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.”
