Events
China's Gift: Carona Virus Pandemic Threatens Insurers in two ways and one is way More Costly
Sunday 15 March 2020
Travel Insurance Providers may face claims for cancellations for travel plans yet taken. But the HUGE risk is covering costs for people ALREADY overseas. That's way more costly
For people with travel insurance taken out prior to the #CaronaVirus being made a declared event, getting your money back will be relatively straight forward. In fact for most part, now that countries are closing their borders, the risks are going back onto the providers,because they cannot claim a lost booking if NO ONE is allowed to travel in. Refunds on flights will be easy to manage, and there will be a few claims for those bookings with a no refund element from the airline, but they tend to be at the lower cost market.
For Insurers the huge costs (potential losses) are having people STUCK overseas.
And for many Australians, traveling to Europe or North America during our summer, to work the ski fields, see the northern lights and so on is a hige draw card.
Travel Insurers need to start thinking about getting people home soon, or face months and months of paying for private hotels rooms, food etc for travelers stuck overseas. Instead of say a change over cost of change of plans costing a few hundreds or maybe even a couple of thousands, Travel Insurers like RACV, Travel Insurers Direct, and Covermore face accommodation and sustenance charges that could get into fifteen, twenty or thirty thousand dollars PER CLIENT if their customers are stuck in no fly or no travel zones. And let's not talk about the costs if one of themis stuck in the rorting US medical system
China's Gift has a fat tail. Right now, like an unhappy cat, that tail is swiping all the good trinkets off the bench!
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