Thailand ponders mandatory travel insurance

Thailand is considering making it mandatory for tourists to have travel insurance before they are allowed to enter the country.

The Asian nation has seen an epidemic of stupid tourists who have been unable to pay their hospital bills. We've all seen the pathetic GoFundMe appeals for the ill-prepared or tight-arsed.

Now there is a push for regulations requiring international tourists to obtain accident insurance before entering the country.

Unpaid medical bills and accident risks posed by the unwary place a mounting strain on public healthcare, the Bangkok Post reported this week.

"Each year, we absorb about 10 million baht (over $450,000) in treatment costs for foreign patients without insurance," Dr Weerasak Lorthongkham, the director of Vachira Phuket Hospital told the newspaper.

He pointed to inexperienced motorcycle use and consumption of alcohol and drugs. 

"Many visitors come to Phuket and try riding motorcycles for the first time, which increases accident risks," he said. 

The Thai Ministry of Public Health estimates unpaid medical bills from foreign patients amount to at least 100 million baht annually, with major tourism hubs such as Phuket and Chiang Mai most affected.

Emergency care cannot ethically be delayed, meaning hospitals often treat patients regardless of their ability to pay, leaving health facilities to absorb the financial costs.

Please come to Thailand, so we can charge you more

Thailand is sending mixed messages to potential visitors.

At a time when the Tourism Authority of Thailand is trying to boost dropping numbers, Airports of Thailand, the public authority managing the airports of Bangkok Don Mueang and Suvarnabhumi (above), Chiang Mai, Chiang Rai, Hat Yai and Phuket, has announced plans to increase passenger departure taxes.

The Civil Aviation Board has approved raising the fee from 730 baht (that is $32 in Australian dollars) to 1,120 baht ($49) per passenger, an increase of 50%.

Formal enforcement is expected around mid-2026, pending approval from the transport minister.

AOT president Pavina Jariyathitipong said studies indicate the higher charge will not affect travellers’ decision-making. 

I think she's wrong. 

Tourists hate being nickel and dimed - particularly at a time when rival destinations including Vietnam, Cambodia and Laos offer cheaper holidays than Thailand.

The additional fees will be used primarily for capital investment, most notably the South Terminal project at Suvarnabhumi, news hub Travel Mole reports.

The AOT president noted that more than 90% of airports worldwide collect PSC from both departing and transit passengers. 

Thailand remains among a small group that charges only departing travellers - but the timing seems wrong.

France keeps getting more expensive

A growing number of major French cultural institutions are adopting differentiated pricing based on visitors’ residency status, making it more expensive for those who live outside Europe.

The Palace of Versailles this week confirmed it will introduce higher admission prices for visitors from outside the European Union beginning in 2026, news hub Travel Mole reported.

From mid-January 2026, non-EU and non-European Economic Area (EEA) visitors will pay more to access the world-renowned former royal residence west of Paris, one of France’s most visited cultural landmarks.

The move follows a similar decision by the Louvre Museum and reflects a broader strategy encouraged by the French government to secure additional funding for the upkeep and modernization of the country’s most heavily visited heritage sites.

Officials familiar with the plan reported the higher tariffs will apply mainly during peak periods, when international tourism is at its strongest.

Tickets for non-EU visitors could rise to around €35 during high season. That is 5 euros more than the standard rate currently paid by European visitors.

EU and EEA residents will continue to benefit from existing pricing structures.

The French Ministry of Culture has said that the policy is designed to make major cultural institutions more financially sustainable at a time when operating costs, security requirements, and restoration expenses are rising sharply.

Versailles faces ongoing preservation challenges linked to ageing buildings, climate impacts, and the sheer volume of foot traffic through its historic halls and gardens.

According to data from 2024, around 8.4 million visitors visited the palace in 2024 (with 83% of visitors foreigners).

The decision, however, has sparked debate. Critics, including some unions and cultural commentators, have accused authorities of introducing a form of cultural discrimination.

A way to reduce Hobart's massive potential stadium debt

 

How can Tasmania help ease its tremendous debt should the controversial new Macquarie Point Stadium get the go head?

User pays would seem to be be a very fair system to all should Hobart's contentious multi-purpose stadium eventually be built. 

The proposed stadium has critics who says who sat it is too expensive, in the wrong location, poorly planned and atrociously ugly. And does not need a roof. 

Others says it is essential for the state. Both for the progress of Tasmania's finances, tourism, and for the AFL dream to become a reality 

Fair enough. 

Let those who are keen on the stadium and want to attend events help pay for it to be build, and kept maintained. And those who do not want it can completely ignore it. 

To help cover costs every person buying a ticket for an event could pay maybe a $50 user premium. Each time they attend an event. Kids maybe $25, or even $10. 

The sports fans and concert goers will be able to pay for the right to attend the shiny new 23,000-seat stadium and enjoy all of its its benefits.

Because surely Tasmanians would not want the hopes and dreams of their children to be carried on someone else's shoulders.

And visitors splashing out on air fares and hotel rooms would be unlikely to be dissuaded by paying an extra $50 for a match, or concert ticket. 

Think what happens now. If you want to catch a bus, you pay for it. Or decide not to travel. . 

If you wat to go into a restaurant and eat, you pay the price. Or decide not to eat.

If you want to visit a national park, you choose to visit it and pay a fee, or have the freedom not to enter.

Similarly if you want to upgrade your airline flight. You pay a premium. 

Those who decide they want to attend one of the seven AFL matches to be held each year in Hobart could easily pay $50 (or even $100) per person extra per event. Or choose to go to a match in Launceston without a roof instead.  

They would get to see to see games they would otherwise have to travel to Melbourne so see. That said, they would be saving a lot of money on flights, hotels etc while also boosting the local economy. 

The same when Bruce Springsteen or Maria Carey, or a Creedence tribute band, play a concert under the expensive roof. 

Those who want to attend and pay a premium payment would be happy about for not having to travel interstate. Those who prefer not to attend do pay anything. 

For seven home AFL fames fans would play $350 each season, or maybe $700. Same with cricket same, and concerts.  

All perfectly equitable. 

In fact, what could be fairer?  All the while helping the state and reining in that potential massive debt.    

  

Kyoto imposes massive tourism tax on visitors

The Japanese city of Kyoto, struggling to deal with overwhelming crowds of tourists, this week unveiled plans for a whopping increased accommodation tax. 

Taxes will rise to up to 10,000 yen (about $100) per person, per night - starting from March 1, city officials announced.

The new rate, a tenfold jump from the current 1,000 yen/$10 maximum, is designed to fund infrastructure improvements and initiatives aimed at easing congestion across the city’s popular districts, news hub Travel Mole reported. .

Under the new tiered system, the 10,000-yen levy will apply to hotel stays costing 100,000 yen or more per night. Kyoto will then have the highest lodging tax in Japan, the Ministry of Internal Affairs and Communications said.

City officials say the measure comes after years of frustration over constant tourist crowds; from packed city buses to throngs of visitors overwhelming historic sites and narrow streets.

In its application to the ministry earlier this year, Kyoto argued that “tourists must also share the cost of measures against overtourism.” The increase marks the first adjustment since the tax was introduced in 2018.

Students and teachers on school trips will remain exempt from the taxes.

Following the increase, Kyoto expects its annual lodging tax revenue to nearly double from 5.9 billion yen this fiscal year to 12.6 billion yen next year, based on city projections. 

The change comes amid a surge in luxury hotel development. Tokyo-based Imperial Hotel Ltd. is set to open Imperial Hotel, Kyoto, in March 2026 in the city’s Higashiyama Ward. 

The property will incorporate the façade of Yasaka Hall, a registered cultural property in Kyoto’s Gion district; regarded as the heart of geisha culture. Room rates are expected to start at 164,500 yen per night.

Images: Winsor Dobbin

Low-cost airline carrier cuts back on flights

Planning a European trip with low-cost airline Wizz Air? 

It might pay to make sure your travel insurance is up to date and to have a back-up plan. 

Wizz Air continues to rationalise its network and close bases as it faces financial difficulties, travel news hub Travel Mole reported this week.

Wizz this week announced the gradual closure of its base in Vienna, following a strategic review of its operations and fleet allocation.

The process will take place in two phases: two routes and two planes, serving Bilbao and London Gatwick, will be withdrawn on October 26. Three remaining aircraft and the rest of the routes from the Austrian capital will cease operation on March 15, 2026.

Wizz Air launched its Vienna hub in 2018 and it has been one of the most important bases for the carrier in Central Europe. Vienna’s current fleet comprises five Airbus A321neo aircraft.

Operating 28 routes to 20 countries, the fleet reflects the strong position Wizz Air has achieved in Austria.

Since the inception of Wizz Air’s Vienna base, however, airport costs and taxes have increased significantly.

Operating from Vienna has become incompatible with the airline’s ultra-low-cost business model, Wizz Air management said in a statement.

"The airport cost base in Vienna, as well as taxes and ground handling services, has risen significantly since our launch, making continued operations unsustainable," managing director Mauro Peneda said.

Founded in 2002 and based in Hungary, the airline group has its largest hubs at airports in Budapest, Bucharest and London Luton Airport. It currently flies to 194 airports and has a fleet of over 220 aircraft.

In July this year, the company announced the suspension of its operations from Abu Dhabi, saying it was caused by geopolitical turmoil, supply chain constraints, and regulatory barriers.

All flights to the region ceased on September 1.

If you can't afford travel insurance then you can't afford to travel

Having just spent a couple of weeks watching tourists bomb around a holiday island on motorbikes, and riding jet skis like lunatics, I was reminded how important it is to take out travel insurance every time you travel. 

Even though you might not be covered if you are drunk, breaking the law or behaving like an idiot, you still need that insurance just in case you are skittled by a local taxi, fall into a volcano or have a heart attack on a beach walk. 

Just about every day there is a "Go Fund Me" appeal to raise funds for someone who needs to be medivacced home or for an unisnured family member to be brought home in a body bag.  

Data from recent claims shows that uninsured travellers face extreme medical costs if things go wrong while they are abroad. 

nib Travel, a global insurance provider that is part of the nib health insurance group, paid out around $26.4 million in medical-related claims during the last six months.

nib Travel has paid claims for travellers who needed emergency medical care for serious conditions, including cardiac issues in the United States; respiratory illness in Qatar, and complications from a fracture in Vietnam. 

Dylan Wilkinson, head of APAC & nib Travel Marketing at nib Travel, said that while most trips proceed without any need to claim, medical emergencies can strike unexpectedly and carry significant financial consequences. 

“Nobody plans to have a medical emergency while overseas, but it can happen anywhere, at any time,” Wilkinson said. “While only a small proportion of travellers need to make a claim, the financial burden when something goes wrong can be overwhelming.”

nib Travel offers insurance that may (note the word may) cover a range of medical events such as hospital admissions, medical evacuation and repatriation, dental emergencies, and some pre-existing conditions.

“It’s easy to underestimate how quickly costs can escalate, especially in countries like the United States where healthcare costs are significantly higher," says Wilkinson. 

"Without insurance, these types of unexpected events could leave travellers with significant out-of-pocket costs. The reality is that the cost of a single serious claim can far exceed the cost of the insurance itself.”

For more info see www.nibtravelinsurance.com.au. Make sure, as with every insurance policy, to read the small print. 

It pays to compare a couple of policies to see which best suits your needs, and your budget.  

Image: Phillip Bird, Scopio

Dynamic pricing is about to impact the cost of your holiday travel

If you have ever been unlucky enough to catch an Uber at a peak time then you will know all about dynamic pricing.

It is an algorithm whereby prices rise at busy times, but reduce when demand for services is lower.

Get ready for dynamic pricing at tourist attractions. And be ready to pay more at busy times.

Tourists wanting to visit the Empire State Building’s observation decks in New York City could soon be experiencing the joys of dynamic pricing.

It could cost more than $US100 per person to ascend to the observation decks on the 86th and 102nd floors.

The Empire State Realty Trust will implement dynamic pricing with prices to be determined by overall demand. Which they will determine, news portal Travel Mole reports. l

Tickets are currently priced from $79 for an adult, up to $96 for high-demand sunset viewing.

CEO Tony Malkin unveiled the surge pricing policy, saying: “We expect continued growth in 2025. We are still below overall 2019 levels of volume and have room for upside as visitation levels improve.”

Upside means you will pay more.   

The building already has fluid pricing based on the time of day although using a pricing algorithm could see prices surge during high demand periods.

The new policy would algorithmically “monetize high-demand times through the day", Malkin said.

Fires may impact 2028 Los Angeles Olympic Games

The wildfires currently ravaging Los Angeles and surrounds have raised doubts about the Californian city’s ability to host the Olympic Games in 2028.

The cost of rebuilding and insurance are casting a cloud over preparations, says Dr Tom Heenan, who lectures in sport, global and Australian studies at the Monash Intercultural Lab in Australia.

“LA 2028 will be the Olympic version of the Hunger Games," Heenan said in a media statement.

“Even without the wildfires, the Games will cost Angelenos dearly, especially the poor and homeless, and prove to be another IOC-orchestrated budgetary blowout, if not a Montreal-type black hole.

“The additional infrastructure requirements will strain an already stretched public purse and shift labour from the much needed rebuild in the hills.

“For a city built on property speculation, 2028 could be a repeat of the 1932 Games, which was a real estate agent’s dream.

“The winners will be property developers and the head of LA's organising committee, Casey Wasserman, and his sport-entertainment empire.

“The losers may well be LA residents who will bear the expense of the Olympics and a costly yet questionable rebuild in fire-prone hills.”

When the customer is wrong. Very wrong.

 

Times are tough in the hospitality industry. 

Costs are rising, good staff are hard to find and even harder to hold on to, and customers are resisting price increases. 

We've all heard stories, probably from friends, as to how they've booked dinner at a couple of places and will decide later which one to visit. 

They may, or may not, bother to cancel their second reservation. 

Because a lot of people are assholes. 

Which is why many restaurants are now demanding deposits when you make a booking. Non-refundable if you cancel without a reasonable excuse. 

Here's an example. 

A small regional business that I know recently took a booking for 80 people: a group who wanted to get together for drinks after an event. 

That meant the establishment had to halt serving food, drinks and coffees to the public - including regular customers - for a couple of hours. And put on an extra staff member for the bar. 

What happened? Of the 80 people who booked, 33 turned up. 

And they ordered an average of one drink each. 

No apology. Just entitlement. 

So next time you are forced to stump up an non-refundable deposit you can think people like them. 

Image: David Rubin, Scop.io  

How hotels could cut their costs - and prices - right now

I recently stayed in a hotel with an in-room trouser press.

A trouser press.

In all the years I have stayed in hotels I cannot recall ever having used a trouser press.

The same with in-room alarm clocks.

So many times have I been woken at 4am by these infernal gadgets that I now unplug them when I enter a room, giving me an extra power socket I can use.

So why do hotels persist in giving guests facilities they no not want, and do not need?

Many hotels could save costs, and reduce prices to customers, if they gave them only what they want in a room. Which in my case is a bed, a shower that works, a toilet, decent light, a chair, a desk, accessible power/USB points and fast, free wifi.

That's it. I rarely use the kettle and the free tea and coffee, as I am uncertain how often the unit has been cleaned. Others may feel differently.

Nearly every hotel room has a solid landline phone. But who uses them nowadays, particularly as they are often designed so you need to dial 1 # 101 to get a line, or 1 # 2345 to talk to room service?

Nearly everyone who travels nowadays has their own mobile/cell phone, which includes an alarm function that is easy to use.

But still 95% of rooms have those big old clunky pieces of uselessness - which need to be cleaned daily and for which the hotel often charges you an arm and a leg to use.

Likewise, who needs pay-per-view TV options? If you travel you can almost certainly stream from your own device rather than paying $9.99 for a dodgy porn film that will earn yuo a wry smile when you check out..

There are others; fax machines in business centres, for instance. When did you last use a fax machine?

How about individual sewing kits? Ever used one?

And don't get me started on "resort charges" imposed when you are checking in at 11pm and out at 6am and the facilities you are being charged for - like swimming pools - are not available.

There is also the question of minibars with $10 mini bottles of gin, $6 packets of potato crisps and $8 beers. These need to be checked, and re-stocked every single day, which is why their contents are so expensive.

Put a vending machine somewhere people, have a few packets of food behind the reception desk, or just give your guests empty fridges they can stock themselves.

In room stationery? Bin it. Ear plugs? Only if a hotel is particularly noisy. All those extra cushions? no thanks. 

Come on hotels. Listen to your customers. You could save money and so could we.

Image: Kristina Borzova, Scop.io

MSC promotion solves a major cruise issue

There are two components of cruising that can cause unpleasant surprises when you are ready to disembark.

One is the cost of wifi, which can be extortionate if you have not done your homework, the other your booze bill if you have neglected to sign up for a drinks package.

MSC Cruises has a solution for both issues with its All In Plus promotion.

Valid on selected sailings from April 2024 to November 2024, guests can enjoy an included Easy Plus Drinks package, which offers a wide selection of classic cocktails and frozen drinks, spirits, wines by the glass and beers, as well as soft drinks, juices, energy drinks, hot drinks and more.

In addition, the promotion includes unlimited wifi for two devices per cabin.

The deal is available for sailings across the Mediterranean, Northern Europe and the Caribbean.

One such trip is an East Mediterranean aboard MSC Armonia (top image).

Departing Venice, Italy on October 28, 2024 and sailing over seven -nights to Dubrovnik in Croatia; Kotor in Montenegro, and Corfu and Zakynthos in Greece, as well as Bari before returning to Venice, this cruise is priced from $1,439/ NZD$1,549 per person, including drinks and wifi for the first two guests per cabin.

The MSC Cruises All In Plus promotion is valid for selected sailings from April 2024 to November 2024. The promotion will run until March 31, 2024.

Call 1300 028 502, NZ 0508 4278 473 or visit www.msccruises.com.au www.mscrcruises.co.nz

Has the Commonwealth Games simply become too expensive?

First Durban in South Africa, now the Australian state of Victoria.

Both put their hands up to host the Commonwealth Games - and both found the costs too much to bear.

Durban, you may recall, was to host the 2022 Commonwealth Games but was stripped of hosting rights in 2017 after running into financial difficulties.

Then, today, the Victorian state government rescinded its offer to host the multi-sports event in 2026, saying the event was now too expensive.

The Commonwealth Games Federation said it received only eight hours’ notice of Victoria's withdrawal, which came fewer than 1000 days before the scheduled opening of the event, to be staged in several regional centres.

The London-based organisation said the Victorian government had made decisions “which have added considerable expense” - including introducing more sports, an additional regional hub, and changed venue plans.

These were “often against the advice” of the the Commonwealth Games Federation and Commonwealth Games Australia, the CGF said in a statement.

The CGF called the decision "hugely disappointing" and said it is "committed to finding a solution". But finding a new host at such short notice will be difficult.

Premier Daniel Andrews said the new cost figure was "more than twice the estimated economic benefit" the event would bring to Victoria.

"I've made a lot of difficult calls, a lot of very difficult decisions in this job. This is not one of them," he told a press conference.

"That is all cost and no benefit."

Andrew said the government had considered "all options" including moving the games to Melbourne, before informing CGF of their decision.

Australia has hosted the Commonwealth Games five times with smaller and poorer nations unable to fund the costs of hosting the event.

Canada has hosted four Commonwealth Games and nine nations have hosted in all since 1930.

Two cities have hosted Commonwealth Games more than once: Auckland (1950, 1990) and Edinburgh (1970, 1986).

Now it is the event that no one wants to host. The Commonwealth Games, formerly the Empire Games are an anachronism. Loved by the competors but well past their use by date. 
 

Meet the most expensive destinations on earth. And the cheapest.

Do you prefer to travel in conspicuous style, or on a budget?

Whether you love luxury or are  a backpacker, here is a list of the most expensive destinations on the planet - and some of the cheapest.

Using data from various sources, including average hotel and food prices, transportation costs and attraction prices, the website Traveller’s Elixir has ranked the world’s least and most affordable places to travel. 

It is their list, not mine, so please argue with them if you disagree. 

Top of the list for expensive getaways is Monaco (above), which Traveller’s Elixir suggests will set you back $2,258 ($AUD3,374) for a five-day trip.

In contrast, the least expensive destination is Delhi in Indi, where a stay would cost you $181 ($AUD 270) for he same number of days.

Here are the 10 most expensive destinations and the average cost of a five-day stay in US dollars:
1. Monaco ($2,258)
2. St Barts ($2,181)
3. Gstaad, Switzerland($2,065)
4. Reykjavic, Iceland ($1,919)
5. Bora Bora ($1,918)
6. Honolulu ($1,914)
7. San Franscico ($1,885)
8. New York City ($1,779)
9. Grand Cayman ($1,637, £1,316)
10. Venice ($1,548)

And the 10 most affordable destinations based on the average cost of a five-day stay:
1. Delhi, India ($181)
2. Phnom Penh ($224)
3. Kathmandu ($229)
4. Tbilisi ($249)
5. Medellin ($255)
6. Ho Chi Minh City ($259)
7. Chiang Mai ($286)
8. Cairo ($289)
9. Luang Prabang ($291)
10. Bangkok ($292)

Are you ready to say goodbye to having your hotel room cleaned?

The pandemic meant many hotels cut back on cleaning guest rooms for health and safety reasons.

The hotels also found that they saved money by cutting back on staff.

So now you are at risk that your room will not be serviced any more. 

And if you do want it cleaned then you might have pay extra for the privilege.

It sounds like hotels - which are supposed to offer hospitality - are becoming more and more like AirbnBs.

The New York Times recently highlighted this unwelcome trend, hilariously reporting that some guests say they prefer not having their rooms serviced.

The only people I can see legitimately not wanting someone in their room are people with guns, or folks with drugs.

Mind you, this trend is starting in the US, so there you go.

If a guest doesn't want a room serviced, perhaps because they are feeling unwell, or have drug paraphernalia strewn around, then they can put a "do not disturb" sign on their bedroom door. 

That does the trick.

With turndown service a thing of the past except in the most exclusive establishments, I prefer to have someone come in and make my bed, empty the waste bins, refresh the towels if needed and re-stock the mini bar. That's why I am staying in a hotel.

The New York Times reported that ending daily housekeeping industrywide would eliminate up to 39% percent of all hotel housekeeping jobs in the United States. So money talks.

“Cleaning surfaces and changing bedsheets during shorter stays is now quite rare,” Scott Keyes, the founder of the Going travel website told the newspaper. “Oftentimes, it’s only offered during longer stays.”

Our German correspondent reports a similar trend starting in Europe, and staff shortages have forced a cut back on hotel room servicing in Macao. 

Image: Hotel Holic, Scop.io 

New platform aims to cater for younger travellers

Four bright young UTS students have teamed up to launch Nesteek, an Australia-only platform to help Gen-Zers cover their rent, and travel freely, despite the cost-of-living crisis and punishing rent hikes.

Nesteek has also published research highlighting the extent to which rental prices are outpacing wage growth, and how this affects young people.

With rental prices currently increasing by 25% per year and wages increasing by only 3% per year, Nesteek says that young renters will soon have virtually no disposable income and that the current situation is unsustainable for renters and landlords alike.

Nesteek co-founder and CEO, Keith Schembri (21, above)), says young people in Australia should not miss out on life experiences and travel opportunities, nor should they pay rent while they are away.

He lists several reasons for founding the company, including: Gen-Z cannot afford to travel freely, due to years of rising rents, inflated post-COVID flights, and the cost-of-living crisis.

He says Airbnb is broken for renters and young people. The cost to stay or host on Airbnb has steadily increased and the service now caters primarily for homeowners that want to run a professional B&B/hotel.

He adds that alternatives, like posting an ad on Facebook Marketplace, can be high risk to hosts and renters alike and that young people need a trusted, secure and easy way to cover their rent short term while they travel.

“ ’Do not pay rent while away’ is our rallying cry, because most young professionals and students I know cannot afford to travel and pay rent simultaneously,” said Schembri, also the Nesteek CEO.

”My generation is virtually penniless after paying their rent, but we deserve the same opportunities as any other generation, to enjoy life, create new experiences, and explore other cultures. The pandemic robbed us of our gap years, our festivals, our holiday romances. We want to move on but travel still seems out of reach.

“We created Nesteek to enable young people living in Australia to cover their rent while they travel, via a secure, trusted, and affordable service. Nesteek is not a side hustle or business opportunity - listers should only look to cover the cost of their rent, from a single renter, while they are away.

"To protect the lister and their landlord, the funds are automatically deducted from their guests’ bank account in advance of each week of their stay, and they are also protected by a bond payment.

“Travel wasn’t an issue for millennials, because flight prices fell sharply and Airbnb arrived on the scene to make accommodation more open and affordable to all.

"This is no longer the case today. Airbnb is increasingly geared towards rich home-owners and landlords who want to turn their property into a business. Facebook Marketplace is often the only viable alternative for renters, but it can be a high-risk proposition due to scammers, missed payments, and untrustworthy tenants.”

The list of accommodation available is currently small, and limited to Sydney, with prices ranging from $280 per week to $1600 per week - a sum which would seem beyond the reach of most Gen-Xers.

# The author has not used Nesteek and is not recommending it .

Summer of mayhem will see travel insurance costs rise

Recent flight cancellations and delays will impact on the profitability of travel insurance and see policy costs rise, a major survey has revealed.

DBRS Morningstar says the rapid increase in travel demand has hit airlines with an unprecedented number of cancelled and delayed flights due to extreme staffing shortages, increased operational requirements, and fleet reductions during the Covid pandemic.

This material increase in flight cancellations and delays, as well as baggage losses, will likely make travel insurance unprofitable in 2022, compounding the problems experienced by the travel insurance business since the beginning of the pandemic.

But despite a substantial increase in travel insurance losses, the overall impact on the financial strength of insurance companies should remain manageable given their high degree of diversification, the report says.

“With many airlines and airports around the world facing extremely high levels of flight cancellations and delays in recent months, we expect that the travel insurance industry will experience combined ratios over 100% due to the increase in insurance losses, making this business line unprofitable for most insurance companies in 2022,” said Marcos Alvarez, DBRS Morningstar senior vice president and global head of insurance.

“This will compound the problems experienced by the travel insurance business since the beginning of the pandemic, as insurance companies were initially hit by a jump in claims and then by the collapse of global travel, which considerably decreased the demand for this product.”

The summer holiday season in the Northern Hemisphere has brought additional challenges for airlines and airports around the world, with thousands of cancelled and delayed flights due to extreme staffing shortages, labour actions, increased operational requirements, and fleet reductions during the pandemic.

These factors have driven airlines around the world to cancel an unprecedented number of flights in recent months.

Air Canada (kings of comedy capers) recently announced that they would cancel more than 9,500 flights over July and August, representing approximately 15% of its scheduled flights during the summer, one of the largest cancellation actions among global airlines this year.

Airlines and airports have also been unable to handle increased amounts of luggage in the past few weeks, which has led to delivery delays and losses. And increased insurance claims.

Banks ripping off their customers with overseas fees

The banks.

It turns out that it is not just in Australia that they are ripping off their clients with absurd currency exchange fees.

Three out of four holidaymakers are unaware how much their banks will be charging them for foreign transaction fees and ATM withdrawals when using their card abroad, a British survey has revealed.

In a global survey of more than 650 clients carried out by deVere Group - an independent financial advisory, asset management and fintech organisations - 77% of those surveyed said they had not read the small print about using their debit cards whilst overseas.

“The soaring cost of living is making everyone check their spending and find areas where they may be able to save some money," says deVere Group CEO Nigel Green.

"But, as the deVere survey reveals, one area where most people fail to do this is with their own banking cards.

“Whilst this might not have much impact when using the plastic in your home country, when it comes to using your debit card abroad and withdrawing money from an ATM, the fees can be sky high.

“Depending on your bank’s terms and conditions and those of the overseas retailer or restaurant, for example, you could be slapping on an extra 10% every time you use your card.

“This will make a big dent into your holiday cash and could even make you ‘downsize’ your getaway experience.”

These “outrageously excessive” fees, says the deVere CEO are “unacceptable” in today’s world.

“We believe that everyone should have the right to expect hassle-free, borderless access to and use of their money, without astronomical fees.

There is a solution, apparently. deVere Vault is a program to counter excess charges. Feel free to check it out. I am merely reporting the results of the survey. 

It automatically pays in sterling in the UK, US dollars in the US, Euros in the eurozone, and Swiss francs in Switzerland.

Users can convert foreign exchange in up to 27 different currencies within the app with the swipe of their finger and make a bank payment in any of these currencies, anywhere within the global banking system from within the app.

The multi-currency account also allows you to withdraw and spend money anywhere in the world where Mastercard is accepted.

Sounds like a plan if you are a big spender,