companies registered under them, while those companies cover insurable risks for individuals, organizations, and companies under them.

Aside from being a reinsurer, Continental Reinsurance also ensures individuals and organizations directly. Some of their plans in these categories include;

• Business Insurance plan
• Insurance plan
• Auto Insurance plan
• Home Insurance plan
• Pet Insurance plan
• Marine and aviation plan

Continental Reinsurance offers both life and non-life reinsurance with a well-diversified business mix and customer base. With the aim of becoming the premier pan-African reinsurer, Continental Reinsurance has also panned into other African countries including Cameroun, Kenya, and Botswana.

10. Industrial and General Insurance Plc

Incorporated as a private limited liability company in October 1991,  Industrial and General Insurance Plc (IGI) started with life and general insurance, later including pension and special risks in 1992. The insurance company was registered as a public limited liability company in 2007 and they have since demonstrated exceptional skills and expertise in the areas of oil/energy, marine, aviation, engineering, and industrial risk management.

Their exceptional performance earned the company national recognition in 1996 when it was appointed by the Federal Government as the leading member of a consortium of insurance companies charged with the responsibility of providing insurance to the government-owned Nigerian National Petroleum Corporation (NNPC).

The specific plans include;

• Group Life Products plan
• Mobile Phone Insurance Plan
• Aviation Insurance plan
• Engineering Insurance plan
• General Business Insurance plan
• Health Insurance Plan
• Marine Insurance plan
• Oil & Energy Insurance

11. LASACO Assurance Plc

Lasaco Assurance Plc is known for creating and sustaining a brand that is up to date with technological innovation relevant to the insurance industry with the aim of enhancing customer satisfaction. The company was incorporated in December 1979 under the Companies Decree of 1968, licensed as an insurer in July 1980, and became a public limited liability company in 1991.

With a vision of becoming one of the market leaders in insurance and financial services in Nigeria, LASACO offers a variety of insurance plans including the following;

• Motor insurance plan
• Aviation insurance plan
• Marine insurance plan
• Professional indemnity insurance
• Fire and Special peril insurance plan
• Personal accident plan
• Bond insurance plan
• Money insurance
• Householder’s Insurance plan

12. Allianz Nigeria Insurance

Allianz Nigeria Insurance Plc is a composite Insurance company licensed to cover life and non-life insurance for individuals and organizations alike. It was incorporated in 1993 as Union Assurance Company Inc. and then relaunched as Ensure Insurance Plc in 2016. In 2018, the company was acquired by the Allianz Group and rebranded as Allianz Nigeria Insurance Plc.

The company has remained one of Nigeria’s leading insurers and asset managers with over 92 million retail and corporate customers together. They offer the following insurance packages;

• Car/auto insurance plan
• Education insurance plan
• Life insurance
• Home Insurance
• Aviation Insurance
• Group Life Assurance
• Burglary Insurance
• Group Personal Accident Insurance
• Fidelity Guarantee
• Public Indemnity Insurance
• Goods in Transit Insurance
• Professional Indemnity
• SME Insurance

13. Consolidated Hallmark Insurance Plc

Consolidated Hallmark Insurance (CHI) Plc is one of Nigeria’s leading insurance companies that is determined to change the way Nigerians view insurance generally. Following a merger in 2007, the insurance company emerged as one of the top ten general business and special risk insurance underwriters in Nigeria in the same year.

Consolidated Hallmark Insurance has continued to make the insurance experience better and much more interesting to its customers. Below are some of their insurance packages;

• All Risks Insurance
• Goods-In-Transit Insurance
• Motor 3rd Party Insurance
• Motor Comprehensive Insurance
• Personal Accident Insurance
• Bonds Insurance
• Consequential Loss Insurance
• Contractors-All-Risk
• Machinery Breakdown Insurance
• Marine Insurance
• Money Insurance
• Plant-All-Risk Insurance

14. FBN Insurance Plc

FBN Insurance Plc  is an insurance company affiliated with First Bank Nigeria Plc. It is a member of the Sanlam Group, a leading, diversified pan-African financial service group. The affiliating company, Sanlam based in South Africa, is also the largest insurance company in Africa (2019).

FBN Insurance commenced operations as an insurance company in September 2010 and was shortly incorporated in October. Due to their practice of excellence in the delivery of insurance services, the company won the best life insurance company award in Nigeria, in the World Finance Awards in 2014 and 2016. They have continued to provide excellent insurance services for retail and corporate registrants.

Below are some of the insurance plans.

• Credit Life Assurance Plan
• Group welfare plan
• Keyman assurance plan
• Mortgage protection plan
• Welfare protection assurance plan
• Educational insurance plans
• Personal retirement plan
• Savings plans

15. Great Nigeria Insurance Plc

Great Nigeria Insurance Plc  started in 1960. Its head office is located in Ikoyi, Lagos, Nigeria and has several regional branches and offices across the country. They focus on enhancing insurance service delivery and customer satisfaction. Below are some of their insurance packages.

• Group personal accident insurance
• Individual life products
• Non-life/general insurance
• Burglary and housebreaking insurance
• Auto insurance
• Marine insurance
• Plant all-risk plan
• Contractors’ all-risk plan
• Workmen’s compensation insurance
• Professional indemnity
• Oil and Gas/Special risk insurance

16. Guinea Insurance Plc

Guinea Insurance Plc is known for its exceptional competence in the delivery of customer-centered insurance services and record-breaking innovation. The company was established in 1958, the same year it was incorporated as a public limited liability company.

They offer non-life and special risk insurance for businesses but do not offer life insurance. Below are some of their packages.

• Fire and special perils
• Burglary/theft insurance
• All-risk insurance
• Workmen’s compensation insurance
• Personal and group accident insurance
• Motor insurance
• Public liability insurance
• Bond insurance
• Contractors all-risk insurance
• Erection all-risk insurance
• Machinery breakdown insurance
• Marine cargo insurance
• Marine hull insurance
• Fidelity guarantee insurance
• Aviation insurance
• Consequential loss insurance
• House owners/householders insurance
• Professional indemnity plan
• Electronic equipment insurance
• Goods-in-transit insurance
• Plant all-risk insurance
• Home shield insurance

17. Law Union & Rock Insurance Plc

Law Union & Rock Insurance Plc was established in 1951 with the vision of becoming one of Nigeria’s leading insurers of choice. It is recognized for its professional competence, financial strength, and performance even to the present date.

They offer twenty-five insurance packages including:

• Burglary insurance
• Fire Insurance
• Householders & owners plan
• Comprehensive insurance
• All Risk Insurance
• Oil & gas insurance
• Legal liabilities insurance
• Cargo insurance
• Onshore property insurance
• Business interruption plan
• Construction insurance

The company is purely indigenous both in origin and area of operation. Combined with their high customer satisfaction experience, Law Union & Rock Insurance is a great choice for Nigerians.

18. NICON Insurance Ltd

NICON Insurance Limited is one of Africa’s leading insurers. It was originally owned by the Federal Government of Nigeria, established by Decree No.22 of 1969. It was later privatized as NICON Insurance in December 2005 consequent upon the second phase of the Federal Government Privatization Policy.

Their major objective involves assisting in the development of the insurance industry in Nigeria and also ensuring that Federal Government assets are fully protected by insurance. Here are some of their packages;

• Fire insurance
• General accident insurance plan
• Special product insurance
• Pension plans
• Oil and Gas
• Car engineering insurance
• Re-insurance

19. Niger Insurance Plc

Niger Insurance Plc  (formerly Yorkshire Insurance Company) was established in August 1962 as a specialist life insurance company. The management team comprises highly trained and competent professionals with advanced management and technical skills in the area of insurance and finances. They aim to become one of the top three insurance companies in Nigeria by market shares.

Niger Insurance Pls has continued to excel in innovation, value addition, transparency, reliability and affordability. Here are some of their insurance plans;

• Niger immediate annuity plan
• Educational endowment assurance
• Mortgage protection assurance
• Niger cash plan
• Niger flexible investment assurance plan
• Niger Mutual Halal plan
• Personal pension & savings plans
• All Risk Insurance plan
• Aviation hull and liability insurance
• Boat travellers’ insurance plan
• Boiler & pressure vessel insurance plan
• Consequential loss insurance plan
• Contractor all-risk insurance plan
• Employers liability
• Fidelity guarantee insurance plan
• Fire and special perils insurance plan
• Goods-in-transit insurance plan
• Householder comprehensive insurance policy
• Machinery breakdown insurance policy
• Marine cargo insurance plan
• Marine hull insurance plan
• Money insurance plan
• Oil and gas insurance plan
• Overseas traveller insurance plan
• Plant all-risk insurance plan
• Product liability insurance
• Professional indemnity insurance plan
• Public liability insurance policy

20. Nigeria Deposit Insurance Corporation(NDIC)

Nigeria Deposit Insurance Corporation  is an independent agency of the Federal Government of Nigeria. The objective of the deposit insurance system is to protect depositors and guarantee payment of insured funds in the event of failure of financial institutions(banks) where the funds were deposited.

21. Capital Express Assurance Ltd

Capital Express Assurance is considered one of the fastest-growing life assurance companies in Nigeria. It has a formidable reinsurance treaty with the African Reinsurance Corporation and they focus on creating a system of excellent design and effective management in the area of insurance.

Alongside a robust life insurance portfolio for individuals and organizations (government agencies/parastatals, multinationals, military/paramilitary, hospitality organizations, etc), they cover the following plans;

• Target savings plan
• Universal life assurance plan
• Flexi-3 plan
• 3-payment plan
• Protection Plan
• Credit life assurance plan
• Mortgage assurance plan
• I-Care plan
• Students and teacher welfare insurance schemes

22. Linkage Assurance Plc

Linkage Assurance Plc  was incorporated in March 1991, licensed for non-life insurance services in October 1993, and then merged with Central Insurance Company Ltd as part of the recapitalization reforms of the Federal Government of Nigeria. Following this merger in 2007, Linkage Assurance has become dedicated to enhancing quality performance and customer satisfaction.

Their plans include the following:

• Automobile insurance
• Property insurance
• General accident plan
• Liability group plan
• Compulsory insurances
• Marine & aviation insurance
• Engineering insurance
• Estate insurance plan
• Citadel shield plan
• Shop Comprehensive plan
• SME comprehensive plan
• Online insurance

23. Nigerian Insurers Association(NIA)

The  NIA  is not an insurance company in the sense of the others listed above. It was established in 1971 as an umbrella organization for all insurance companies in Nigeria with the responsibility of interacting with them and giving all the insurance companies in Nigeria a common voice.

The NIA has contributed to legislation and decisions made by the Government and public authorities to the best interests of the insurance companies in Nigeria and the national economy in general. It also organizes conferences, seminars and other events for insuring members, as well as publishes books and journals relevant to the insurance industry.

It is relevant for managers and owners of insurance companies in Nigeria, and if you are such an individual, it might be necessary for you to enlist your insurance company under the Nigerian Insurers Association.

Final words

The above list is not exhaustive but these are some important insurance companies in Nigeria you should know about. Even though insurance is adopted by only a few people in the country today, it is never a wrong decision to get your property, life, or business insured.

Also, health insurance is also provided by several HMOs within the country. Read here to see the list of HMOs in Nigeria and what they offer.

Prosper Yole (MD)

Prosper Yole is a medical doctor, a seasoned writer and passionate blogger. He is the founder of Knowseeker.com. With many years of trials, failure, and near successes in areas of relationship, health, business & entrepreneurship, personal development, and content writing, he creates quality content that resonates well with his audience across the entire internet.

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Best travel insurance plans for 2024: a unique and comprehensive list for travelers from international citizens insurance.

Including the Best Plans for Seniors, Global Nomads, Visitors to the USA, Pets, Adventure Sports Addicts and More

BOSTON, MA / ACCESSWIRE / May 2, 2024 / International Citizens Insurance, a leading international insurance broker, has announced the best travel insurance plans for 2024 summer travel. As the cost of airfare and hotels continues to rise along with the increase in flight delays and cruise cancellations, this list could not have come at a better time for travelers looking to protect their travel plans and their finances.

"This summer's travel season promises a high level of demand, increasing costs, and a strong potential for travel disruptions due to political unrest, weather, and other factors," said Joe Cronin, President of International Citizens Insurance. "Our clients want travel insurance they can trust to help them if they suffer a cancellation, a medical emergency, lost luggage, a natural disaster, or have to change plans due to unforeseen events. With this list, they will be able to find the best overall travel insurers as well as the right plans for their individual needs."

International Citizens Insurance judged each company and plan on six key criteria: the user-friendliness of their site, the ease of policy purchase, the number of countries plans are offered in, how extensive the benefits are, the ease of making a claim and the quality of the company's customer service. The most trusted insurers include WorldTrips , who made history as one of the first insurers to offer plans for purchase over the internet; GeoBlue Travel Insurance , which supports seniors with coverage for people up to 84 years old; and Trawick International, which offers coverage for over 500 adventure sports activities.

To help customers find the best insurance for their specific needs, International Citizens Insurance has also identified the best insurance for several use cases, including Cancel for Any Reason (CFAR) insurance, travel medical plans, and insurance with coverage for pets. International Citizens Insurance has also identified the best plans for clients with special needs, including seniors, missionaries and volunteers, U.S. citizens abroad, and digital nomads.

In today's unpredictable world, travel insurance has become the most essential accessory for any international traveler. Travelers want trip cancellation insurance to protect their trip and travel medical insurance plans to protect their health. But with so many companies out there, which ones can you trust?

Learn more about the best travel insurance companies at https://www.internationalinsurance.com/travel-insurance/best-companies.php .

About International Citizens Insurance

International Citizens Insurance is the insurance division of International Citizens Group. We provide educational content, reviews, and unique comparison engines that enable travelers and expatriates to research, quote, compare, and purchase global life, travel, and international health insurance from various carriers.

Contact Information

Joe Cronin President [email protected] 617-500-6738

Andrew Blomberg Vice President, Global Group Benefits [email protected] (339) 221-5190

SOURCE: International Citizens Insurance

View the original press release on newswire.com.

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AIICO Annuitant Verification Exercise

Dear Valued AIICO Insurance PLC PENCOM Regulated Annuity Customers,    AIICO Insurance PLC is committed to ensuring the utmost security and accuracy in disbursing annuity benefits to our esteemed annuitants, including yourself. As part of our data protection and clean-up initiative, we are pleased to inform you about an imminent Annuity Proof of Life exercise. 

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Top insurance firms’ claims payment jumps 18% to N142 billion in 2023  

Leading insurance companies in Nigeria paid N141.761 billion in claims in the financial year of 2023, compared to N120.563 billion in 2022, representing a growth of 17.58%.  

The high claims have impacted the premium growth rate of insurance firms, with economic challenges, inflation, and fraudulent claims being contributing factors.  

This is according to data compiled by Nairametrics from the financial reports of AIICO Insurance Plc, Prestige Assurance Plc, NEM Insurance Plc, AXA-Mansard Plc, Mutual Benefits Assurance Plc, Cornerstone Insurance Plc, Consolidated Hallmark Insurance Plc, Coronation Insurance Plc, all of which are among the largest insurance companies quoted on the Nigerian Exchange.  

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The insurance companies also earned a total of N389.493 billion in gross premiums during the period under review, compared to N291.923 billion in 2022.  

 What this means is that the insurance companies paid 39.40% of their premium as claims expenses compared to 41.29% in the same period last year, a marginal decrease of 1.89%.  

The high claims recorded by insurance firms in recent years have affected their premium growth rate.  

Economic challenges  

Throughout the year, economic challenges, including limited access to foreign exchange, intensified, further compounded by ongoing security issues within the country.   

The inflationary pressures significantly strained the finances of many Nigerian households. This environment exacerbated the existing challenges encountered by insurance companies operating in Nigeria.   

Additionally, the devaluation of the Naira and soaring energy costs added to the hurdles faced by these insurance firms in the country.  

Nigerian insurance companies and their claims   

Highlighted below are the eight Nigerian insurance firms by claims, based on published financial statements.  

Prestige Assurance Plc- N7.223 billion  

Prestige Assurance Plc reported a claim payment of N7.223 billion in 2023 from N8.819 billion reported in 2022, accounting for a drop of 18%. Its gross premium stood at N14.842 billion in 2023, a 19.27% increase over the N12.444 billion reported in 2022. Notably, 48.67% of its total gross premium written was incurred on claims in the nine-month period.  

However, the company reported a profit after tax of N1.772 billion in 2023, a 211.97% increase from N568 million recorded in 2022.  

NEM Insurance Plc – N9.357 billion  

NEM Insurance followed with a net claim payment of N9.357 billion in 2023 from N6.188 billion recorded in 2022, an increase of 51.21%. Similarly, the gross premium written for the period was N62.949 billion as against N33.364 billion in the corresponding period of 2022, a year-on-year increase of 88.67%.  

This indicates that the company paid 14.86% of its gross premium income as claims.  

NEM Insurance reported a profit after tax of N18.502 billion, a 252.22% increase from N5.253 billion posted in 2022.  

 Mutual Benefits Assurance Plc – N12.700 billion  

Mutual Benefits Assurance Plc recorded net claims of N17.065 billion in 2023, a 16.08% increase compared to N14.701 billion incurred in the corresponding period of 2022. The insurance firm recorded a gross premium of N44.580 billion from N33.481 billion in 2022, accounting for a growth of 33.15%.  

What this means is that the company paid 38.28% of its gross premium income as claims in the period. 

AXA Mansard Plc – N39.697 billion

AXA Mansard paid a whopping claim of N39.697 billion during the financial year 2023 as against N31.423 billion in 2022 an increase of 26.33%.  

Its gross premium stood at N82.359 billion in the review period from N69.445 billion in the comparable period 2022, representing an increase of 18.59%.  

Notably, 48.19% of the gross premium was spent as net claims in the review period.  

The insurance firm, buoyed by net exchange gain, reported a 436.82% growth in net earnings to N14.097 billion for 2023 from N2.626 billion recorded in 2022.

AIICO Insurance Plc – N37578 billion

AIICO Insurance Plc saw its claims rise to N52.303 billion in 2023 from N46.701 billion in the same period of 2022, which is a growth of 11.99%. Its gross premium rose by 24.74% to N110.119 billion from N88.276 billion recorded in 2022.  

Meanwhile, 47.49% of its gross premium was used as claims during the review period.  

The company recorded a 53.44% increase in profit after tax to N8.602 billion in 2023 as against N5.606 billion posted in 2022.  

Others include  

• Cornerstone Insurance Plc: N5.838 billion (2022 N4,945 billion) +18.05%  
• Coronation Insurance Plc: N5.778 billion (2022 N3,333 billion) +73.36%  
• Consolidated Hallmark Insurance Plc: N4.500 billion (2022 N4.453 billion) + 1. 05%  

What operators are saying   

The Managing Director of Tangerine General Insurance Plc, Mr Mayowa Adeduro, reacted to the development in an exclusive chat with Nairametrics.  

He said that the sustainable high claims were due to the incidences of the economic downturn which made people ask for claims even for minor things.  

 He noted that people’s maintenance culture has gone down due to the high cost of living spiked by inflation.   

Adeduro said the impact of inflation has made the number of claims go higher. Inflation is a factor because prices of imported items have jumped due to a hike in the exchange rate, affecting the maintenance culture in Nigeria, he noted.  

“Disposable income has gone down, and people are struggling to maintain what they have. For instance, if vehicles are not maintained very well and an accident occurs, the insurance firm will still pay the claims.   “Social vices such as armed robbery, kidnapping, setting houses ablaze, among others, are on the increase. All of these are having a negative economic impact on the economy. Due to economic hardships and fraud, insurance claims are also on the rise. There are incidences where some people set their houses ablaze and come for insurance claims.     “Low maintenance culture, job infidelity, theft of goods on transit, and breakdown of vehicles on the roads due to bad roads, all combined to help spike the increase in claims,” Adeduro said.  

Speaking at an Annual General Meeting held in Lagos, Adetola Adegbayi, Chairman of the Nigeria Liability Insurance Pool, said that hyperinflation has significantly increased living costs and insurance claims in Nigeria due to high dependence on importation.  

 She noted that the incidence of fraudulent claims is also on the increase due to the impact of inflationary trends and unemployment.  

“To abate this, the industry is advised to be proactive and more dynamic in its claims management, especially with the increased cover granted under the motor policy due to recently released rate review guidelines.   “The need for the industry to be more dynamic and pro-active in its claims management and administration is therefore of the essence,” Adegbayi stated.  

Chris is a Senior Financial Analyst at Nairametrics Advocates Limited with over a decade stint in active journalism and public relations practice.

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Most of these insurance companies are becoming dubious these days and this may spell doom for the industry. My life assurance with African Alliance has matured since last year September and up till now I have not been paid. Is that an encouragement or discouragement?

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