Domestic Travel Insurance

Target Market Determination

Effective Date: 20 December 2021

Version: TIDDOMTMD-1221

Domestic Travel Insurance

Target Market Determination

Effective Date: 20 December 2021

Version: TIDDOMTMD-1221

1. About this document

This Target Market Determination (TMD) applies to Travel Insurance Direct Domestic Travel Insurance (TID) 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 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

Domestic Plan

This is suitable for customers who:

Meet the following eligibility criteria:

  • are residents of Australia aged 74 or under at the time the certificate of insurance is issued; and

  • are only travelling within Australia, either one way or return; and

  • are taking a trip of up to 6 months in duration within 12 months of purchase of this travel insurance.

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:

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

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

    • rental vehicle insurance excess as a result of accidental damage or theft to a rental vehicle;

    • some Coronavirus related events.

  • 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 available to them;

  • do not wish to pay an additional premium for this cover to apply to travel by river cruise within Australian waters.

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

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

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

    • adding cover for loss arising from participation in snow sports.

Have a financial situation which 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 aged 75 and over; or

  • want to be covered for travel overseas; or

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

  • are Australian expatriates based overseas;

  • want cover for cruises in Australian coastal or territorial waters;

  • want cover for multiple trips under a single policy;

  • want cover for loss arising from excluded activities;

  • 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;

  • 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.

3. Distribution of this insurance

3.1 Distribution channels

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

3.2 Distribution conditions

Application systems must:

Policies must only be issued over the phone where the representative 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 set out 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 conditions described in Section 3.1 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

TID 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’ refers to nib Travel Services (Australia) Pty Limited ABN 81 115932 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.