The travel insurance market will get a little more competitive with John Hancock Financial's announcement that it has entered the travel insurance marketplace. The company reports it will be distributing products through a new web site, www.johnhancocktravel.com, and through travel insurance comparison sites such as InsureMyTrip.com.
The new travel insurance plans and products combine cancellation, interruption, medical, accident, and baggage protection with extensive, worldwide 24-hour multi-lingual emergency services, the company reports. They will be distributed by John Hancock Insurance Agency, Inc., and underwritten by Old Republic Insurance Company (ORIC) of Greensburg, Pennsylvania.
“Today’s travelers make significant outlays for transportation, lodging and other expenses in planning trips,” said Beth McGoldrick, assistant vice president of John Hancock. “We expect this new line of insurance will meet the travel protection needs of the many customers we serve across the United States, and we are pleased to partner with Old Republic, an experienced carrier in this area.”
McGoldrick added: “Going forward we also see opportunities for our distribution to expand, as we add travel agents, financial companies and other outlets seeking high quality products to sell to their clients.”
Old Republic Insurance Company is a subsidiary of Old Republic International Corporation (ORIC). The company is one of America's 50 largest shareholder-owned insurance businesses. As the underwriter/insurer, Old Republic Insurance Company is obligated to the insured for the benefits provided by this product.
John Hancock Financial is a unit of Manulife Financial Corporation, a Canada-based financial services group serving customers in 21 countries and territories worldwide. The firm operates as Manulife Financial in Canada and in most of Asia and primarily as John Hancock in the United States. Funds under management by Manulife Financial and its subsidiaries were C$492 billion (US$473 billion) as at September 30, 2011.