Cover-More Travel Insurance has suspended its
Cancel for Any Reason (CFAR) add-on product in Australia and New Zealand
following the announcement that COVID-19 (coronavirus) is now a pandemic.
Judith Crompton, chief executive officer of
Cover-More Asia Pacific, confirmed that they had suspended the sales of the
product for an interim period as they continue to assess the risk profile and
immediate sustainability with Zurich – the insurer’s underwriter in Australia
and New Zealand.
“We’re proud of our CFAR product, which we have
pioneered in Australia and New Zealand since April 2018. We want it to build
into a long-term sustainable feature of our travel insurance offer in the
Australian and NZ travel markets,” Crompton commented. “We have not taken this
decision lightly, and we hope this suspension will allow us to keep CFAR in the
market in the long term.
“The travel industry is in uncharted waters with
the global impact of the coronavirus outbreak. We will continue to do
everything we can to support our travel agents and partners and Australian and
New Zealand travellers.”
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