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Story in the Australian will be pay-walled, but worthwhile googling the headline and having a read, about their post Covid policies etc.
Covid brings change to insurance, says Cover-More boss Cara Morton
A few bits:
Cover-More, which has some 40 per cent of the Australian travel insurance market and operates in 17 countries, saw its business fall off a cliff with the outbreak of Covid-19 in March — its $US1bn ($1.3bn) a year in revenues down by almost 90 per cent overnight.
This, and the decision to refund travel insurance premiums last year for people whose trips were cancelled, sent the company into the red, forcing it to lay off about a third of its 2300-strong global staff.
...
While travel by Australians is still down considerably due to Covid-19 restrictions, Cover-More has already launched new policies designed to cover the pressures and risks of a Covid-19 world.
These include new policies to cover domestic travellers if they incur non-medical costs due to them or their travelling companion getting Covid-19, such as trip cancellation or trip interruption or extra accommodation costs.
While it has new Covid-19 policies for those few Australians who are travelling overseas for essential purposes, Morton says the group is now working with its underwriters, including its parent Zurich Insurance, to develop Covid-19 world products for general travellers once the borders open up again. At the moment its cover for Covid-19-related expenses for global travellers do not apply to those countries where there is a federal government “do not travel” warning.
Covid brings change to insurance, says Cover-More boss Cara Morton
A few bits:
Cover-More, which has some 40 per cent of the Australian travel insurance market and operates in 17 countries, saw its business fall off a cliff with the outbreak of Covid-19 in March — its $US1bn ($1.3bn) a year in revenues down by almost 90 per cent overnight.
This, and the decision to refund travel insurance premiums last year for people whose trips were cancelled, sent the company into the red, forcing it to lay off about a third of its 2300-strong global staff.
...
While travel by Australians is still down considerably due to Covid-19 restrictions, Cover-More has already launched new policies designed to cover the pressures and risks of a Covid-19 world.
These include new policies to cover domestic travellers if they incur non-medical costs due to them or their travelling companion getting Covid-19, such as trip cancellation or trip interruption or extra accommodation costs.
While it has new Covid-19 policies for those few Australians who are travelling overseas for essential purposes, Morton says the group is now working with its underwriters, including its parent Zurich Insurance, to develop Covid-19 world products for general travellers once the borders open up again. At the moment its cover for Covid-19-related expenses for global travellers do not apply to those countries where there is a federal government “do not travel” warning.
