International Travel Insurance

Target Market Determination

Effective Date: 10 November 2021

Version: NIBITTMD-1121

International Travel Insurance

Target Market Determination

Effective Date: 10 November 2021

Version: NIBITTMD-1121

1. About this document

This Target Market Determination (TMD) applies to the product(s) set out in Section 6 and identifies who this travel insurance is designed for. Customers can use this TMD to decide if the insurance product meets their objectives, financial situation and needs. It also outlines the conditions of distribution of this insurance.

The benefits and cover offered by this insurance depend on the plan and options selected. Information contained in this TMD does not constitute personal advice. Customers must assess the cover offered to determine if it is suitable for their circumstances.

2. Target Market for this insurance

Comprehensive Plan – This plan is nib’s most comprehensive level of single trip cover and provides higher benefit limits when compared to the other single trip plans in this TMD.

This is suitable for customers who: This is not suitable for customers who:

Meet the following eligibility criteria:

  • are residents of Australia of any age; and

  • are travelling internationally either one way or return; and

  • are taking a single trip of up to 12 months duration within the next 18 months.

Have the following objectives that are met by the key attributes of this product:

  • seek protection from financial loss as the result of specific defined unforeseen events, that may be incurred prior to or whilst travelling. For example, this plan can protect a consumer against financial loss for:

    • overseas medical expenses incurred as a result of injury or illness;

    • defined trip cancellation events, before and while they travel;

    • accidental loss, theft or damage to luggage and personal effects; and

    • some Coronavirus related events.

  • may want cover for and agree to undertake a medical screening for any existing medical condition(s) that does not meet the criteria for automatic cover.

  • want access to assistance during their trip for guidance, support (even when losses may not be covered by the policy) and general policy and coverage information, as they would not likely have specialist resources readily available to them.

  • do not wish to pay an additional premium for this cover to apply to travel by ocean cruise.

  • may want to tailor cover to be more suited to their insurance needs for their planned travels by:

    • lowering the excess applied if a claim is paid to minimize out of pocket expenses for covered events;

    • increasing the rental vehicle excess cover limit to cover rental vehicle insurance excesses of a higher value

    • increasing the cancellation limit so trips of higher value can be covered;

    • specifying valuable items to increase cover limits and not have depreciation apply;

    • adding cover for loss arising from participation in snow sports; and

    • adding cover for their existing medical condition(s).

Whose financial situation is consistent with the following:

  • Persons who can pay the full quoted premium for the plan and options selected before the policy is issued;

  • Persons who can incur the applicable excess if a claim is made; and

  • Persons who may not wish to, or be able to, cover expenses themselves for events covered by this travel insurance.

  • only want to be covered for travel within Australia; or

  • are not starting or ending their trip at their home in Australia; or

  • are Australian expatriates based overseas;

  • want cover for a trip longer than 12 months duration; or

  • want cover for multiple trips under a single policy; or

  • want cover for loss arising from excluded activities; or

  • want cover for travel to a destination subject to a “Do Not Travel” warning issued by the Australian Government’s Department of Foreign Affairs and Trade; or

  • require cover that would cause us to be in breach of any restriction under United Nations resolutions or any sanctions, laws or regulations of Australia, the European Union, the United Kingdom or the United States; or

  • want cover for excluded losses relating to an epidemic or pandemic or associated travel restrictions; or

  • want cover for existing medical conditions that do not meet the criteria for automatic cover and:

    • do not agree to undertake a medical screening to determine the cover available; or

    • are not offered cover following a medical screening.

Essentials Plan – This plan provides single trip cover for fewer events and has lower benefit limits compared to the Comprehensive plan.

This is suitable for customers who: This is not suitable for customers who:

This is suitable for customers who:

Meet the following eligibility criteria:

  • are residents of Australia under age 70; and

  • are travelling internationally either one way or return; and

  • are taking a single trip of up to 12 months duration within the next 12 months.

Have the following objectives that are met by the key attributes of this product:

  • seek protection from financial loss as the result of specific defined unforeseen events, that may be incurred prior to or whilst travelling. For example, this plan can protect a consumer against financial loss for:

    • overseas medical expenses incurred as a result of injury or illness;

    • defined trip cancellation events, before and while they travel; and

    • accidental loss, theft or damage to luggage.

  • Do not want cover for existing medical condition(s) that do not meet the criteria for automatic cover.

  • want access to assistance during their trip for guidance, support (even when losses may not be covered by the policy) and general policy and coverage information, as they would not likely have specialist resources readily available to them.

  • do not wish to pay an additional premium for this cover to apply to travel by ocean cruise.

  • may want to tailor cover to be more suited to their insurance needs for their planned travels by:

    • lowering the excess applied if a claim is paid to minimize out of pocket expenses for covered events;

    • specifying valuable items to increase cover limits and not have depreciation apply;

    • increasing the cancellation limit so trips of higher value can be covered.

Whose financial situation is consistent with the following:

  • Persons who can pay the full quoted premium for the plan and options selected before the policy is issued;

  • Persons who can incur the applicable excess if a claim is made; and

  • Persons who may not wish to, or be able to, cover expenses themselves for events covered by this travel insurance.

This is not suitable for customers who:

  • are 70 and over; or

  • only want to be covered for travel within Australia; or

  • are not starting or ending their trip at their home in Australia; or

  • are based overseas and are Australian expatriates; or

  • want cover for a trip longer than 12 months duration; or

  • want cover for multiple trips under a single policy; or

  • want cover for loss arising from excluded activities; or

  • want cover for travel to a destination subject to a “Do Not Travel” warning issued by the Australian Government’s Department of Foreign Affairs and Trade; or

  • require cover that would cause us to be in breach of any restriction under United Nations resolutions or any sanctions, laws or regulations of Australia, the European Union, the United Kingdom or the United States; or

  • want cover for excluded losses relating to an epidemic or pandemic or associated travel restrictions;

  • want cover for existing medical conditions that do not meet the criteria for automatic cover.

Annual Multi Trip Plan - This plan provides cover for multiple trips within a 12 month period.

This is suitable for customers who: This is not suitable for customers who:

This is suitable for customers who:

Meet the following eligibility criteria:

  • are residents of Australia of any age; and
  • are starting and ending each trip at their home in Australia; and

  • are travelling to destinations at least 200km from their home in Australia; and

  • whose travel includes either pre-paid scheduled public transport or hire car, or at least one night of pre-booked publicly available accommodation.

Have the following objectives that are met by the key attributes of this product:

  • want cover for multiple trips within a 12 month period that are:

    • up to 45 days in duration; and

    • international; and/or

    • domestic.

  • seek protection from financial loss as the result of specific defined unforeseen events, that may be incurred prior to or whilst travelling. For example, this plan can protect a consumer against financial loss for:

    • overseas medical expenses incurred as a result of injury or illness;

    • defined trip cancellation events, before and while they travel;

    • accidental loss, theft or damage to luggage or personal effects; and

    • some Coronavirus related events.

  • may want cover for and agree to undertake a medical screening for any existing medical condition(s) that does not meet the criteria for automatic cover.

  • want access to assistance during their trip for guidance, support (even when losses may not be covered by the policy) and general policy and coverage information, as they would not likely have specialist resources readily available to them.

  • do not wish to pay an additional premium for this cover to apply to travel by river or ocean cruise within Australian Waters.
  • may want to tailor cover to be more suited to their insurance needs for their planned travels by:

    • lowering the excess applied if a claim is paid to minimise out of pocket expenses for covered events;

    • increasing the rental vehicle excess cover limit to cover rental vehicle insurance excesses of a higher value

    • increasing the cancellation limit so trips of higher value can be covered;

    • specifying valuable items to increase cover limits and not have depreciation apply;

    • adding cover for loss arising from participation in snow sports; and

    • adding cover for their existing medical condition(s).

Whose financial situation is consistent with the following:

  • Persons who can pay the full quoted premium for the plan and options selected before the policy is issued;

  • Persons who can incur the applicable excess if a claim is made; and

  • Persons who may not wish to, or be able to, cover expenses themselves for events covered by this travel insurance.

This is not suitable for customers who:

  • are not starting and ending their trip at their home in Australia; or

  • are Australian expatriates based overseas; or

  • want cover for a trip longer than 45 days duration; or

  • want cover for loss arising from excluded activities; or

  • want cover for travel to a destination subject to a “Do Not Travel” warning issued by the Australian Government’s Department of Foreign Affairs and Trade; or

  • require cover that would cause us to be in breach of any restriction under United Nations resolutions or any sanctions, laws or regulations of Australia, the European Union, the United Kingdom or the United States; or

  • want cover for excluded losses relating to an epidemic or pandemic or associated travel restrictions; or

  • want cover for existing medical conditions that do not meet the criteria for automatic cover and:

    • do not agree to undertake a medical screening to determine the cover available; or

    • are not offered cover following a medical screening.

3. Distribution of this insurance

3.1 Distribution channels

Subject to the distribution conditions listed in 3.2, the products outlined in Section 6 must only be issued:

3.2 Distribution conditions

Application systems must:

Policies must only be issued in person or over the phone where the distribution partners acting on our behalf:

General advice may only be provided by a representative acting on our behalf where they are appropriately qualified and expressly authorised by us to do so.

All marketing and advertising related to the product(s) described in this TMD must adhere to any guidelines provided by us, and not be directed towards customers who are outside of the target market set out in Section 2.

3.3 Impact of distribution conditions and restrictions

The distribution channels and conditions described in Section 3.1 and 3.2 are designed to ensure this insurance is directed towards the target market, meaning it is likely that consumers who purchase this insurance are in the target market set out in Section 2.

4. Record keeping and reporting information

Information reported to us is used to help us determine if this TMD is no longer appropriate.

Reporting Periods

Our distribution partners must keep a record of and notify us in writing within 24 hours of becoming aware of the following:

The number and nature of complaints will be reviewed on a quarterly basis to analyse whether this product, including how it is distributed, continues to meet the objectives, financial situation and needs of the target market.

5. Reviewing Target Market Determinations

We will conduct an initial review of this TMD within 24 months after it has been published. Subsequent reviews are to be conducted every 24 months after the initial review has been completed.

Outside of the specified review period, other circumstances which may trigger a review of this TMD include:

If one of the above events reasonably suggests to us that the TMD is no longer appropriate, we will review this TMD within 10 business days.

6. Products this TMD applies to

In this document, “we/our/us” means nib Travel Services (Australia) Pty Limited ABN 81 115 932 173 AFSL No 308461, who deal with you as an agent of the insurer, Pacific International Insurance Pty Ltd ABN 83 169 311 193, AFSL No 523921.