China’s Gift: Carona Virus Pandemic Threatens Insurers in two ways and one is way More Costly
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!
The link below will take you to the audio of the discussion I had with Annie Gaffney on ABC Radio Sunshine Coast the day after the Opposition released its Broadband policy. There’s been much discussion about the perceived value or otherwise, and I flag my bias here upfront: As a small business owner likely to…
Read More >In the article I link to below, Diana G Oblinger, the President of EDUCAUSE offers the Higher Ed community some insights such as this one: we’ve moved on from the Information Age and are now in the Connected Age. Such a statement will come as quite a shock for many Higher Education Institutions and policy…
Read More >In case you haven’t heard, technology is making so many jobs redundant, that only the adaptable will survive. And when I say ‘jobs redundant’ I mean across EVERY conceivable industry and level of specialisation. Robotic surgery is now so good that not only can it be done remotely, it can be done without human intervention.…
Read More >Coca Cola, Lion Nathan and Schweppes have successfully challenged the Northern territory’s compulsory container deposit recycling scheme in the Federal Court. The scheme had seen recycling rates jump by 30% in just a few months and was widely applauded by the public as the right thing to do. Despite the overwhelming public support, Coca Cola…
Read More >If you’re looking for an accelerated course in Strategic Planning and Advanced Management techniques in the Philippines in July, then TruEventUs has a two day session coming up on the 4th and 5th of June. Marcus Barber, founder of The Australian Strategic Planning Institute will facilitate this intensive program. For full details You can…
Read More >Without putting too fine a point on it, most of us pay little attention to what we ‘deposit’ in our toilets each time the body needs to exit our bodily waste. And yet with a looming phosphate shortage around the world (along with other useful components) our personal waste streams are worth billions of dollars…
Read More >As co presenter of the ‘Future Matters’ series with the National Geographic Channel back in 2004, I discussed the idea of Rapid Prototyping or 3D Printing. At that stage, 3D printers were like very large office photocopiers and the better ones had starting prices of around $150,000. I stated that in the near future, people…
Read More >In tracking shifts across the world and across industries, the rise of Crowdsourcing continues to unleash some amazing innovations in products and services. Importantly it is exposing the capability gaps that even large organisations have. Simply put, the ‘crowd’ is always going to be bigger than your business or organisation. But to tap that latent…
Read More >Allow me to flag my bias from the outset – I’m tinged green. My shade of green recognises that my actions can contribute to a cleaner or more polluted world and that overall, I’d prefer the cleaner version. There’s a huge amount of data that shows that as a species we haven’t been looking after…
Read More >The burgeoning shift in the manufacturing sector has been coming for a touch over a decade and has, I would suggest, now reached your front gate. A whole confluence of factors that include 3D printing, Crowdsourcing, home engineering and freescale Idea Generation leveraging social funding approaches means that EVERY single aspect of manufacturing as we…
Read More >