The History of Travel Insurance

travel-historyIt oftentimes seems that the existence of travel insurance could not be more than a hundred or so years old. After all, there were not that many car owners before 1900, and there were not many people who traveled overseas. The fact is that insurance, general and travel, has been around for thousands of years. Trip and travel insurance has changed a lot over the years.

The concept of trip insurance is that a person pays a small amount of money to a specific institution in return for protection of financial loss should some undesired event take place while on a trip. This includes the traveler getting sick overseas, the traveler being a victim of a crime as well as many other circumstances that could take place.

The first insurance policies were signed thousands of years before the Common Era and involved merchants from Mesopotamian paying operators of caravans to protect their goods from being stolen or damaged. This was basically trip insurance for their luggage. Later, in 1750 BCE, the first maritime insurance was created. This provided insurance against the loss of hull and was protection against the loss of cargo.

Queen Elizabeth I gave the rights to build an insurance office to Richard Chandler in 1574. Later in 1601, legislation recognized the Assurances Act which basically stated that losses on ships or loss of the ships should be protected with insurance.

Benjamin Franklin began the Philadelphia Contributionship for the Insurance of Houses from Loss by Fire during the years of the industrial revolution.

In the United States, James Batterson opened the world’s very first insurance agency for travel in April, 1864. It was called The Traveler’s Insurance Company. The goal of the company was to give  traveler’s insurance against theft and accidents while traveling. Since then, the insurance industry for travel has gone through many changes, and today there are many more risks in which a traveler can take out an insurance policy for travel.

Health travel insurance is important because medical expenses are very costly today. Many people found themselves in debt because they had no insurance for traveling. If they went on a sporting holiday with many risks involved, it was dangerous to go without insurance. If a person was caught in a blizzard on a ski slope while traveling and their ski lessons got cancelled, they could recoup their money for lessons paid for if they had insurance.

AXA Assistance USA

Posted by on Nov 5, 2017 in Travel Insurance Company Reviews | 0 comments

AXA Assistance USA

AXA does business under the AXA Assistance USA brand in the United States. They are underwritten by American Modern Home Insurance, which is rated A+ (Superior) by A.M. Best.

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April Travel Protection

Posted by on Nov 5, 2017 in Travel Insurance Company Reviews | 1 comment

April Travel Protection

April International does business under the April Travel Protection brand in the U.S. They are underwritten by American Modern Home Insurance, which is rated A+ (Superior) by A.M. Best.

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IMG (International Medical Group)

Posted by on Nov 4, 2017 in Travel Insurance Company Reviews | 1 comment

IMG (International Medical Group)

IMG is an established player in the travel medical space. They are owned and underwritten by Sirius International Insurance Group and have been in business since 1990.

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CSA Travel Protection

Posted by on Apr 21, 2015 in Travel Insurance Company Reviews | 3 comments

CSA Travel Protection

CSA Travel Protection is an established global player in the travel insurance industry. They are underwritten by Generali U.S. Branch. CSA Travel Protection has been in business since 1991.

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World Nomads

Posted by on Jan 20, 2015 in Travel Insurance Company Reviews | 2 comments

World Nomads

World Nomads is an insurance company specializing in providing coverage to travelers worldwide. With travel insurance offerings in more than 150 countries, it has some of the most extensive reach of any company in the industry.

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RoamRight

Posted by on Dec 22, 2012 in Travel Insurance Company Reviews | 11 comments

RoamRight

RoamRight is a travel insurance company founded by experts with a combined experience of more than 60 years in the industry. They offer customizable plans to protect you while traveling with competitive pricing and coverage.

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Travelex Insurance

Posted by on Apr 25, 2012 in Travel Insurance Company Reviews | 11 comments

Travelex Insurance

Travelex has over 55 years of experience in the travel insurance business and is a leading provider of travel protection. Their travel protection plans offer a variety of features, benefits and emergency assistance services.

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Allianz Global Assistance

Posted by on Apr 25, 2012 in Travel Insurance Company Reviews | 12 comments

Allianz Global Assistance

Allianz Global Assistance is a travel insurance company that has always believed in fair prices for their insurance plans. They offer affordable insurance with services that are essential to those who travel abroad.

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Travel Guard

Posted by on Feb 22, 2012 in Travel Insurance Company Reviews | 18 comments

Travel Guard

Travel Guard has been around for more than 20 years. They are the leading travel insurance provider in the United States. They have thorough travel insurance plans that are sent to about 15,000 travel companies throughout the world.

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Travel Insured International

Posted by on Apr 23, 2011 in Travel Insurance Company Reviews | 8 comments

Travel Insured International

Travel Insured International is one of the top trip insurance providers and has been offering solid insurance plans for decades. Their trip protection plans are a combination of comprehensive coverage and financial prudence for travelers.

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