Bali stabbing incident highlights often overlooked value of travel insurance

Bali stabbing incident highlights often overlooked value of travel insurance | Insurance Business Australia

Travel

Bali stabbing incident highlights often overlooked value of travel insurance

Insurer leaves reminder – balance between adventure and safety

Travel

By
Roxanne Libatique

A recent incident involving two Australians in Bali underscores the critical importance of travel insurance – a cautionary tale you can share with your clients.

A PerthNow report revealed that the individuals, who were subjected to a violent attack, faced severe physical injuries and were left with substantial medical bills, totalling at least $65,000 combined for necessary surgeries.

This situation was compounded by the fact that they had not purchased travel insurance prior to their trip, a decision that resulted in significant financial strain.

Despite the financial challenges, a whopping 91% of respondents indicated intentions to travel either domestically or internationally within the next 12 months.

However, the report noted a growing concern over cost-effective travel planning. A notable concern from the SCTI survey was the inclination to forego travel insurance as a cost-saving measure, potentially affecting over 2.4 million Australians. This trend is particularly pronounced among younger travellers, posing significant risks

The case of the Australians in Bali serves as a poignant reminder of how quickly situations can change, and the potential financial and health implications of travelling without insurance. Medical treatment abroad can be expensive, and, without insurance, individuals may face the difficult choice between incurring large debts or forgoing necessary treatment.

“We know how tempting it might be to skimp on travel insurance to save a few dollars, but we’d encourage everyone to ensure they take out travel insurance regardless of where they’re travelling. Overseas medical bills can be in the tens of thousands, occasionally the hundreds. It’s simply not worth the risk,” SCTI CEO Jo McCauley said in a recent statement.