A refund will be to individual members who had AXA Health standalone travel insurance plan with us at some point between 1 September 2020 and 31 December 2021.
Our travel subscription costs are based on the expected use of our policies. Because our members haven’t been able to travel as much in the last couple of years, due to the pandemic and the Government’s travel restrictions, we anticipated lower claims. We wanted to do the right thing by you and decided to offer a partial refund in proportion to your premiums paid.
During the pandemic, there have been periods when Travel customers may have received less value from their plan than in previous years. We reviewed premiums and claims in 2020 and 2021 to derive a refund that ensures the Travel product represents fair value.
You received a partial refund due to the fact that some plan benefits have been available to use throughout the pandemic. We do also have operational costs to keep your plan valid.
During this pandemic there have been periods where travel has been allowed. As long as this travel was within government guidelines, all of the plan benefits detailed in your handbook have been available. This includes benefits for travel cancellation, curtailment and full cover for medical care while abroad. Members who have found themselves abroad for longer than expected have also had full cover and support from us.
The premium you pay us includes IPT, which we pass to the Government. This tax must be paid on all insurance policies, unless you live in an exempt area such as the Isle of Man. The refund of IPT is in proportion to the refund of your premium.
Our policies run on an annual basis, with claims invoices sometimes delayed until the following year. We needed time to best assess the impact of the pandemic on travel cover and usage.
A gift card for £25 was previously provided to individual standalone travel members who held continuous travel cover with us during 2020 and 2021. If members took advantage of the opportunity to cancel their plan during this period and later re-joined, then they would not be eligible for a gift card. Members covered under a corporate policy were also not eligible for the gift card or a partial refund of the premium - these polices are priced and charged to companies in a different way to travel policies sold to members directly.
No, your premiums will not increase to pay for the refund. A number of factors can cause premiums to increase annually, such travel and medical claims made, age and medical inflation, costs of advances in technology, new treatments, healthcare delivery and usage.
If your refund is below our minimum amount for payment, we’ll donate it to charity. The minimum amount for payment is £2 by Direct Debit, or £5 by cheque per policyholder. We set these amounts to recognise the processing costs we incur. For all these small refunds, we committed to making a meaningful donation, which will be split equally between Maggie’s and Cancer Research UK charities. We’ll keep you updated on the final donation on this website