Covid-19: Expect £275m in travel payouts, says ABI
Industry body says the total will dwarf the £148m record reported in 2010.
The Association of British Insurers (ABI) has estimated that travel insurers will pay out a minimum of £275m in relation to 400,000 expected coronavirus claims.
Cancellation payments, which will make up the “vast majority” of the total, are expected to be the highest on record.
Claims on disruption costs incurred overseas are also expected.
Background
The outbreak of coronavirus has proved challenging to brokers and insurers alike.
On 12 March, LV became the first major insurer to pause the
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insurer
RSA specialty lines MD Watson departs, with PL boss Cope stepping up
Steve Watson, managing director of UK specialty lines at RSA has left the insurer.
Allianz recruits from Hiscox for new mid-market boss
Allianz Commercial has appointed Rob Carslake as its new head of London region for mid-market.
Aviva UK general insurance GWP soars by 18%
Aviva UK has reported an 18% rise in general insurance gross written premiums to £5.7bn over the first nine months of 2024.
MD Beales retirement leads to string of senior hires at legal expenses insurer
Drive Further Collective, owners of Financial & Legal, has restructured several of its leadership roles following the decision by managing director Karen Beales to retire from her executive position and move to a non-executive capacity at the end of October.
FCA promises reframed and revised ‘name and shame’ plans but no decision until early next year
In a House of Lords Financial Services Regulation Committee evidence session earlier today, Financial Conduct Authority CEO Nikhil Rathi said no decision will be made on its investigation transparency proposals consultation until early next year.
Blog: Brokers calm about RSA brand going as ultimately service outscores sentiment
Brokers would be relaxed if the RSA brand fell by the wayside, and have said that service remains a much more important factor in terms of their relationship with parent Intact going forward.
Second quarter of motor premium falls in a row – ABI
The average motor insurance premium fell by 2% in July to September to £612, according to the latest data from the Association of British Insurers, the second consecutive quarterly drop.
EY revises insurer income growth forecasts but trend remains down
EY has released improved premium income forecasts for UK non-life insurers but maintained its view of slowing growth in 2024, 2025 and 2026.