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!
You’d think that given a focus on the future, you’d ask specialists in the future to have some input, and whilst that didn’t occur for the PM’s Summit in Canberra over the weekend, some of Australia’s Futurists had already done the leg work to contribute their thoughts on the future of Australia. That report is…
Read More >Some of Australia’s leading futurists gathered in Melbourne in March to provide a specialist Futures approach to addressing the Australia 2020 Summit in Canberra. The outcome of that Summit and the development that subsequently followed has led to the creation of the report ‘Australia 2020 Futurists Summit’ that has worked through each of the ten…
Read More >Strategic Futurist Marcus Barber will meet with eminent ABC radio presenter Jon Faine on Wednesday the 16th of April to discuss the outcomes of the Australia 2020 Futurists Summit and Prime Minister Kevin Rudd’s Australia 2020 Summit in Canberra on the weekend With a focus on the future of Australia it would be only natural…
Read More >A group of leading Australian Futurists gathered over the weekend to consider the 10 core themes set to be tackled at Prime Minister Kevin Rudd’s Australia 2020 Summit in Canberra in April. Convened by Strategic Futurist Marcus Barber, the 2020 Australia Futurists Summit utilised some of the advanced facilitation and strategy development techniques as a…
Read More >As preparations continue for the Prime Minister Rudd’s ‘1000 heads’ ideas summit in Canberra in April, a group of Australia’s leading futurists are gathering in Melbourne this weekend for the ‘Australia 2020 Futurists Summit’. The futurists attending the summit work across Australia, in corporate, not for profit and Government agencies in a variety of fields…
Read More >A few thoughts on what steps could be taken to overcome the ‘treat everyone like a nail’ approach that Interest Rate rises seems to do. Check out the idea under the ‘Latest Focus’ section Interest Rate Rises are going to penalise too many people who don’t deserve to lose their homes
Read More >Marcus Barber offers his thoughts on How to Stop Japanese Whaling in its Tracks and suggests that raiding boats won’t do the job. Instead he suggests that the key to negotiating with the Japanese is to have the Japanese people do the work. And to encourage them to do so we must begin to talk…
Read More >If an ‘Inconvenient Truth’ raised the profile of global warming to the general population, it appears that a willingness by political leaders to take appropriate action to mitigate the possible ramifications is still very much lacking. It is such a pity. No one who holds the Global Warming scenario close to heart wants to be…
Read More >Strategic Futurist Marcus Barber will join Tim Cox on 774 ABC as part of the conversation hour next week Tim is filling in for Jon Faine whilst he takes a well deserved break and Marcus will join him for the conversation hour kicking off at 11am on Thursday the 13th of December, where they’ll discuss…
Read More >At the AustForesight 2007 Conference, Strategic Futurist Marcus Barber and fellow Futurist Steve Tighe presented their take on what is required to enable futurists to be seen as more relevant to the Corporate world. Drawing on their shared experience as facilitator and client, they detailed the journey of foresight and futures across the past 50…
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