Thanks to the recent, albeit late, snowfall across Europe, this year will be another successful ski season and a potentially lucrative market for selling travel insurance.
Due to the nature of a skiing holiday, and that many of the risks are specific to a winter environment, customers need to invest in a policy with both specialist cover and expertise. Equally, for an insurer, it is important to partner with assistance and claims companies that understand these specific risks and can manage their exposure more effectively.
A standard single trip policy is unlikely to cover winter sports and may often exclude spontaneous activities such as tobogganing, ice-skating and even reindeer sleigh rides! Ski travel insurance offers tailored cover and the premiums reflect these risks as well as the potential increased costs of heli-evacuation, the prevalence of private medical services in resort and the increased injury and liability risk. On the positive side, those on a winter sports holiday tend to be fitter and less prone to illness, somewhat reducing cancellation and medical claims costs.
Skiers tend to be creatures of habit, wanting the adrenaline rush that the sport can deliver in buckets, and knowing what they want from their insurance cover. They already know that the cost of ski equipment, whether hired or owned, can be expensive, as can replacing lift passes. They know that the weather can impact their holiday, whether it is through too much or too little snow. They know that, whilst low risk, an avalanche can blockade their resort and that they need cover in that event, whether they are in or outside the resort at the time. More importantly, they know that there is greater risk on the slopes than on the beach so travel insurance is more of an essential trip purchase.
But despite this, many skiers do not purchase the correct level of cover for their needs. A standard single trip policy is unlikely to cover winter sports, so a winter ski add-on must be purchased with the policy. For example, a specialist like Columbus Direct offers winter sports coverage with standard cover for ski and snowboarders that suits most grades of traveller. Still, winter sports policies often exclude spontaneous activities such as going off-piste (especially outside of the resort boundaries or without a guide), tobogganing, ice-skating and even reindeer sleigh rides! Not to mention that many skiers are unaware that consuming excessive amounts of alcohol during lunch at the mountain restaurant will render their policy invalid, as well as putting them at a greater risk of having an accident.
Offering additional services alongside the cover may also help insurers to not only gain the loyalty of existing customers but also generate new business. For example, Complete Ski offers an iPhone app covering 22 top ski resorts in Europe and North America that lets a skier quickly find out what’s located near their resort.
Written by Greg Lawson, Head of Retail at Columbus Direct
