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!
A quick note for the history buffs among us – in this month of August fifty years ago, the first components of the Berlin Wall were constructed with rings of barbed wire severing Berlin into visually distinct west and east Berlin. Russia’s main challenge at that time was the 10,000 or so East Germans each…
Read More >Let me start by saying that my Masters of Science qualification is NOT held in economics and with that said I’m holding an interested person’s perspective toward wanting to know ‘why’ and ‘how’. I have some questions and thoughts about the theory of Supply and Demand and would be happy to have some feedback from…
Read More >Below you’ll find this afternoon’s discussion with ABC Darwin radio in which host Vicki Kerrigan chats with futurist Marcus Barber about the emerging research into lab grown meat as a potential addition to or replacement of, existing livestock farming methods. The program streamed live on 105.7 ABC Darwin this afternoon, discussing the University of…
Read More >Continuing the futures discussions on ABC Darwin Radio, this time with Paul Dale who is filling in for Vicki Kerrigan whilst Vicki is handling the breakfast time slot, we discuss some of the conference sessions at the World Futures Conference here in Vancouver You can listen to the audio stream here and cue this…
Read More >My slides from today’s presentation on ‘Getting You Future Right’ can be found at the link below To those at the session, my apologies for the technical challenges and hope these slides can provide more context for you – contact me if you have any questions. Access the Slides Here
Read More >Here’s the upload of my conversation with Vicki Kerrigan at ABC Radio Darwin. In it I offer the first three of ten steps designed to help you get your future right. In last week’s session I left Vicki with a question to ponder: Is my life headed where I want it to go, and if…
Read More >Futurist Marcus Barber will be joining ABC’s Vicki Kerrigan in Darwin for the first of an ongoing discussion about the future this Wednesday. Each week on Wednesday afternoon’s, Vicki and Marcus will discuss the future of something, how we prepare for the future, what the future looks like for some industries and other related futures…
Read More >The panel session at the National Manufacturing Week 2011 went well though with four of us on the panel, time was quite compressed. Some really good thoughts from Phillip Chindamo from AIG, Damon Cantwell from Deloitte and Erol Harvey from Minifab, delightfully chaired by Sandra George from SEBN at the City of Greater Dandenong. Rather…
Read More >On Thursday I’ll be part of the panel that wraps up the National Manufacturing Week 2011 in Melbourne at the Melbourne Convention & Exhibition Centre under the theme of Meeting the challenges of the next generation of manufacturing with a focus on Innovation and Sustainability. It should be an interesting chat as we consider what…
Read More >There’s lots to like about borrowing ideas from other areas especially where those ideas can lead to a significant positive shift. In the link below, Zaid Ali Alsagoff an educational blogging specialist highlights why the Finnish Education system stands as a potential model to embrace. And whilst there are examples of this type of thinking…
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