Compiled by financial news outlet Forbes Advisor, the Best Travel Insurance Companies list compared 15 different travel insurance companies to see which offered the best service for consumers in terms of coverage benefits for multiple travel insurance plans, including baggage delays or mishaps, trip delays or cancellation, travel health or medical expenses, pre-existing medical conditions and flexibility to cancel for any reason (CFAR). And AIG Travel came top.

“So many unexpected problems can happen on a trip,” said Amy Danise, Forbes Advisor's Chief Insurance Analyst, who explained that Forbes focused on the highest-scoring plan for each travel insurance provider when compiling its top-15 list. “You may not be able to prevent the problems but having the best travel insurance policy can save you money and headaches. In some cases, it could save your health if you encounter a medical problem while traveling,” she added.

Scoring five stars, AIG Travel was named Forbes Advisor’s Best Travel Insurance Company, its Travel Guard Deluxe Plan being awarded 975 out of 1,000. On its pros list, Forbes wrote that the insurance plan was ‘top-notch for trip cancellation coverage’, as it has up to US$150,000 in reimbursement. The plan also offers excellent coverage level for medical expenses and emergency medical evacuation, covers pre-existing conditions that flare up during a trip, also covers inconveniences such as hotel infestation, runway delays and closed attractions. In addition, the plan also includes CFAR coverage, which is effective at least 48 hours in advance of departure.

And, despite coming top, AIG Travel’s plans did have some cons for the Forbes team. They noted that the Deluxe plan’s missed connection reimbursement ($1,000) is not the highest among the plans surveyed (but still on the generous side) and that those looking to get the CFAR coverage were required to purchase the policy within 15 days of the initial trip deposit, whereas some of the other companies allow 21 days.

Second, third, fourth and fifth on Forbes’ list were John Hancock Insurance Agency’s Gold plan (also five stars, scoring 950 out of 1,00), USI Affinity Travel Insurance Services’ USI Affinity Travel Insurance Select Elite plan (4.5 stars, scoring 910 out of 1,000), C&F Travel Insured’s Worldwide Trip Protector Plus plan (4.5 stars, scoring 900 out of 1,000) and TravelSafe’s Classic plan (also 4.5 stars, scoring 900 out of 1,000).

“We are honoured by this recognition from Forbes Advisor,” said Jeff Rutledge, CEO, AIG Travel. “We understand that consumers need a more personalised travel experience, which is why we have worked tirelessly to provide a better-targeted spectrum of products – and ultimately a better experience for travellers.”