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When should your clients buy travel insurance?

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When should your clients buy travel insurance?

An expert from Aon Affinity Travel Practice breaks it down

Beth J. Harpaz, The Associated Press on July 26, 2018

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When you book flights online, you’re typically prompted to buy travel insurance. Same with cruises and tours.

Should you buy the insurance? What will it cover? Equally important, what won’t it cover, and when might it not be worth your while?

Read: Canadians don’t have a good understanding of travel health coverage

The AP Travel podcast “Get Outta Here!” got the answers to these and other questions from Beth Godlin, president of Aon Affinity Travel Practice. Aon, a global insurance broker that represents insurance companies, creates specialized travel products, including insurance policies sold by cruises, tour operators and certain online booking sites.

Excerpts from the podcast interview:

TRAVEL INSURANCE: WHAT IS IT GOOD FOR?

Typically travel insurance protects your financial investment in your trip, to “cover penalties and extra costs you would incur” if you couldn’t take your trip or if your trip was interrupted, Godlin said.

Read: Blockchain could affect info sharing in P&C industry, travel claims payments: InsurTech TO

For example, say you need to cancel a trip or head home early because of a death in the family or because a hurricane is headed to your beach destination. This type of insurance reimburses prepaid expenses – flights, tours, hotel – as well as expenses incurred because the trip was interrupted, like rebooking fees for new flights. This type of insurance also covers additional costs incurred if your trip is delayed – for example, you miss a connection because of a storm and need to stay overnight in a hotel before catching the next flight out.

Another type of travel insurance offers health benefits, typically providing “gap coverage for emergency medical expenses and also medical evacuation.”

Read: Cancellation insurance for space tourism

A third category protects “your stuff,” Godlin said, meaning whatever you bring with you or pack that’s not covered by existing insurance, in case of loss, damage or theft.

WHEN WOULDN’T YOU BUY INSURANCE?

Buying insurance should be based on potential losses and what you can afford to lose.

If you’re staying in a hotel that won’t charge you if you cancel, or you’re taking a trip booked with miles but you can get the miles back with no penalty if you cancel, you don’t need insurance because your losses would be zero.

But if you stand to lose your investment should you cancel, can you live with that risk?

Typically, insurance costs 6% of the cost of a trip. So for $60, you can insure a $1,000 trip. What’s your comfort level on the money? Would you rather spend the extra $60 and know that you’re covered? Or can you live with the possibility that if the trip falls through for some unforeseen reason, you could lose most of what you spent on flights and other nonrefundable components?

“You have to do the math,” Godlin said. “What’s the penalty versus what would be the cost to insure it?”

EXCLUSIONS AND TIMING

Risk assessment is also a factor. If you’re planning now for a Caribbean trip in September, that’s prime hurricane season. Insurance would mitigate potential financial losses if a storm disrupted or caused the cancellation of your trip.

Read: 2017 was the costliest year on record for weather disasters: Aon Benfield

But you cannot get insurance to cover specific problems that already exist. So if your trip starts Friday, and a storm is already headed to your destination, it’s probably too late to buy insurance.

“Insurance is designed to protect the unforeseen,” Godlin said.

Similarly, if a family member was just admitted to the hospital, it’s probably too late to buy insurance to cover the possibility that you’ll have to cancel a planned trip if that person’s condition worsens. Godlin advises calling the insurer and asking if reimbursement would be offered in that scenario, “or is that an exclusion.”

Buying insurance when you book your trip is the best way to assure your claims will be covered, but many policies can be purchased until the day before the trip. That said, of course, you can’t sprain your ankle on Monday, buy insurance on Tuesday and cancel the trip om Wednesday.

Typically, exclusions – things not covered by insurance – include pre-existing medical conditions (though you might be covered if your medical condition has been stable and there’s an unexpected, new complication) and work-related issues (a last-minute deadline that the boss can’t handle without you).

Read: The terrorism talk

One option that covers every scenario: cancel-for-any-reason insurance. That gives you flexibility to just say, “it’s just not a good time for me to go,” Godlin said. Typically, though, that type of insurance only reimburses 75 per cent of your cost rather than the 100 per cent with other types of policies.

TERROR ATTACKS

What if a terror attack unfolds somewhere and you’re feeling so nervous that you want to stay home? If the attack shuts down the city you’re headed to, you may be covered. But if the attack is in a provincial capital and you’re heading to a different region, you probably can’t make a case for an insurance claim unless you have cancel-for-any-reason insurance.

And if insurance doesn’t cover your situation, or you don’t have insurance, it’s always worth contacting the airline, hotel or tour operator. Sometimes travel providers are sympathetic to individual problems or when the public feels skittish following a major event. Even if you can’t get a refund, you might get credit toward a future trip.

Canadian Insurance Top Broker is now on Facebook (facebook.com/TopBrokerMag) as well as LinkedIn (linkedin.com/company/citopbroker) and Twitter (twitter.com/CITopBroker). Follow us for easy access to the top P&C news you need to know.

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NY Online Sports Betting Bill Calls For Up To 14 Sportsbook Apps

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Gov. Andrew Cuomo‘s proposed New York sports betting model lacks support from two lawmakers who have pushed for online gambling in the state.

Sen. Joe Addabbo Jr. and Assemblyman Gary Pretlow released their 2021 NY online sports betting bill Thursday evening, though it looks a lot like their previous attempt.

The biggest difference is the bill calls for two skins per licensee instead of one each. There are four commercial casinos and three tribes that run casinos in New York that could offer online sports betting.

That would likely create a much more robust market in terms of handle but tax revenue could fall well short of what Cuomo expects from a lottery-style monopoly.

New York sports betting bill details

Many of the details in the jointly-filed S 1183 and A 1257 are similar to the 2019-20 version of Addabbo and Pretlow’s bill:

  • A one-time, $12 million fee is required for anyone operating a mobile sportsbook in the state.
  • Mobile sports betting revenue will be taxed at 12%. The state will set aside 5% of that tax revenue for problem gambling.
  • Official league data is still required for all in-play bets. The bill also calls for a royalty fee of 0.2% of handle to be paid to sports leagues. Assuming sportsbooks hold about 5% of bets, that means about 4% of sports betting revenue to the leagues.
  • Professional sports stadiums and arenas as well as off-track betting facilities can partner with a casino to have betting kiosks on-site.

The bill summary suggests $79 million in annual revenue to the state based on “conservative market estimates.” That might not be good enough for Cuomo, though.

Cuomo expects how much?

Gov. Cuomo has much higher expectations for what the state should make from sports betting.

The US sports betting industry was surprised to wake up Wednesday to find Cuomo had changed his stance on mobile sports betting. The excitement felt throughout the industry quickly turned to jokes, though, when the governor described his plan during the Q&A portion of his coronavirus press conference:

“We want to do sports betting the way the state runs the lottery where the state gets the revenues. Many states have done sports betting but they basically allow casinos to run their own gambling operations. That makes a lot of money for casinos but it makes minimal money for the state, and I’m not here to make casinos a lot of money. I’m here to raise funds for the state.”

Budget Director Robert Mujica explained that the standard sports betting model would net New York about $50 million a year in tax revenue. But a single-operator monopoly could bring in $500 million annually, Mujica said. We won’t know any other details of the proposal until Cuomo releases his budget.

Assuming a 50-50 revenue split and a 5% hold, New York’s sports betting market would have to take $20 billion in bets annually to make the state $500 million. That’s not impossible for any of the “crown jewel” states like California, Florida, New York and Texas.

It won’t happen in year one, though, and could take significantly longer to reach those heights under a monopoly.

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Global Online Gambling Market (2020 to 2027) – Size, Share & Trends Analysis Report

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Dublin, April 22, 2020 (GLOBE NEWSWIRE) — The “Online Gambling Market Size, Share & Trends Analysis Report by Type (Sports Betting, Casinos, Poker, Bingo), by Device (Desktop, Mobile), by Region (North America, Europe, APAC, Latin America, MEA), and Segment Forecasts, 2020 – 2027” report has been added to ResearchAndMarkets.com’s offering.

The global online gambling market size is expected to reach USD 127.3 billion by 2027, registering a CAGR of 11.5% from 2020 to 2027. The market is expected to gain traction over the forecast period. The growing popularity of betting across the globe and freemium model in online gambling are among the potential opportunities likely to unfold in the next few years.

Increasing adoption of smartphones and easy access to casino gaming platforms is currently driving the market. Factors such as increasing internet penetration and the availability of cost-effective mobile applications for betting are also expected to contribute to market growth over the forecast period. According to the American Gaming Association (AGA), as of 2018, approximately 2,800 sites are active online and offer activities including bingo, poker, and lottery.

Electronic Gambling Devices (EGDs) are inexpensive to run and easily available. These devices have an in-built software that mimics the experience of a local casino. For instance, a Video Lottery Terminal (VLT) uses advancing technology and can also be customized to electronic slot machines, spinning reel slot machines, video slot machines, and electronic poker games.

The spread of COVID19 has accelerated the demand for online gambling. Moreover, increasing digitalization coupled with secure digital payment options are also some factors contributing to online gambling market growth. The market is further expected to gain momentum over the forecast period attributed to the rising use of digital currency and websites provided by companies for betting and gambling.

Further key findings from the report suggest:

  • Ease of sports betting using a computer or smartphone coupled with the proliferation of sports betting ads across the globe is expected to propel segment growth over the forecast period
  • Online gambling service providers/operators are allowed to enter into agreements with individual players or customers to provide betting services for real money, in turn attracting more gamers
  • A large number of customers are using desktops for betting as downloading and installing casino software proves to be easier on desktops. This, in turn, is expected to propel the growth of the desktop segment
  • Online agencies, networks and exchanges, and third-party ad servers are used for advertising gambling websites of various companies
  • Europe is expected to continue its dominance over the forecast period. In the U.K., online gambling is legalized owing to safe practices and stringent regulations laid down by the government
  • Asia Pacific is anticipated to register the highest growth rate owing to the increased adoption of smartphones, a larger proportion of younger population, and legalization of online gambling in the region. The market size is largely influenced by the size of betting and pertinent outcome
  • Key companies in the online gambling market include William Hill PLC and Paddy Power Betfair PLC.

Key Topics Covered:

1. Methodology and Scope

2. Executive Summary
2.1 Online Gambling Market – Industry Snapshot & Key Buying Criteria, 2016 – 2027
2.2 Global Online Gambling Market, 2016 – 2027
2.2.1 Global online gambling market, by region, 2016 – 2027
2.2.2 Global online gambling market, by type, 2016 – 2027
2.2.3 Global online gambling market, by device, 2016 – 2027

3. Online Gambling Industry Outlook
3.1 Market Segmentation & Scope
3.2 Market Size and Growth Prospects
3.3 Online Gambling – Value Chain Analysis
3.3.1 Vendor landscape
3.4 Online Gambling Market Dynamics
3.4.1 Market driver analysis
3.4.1.1 Increasing investment in online gambling
3.4.1.2 Growing number of live casinos across the globe
3.4.2 Market restraint analysis
3.4.2.1 Increasing rate of cybercrimes
3.5 Penetration and Growth Prospect Mapping
3.6 Online Gambling Market – Porter’s Five Forces Analysis
3.7 Online Gambling Market – Key Company Market Share Analysis, 2019
3.8 Online Gambling Market – PESTEL Analysis
3.9 Impact of COVID 19 on the Online Gambling Market

4. Online Gambling Type Outlook
4.1 Online Gambling Market Share By Type, 2019
4.2 Sports Betting
4.2.1 Sports betting online gambling market, 2016 – 2027
4.3 Casinos
4.3.1 Casinos online gambling market, 2016 – 2027
4.4 Poker
4.4.1 Poker online gambling market, 2016 – 2027
4.5 Bingo
4.5.1 Bingo online gambling market, 2016 – 2027
4.6 Others
4.6.1 Other online gambling market, 2016 – 2027

5. Online Gambling Device Outlook
5.1 Online Gambling Market Share By Device, 2019
5.2 Desktop
5.2.1 Desktop online gambling market, 2016 – 2027
5.3 Mobile
5.3.1 Online mobile gambling market, 2016 – 2027
5.4 Others
5.4.1 Other device for online gambling market, 2016 – 2027

6. Online Gambling Regional Outlook
6.1 Online Gambling Market Share by Region, 2019
6.2 North America
6.2.1 North America online gambling market, 2016 – 2027
6.2.2 North America online gambling market, by type, 2016 – 2027
6.2.3 North America online gambling market, by device, 2016 – 2027
6.2.4 U.S.
6.2.4.1 U.S. online gambling market, 2016 – 2027
6.2.4.2 U.S. online gambling market, by type, 2016 – 2027
6.2.4.3 U.S. online gambling market, by device, 2016 – 2027
6.2.5 Canada
6.2.5.1 Canada online gambling market, 2016 – 2027
6.2.5.2 Canada online gambling market, by type, 2016 – 2027
6.2.5.3 Canada online gambling market, by device, 2016 – 2027
6.3 Europe
6.3.1 Europe online gambling market, 2016 – 2027
6.3.2 Europe online gambling market, by type, 2016 – 2027
6.3.3 Europe online gambling market, by device, 2016 – 2027
6.3.4 U.K.
6.3.4.1 U.K. online gambling market, 2016 – 2027
6.3.4.2 U.K. online gambling market, by type, 2016 – 2027
6.3.4.3 U.K. online gambling market, by device, 2016 – 2027
6.3.5 Germany
6.3.5.1 Germany online gambling market, 2016 – 2027
6.3.5.2 Germany online gambling market, by type, 2016 – 2027
6.3.5.3 Germany online gambling market, by device, 2016 – 2027
6.4 Asia Pacific
6.4.1 Asia Pacific online gambling market, 2016 – 2027
6.4.2 Asia Pacific online gambling market, by type, 2016 – 2027
6.4.3 Asia Pacific online gambling market, by device, 2016 – 2027
6.4.4 China
6.4.4.1 China online gambling market, 2016 – 2027
6.4.4.2 China online gambling market, by type, 2016 – 2027
6.4.4.3 China online gambling market, by device, 2016 – 2027
6.4.5 India
6.4.5.1 India online gambling market, 2016 – 2027
6.4.5.2 India online gambling market, by type, 2016 – 2027
6.4.5.3 India online gambling market, by device, 2016 – 2027
6.4.6 Japan
6.4.6.1 Japan online gambling market, 2016 – 2027
6.4.6.2 Japan online gambling market, by type, 2016 – 2027
6.4.6.3 Japan online gambling market, by device, 2016 – 2027
6.5 Latin America
6.5.1 Latin America online gambling market, 2016 – 2027
6.5.2 Latin America online gambling market, by type, 2016 – 2027
6.5.3 Latin America online gambling market, by device, 2016 – 2027
6.5.4 Brazil
6.5.4.1 Brazil online gambling market, 2016 – 2027
6.5.4.2 Brazil online gambling market, by type, 2016 – 2027
6.5.4.3 Brazil online gambling market, by device, 2016 – 2027
6.6 MEA
6.6.1 MEA online gambling market, 2016 – 2027
6.6.2 MEA online gambling market, by type, 2016 – 2027
6.6.3 MEA online gambling market, by device, 2016 – 2027

7. Competitive Landscape

7.1 William Hill PLC
7.1.1 Company overview
7.1.2 Financial performance
7.1.3 Product benchmarking
7.1.4 Strategic initiatives
7.2 Bet365 Group Ltd.
7.3 Paddy Power Betfair PLC
7.4 Betsson AB
7.5 Ladbrokes Coral Group PLC
7.6 The Stars Group Inc.
7.7 888 Holdings PLC
7.8 Sky Betting & Gaming
7.9 Kindred Group PLC
7.10 GVC Holdings PLC

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CT Governor throws support behind legal betting and igaming

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Giving his State of the State address yesterday (6 January), Lamont said 2020 had been one of the “most challenging and humbling” years of his life, due to the novel coronavirus (Covid-19) pandemic. 

This, he said, had prompted the state to work closely with neighbours such as Rhode Island, Massachusetts, New Jersey and New York to coordinate their response to the crisis. 

Lamont pledged to continue to leverage these relationships as part of Connecticut’s recovery from the pandemic.

He said Connecticut would work with its neighboring states and tribal partners on a path forward to “modernize gaming”, as well as working in the legislature to legalize marijuana. 

“Sports betting, internet gaming, and legalized marijuana are happening all around us,” Lamont added. “Let’s not surrender these opportunities to out-of-state markets or even worse, underground markets.”

His pledge to expand the state’s gambling market comes amid reports that Governor Andrew Cuomo is preparing to relax his stance against mobile wagering in neighbouring New York. 

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