Insurance helps boost the return of summer travel
- Domestic trips are generally more favourable (48%), a significant rise from 2020’s figure of 19%
- Approximately 35% of purchased insurance included COVID-19-related cancellation and medical benefits on the policy. 27% featured a ‘cancel for any reason’ upgrade
- Baby boomers are the generation most willing to travel (30%), followed by Gen X (24%) and Gen Z (18%). Perhaps unsurprisingly, this seems to follow general vaccination rollout which prioritises older people
Insurance for good: Providing reassurance
Insurers appear to be cognizant of the role they can play in reassuring people about the return to relative normality.
The company will subsequently be adding new travel insurance products in support of these initiatives:
“We look forward to adding value to these cross-sector initiatives by leveraging our extensive experience mitigating risks for individuals and institutions to help facilitate the return of international travel and reinvigorate the global economy,” commented CEO Chris Carnicelli.
Events are still under pressure
Reluctance from governments to underwrite insurance policies on large festivals is causing cash flow issues, and attendees are cautious about potentially ill-fated expenditure.
Despite the business case for insuring the events - the events industry is worth £84bn (US$115bn) - the UK government has declined to offer a lifeline. The long-term wisdom of this decision continues to be questioned.
“The lack of availability of cancellation insurance significantly raises the risk that festivals will be cancelled this summer because without the certainty it provides, organisers will be reluctant to unlock the flow of money to their supply chains,” commented Tim Thornhill, Director at .
Tribe and APOLLO announce national insurance campaign
Tribe Property Technologies in partnership with APOLLO insurance has announced a national insurance campaign to digitise insurance for condominium owners, renters, landlords, and developers across Canada. The aim of the campaign is to make insurance access easier and faster for owners while improving the coverage and protection of condominiums and rental buildings.
According to several surveys, nearly half of 4.5mn rented houses in Canada do not have tenant insurance protection, meaning those individuals and their families are put at risk of fire and water damage.
What does the national insurance campaign include?
According to Tribe, the company is working with APOLLO to ensure that this type of insurance is easier to access. It aims to achieve this by introducing a direct connection to APOLLO's insurance technology from both Tribe's strata and condo management platform and rental software to allow for increased education and awareness for owners into insurance risks and options.
It also includes the future ability for notifications for mid-term cancellations, and plans to offer protection from potential strata/condo corporation deductibles, Tribe said.
"We are excited to partner with APOLLO to bring accessibility, visibility, and education around insurance options to our communities and reflect the current lifestyle expectations of condo owners and residents while protecting the value of their biggest assets", said Joseph Nakhla, Chief Executive Officer of Tribe.
Nakhla added: “This agreement with APOLLO is just the first step under our Digital Services & Partnerships revenue pillar. We will continue to layer on services to drive revenue for Tribe, and bring convenience and savings for our users, with the goal of being able to offer a one-stop-shop to our development partners and the over 100,000 residents in Tribe-managed communities”.
APOLLO uses technology as a channel between insurance brokers, carriers, and their mutual clients, offering insurance options from multiple companies on one integrated online platform.
"We like that Tribe is taking a fresh approach to condo living and building smart homes through tech-enabled service, and an integration with their Community Platform supports our goals of making insurance more accessible and supporting the needs of communities”, said Jeff McCann, Chief Executive Officer of Apollo.