The travel insurance industry may have taken a big hit this year amid all the coronavirus-led cancelations, but Zurich is hoping to extend its services to those contemplating the return of business travel.
The insurer is expanding its business travel product to include a larger international servicing network, as well as new capabilities and broader coverage.
According to a release announcing the expansion, Zurich outlined that risks associated with business travel have changed rapidly due to the pandemic, as well as a rise in civil unrest and extreme weather events. With employees increasingly exposed, companies have a greater obligation to ensure their safety. As such it is now incorporating assistance and advisory services from the World Travel Protection brand of Cover-More, which it acquired back in 2017. This means that there will be access to any of Zurich’s external contacts that deliver medical and security services globally. “COVID-19 demonstrated how quickly a localized risk can become a global crisis affecting not just business travelers and employees but the global population,” said Drazen Jaksic, global head of accident and health. “Although the pandemic has significantly reduced business travel for now, it is slowly re-starting as companies in some industries have to look after their assets, equipment and customers abroad and deliver on projects. “Implementing a multinational business travel solution is now more important than ever as it can help prevent employees from being harmed and protect the business from the financial consequences. It also gives companies and their employees the knowledge that, as business travel returns, the safety and well-being of all employees is at the forefront of business and travel decisions.”
Source: Insurance Business Magazine
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