Allianz ceases travel insurance sales

Travel insurance form put on a wood table. Many agent sells airplane tickets or travel packages allow consumers to purchase travel insurance also known as travelers insurance as an added service.

Allianz Global Assistance has temporarily ceased the sale of new domestic and international travel insurance policies amid the coronavirus crisis.

The decision to halt travel insurance sales, which became effective on Friday 27 March, followed new travel restrictions and advice from both the federal and state governments in response to the COVID-19 pandemic.

“These are unprecedented times and many industries are feeling the impact of COVID-19 –  especially the travel industry,” Allianz said in an update on its website.

The company is redirecting consumers to the Insurance Council of Australia’s website for a list of alternative providers.

Allianz also notes on its website that all travel insurance claims will still be assessed, but warns its team is currently experiencing high call volumes and waiting times.

The move by Allianz to cease travel insurance sales is not surprising, as Travel Weekly understands the company notified travel agents earlier this month that their authorised representative agreements to sell its products would be terminated.

Allianz is not the only travel insurance provider to pull its products from the market due to the rapidly evolving impact of the coronavirus outbreak, with Cover-More suspending its ‘Cancel For Any Reason’ product in March.

Featured image credit: iStock/William_Potter

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