Travel insurers expect record claims due to coronavirus (COVID-19)

Travel insurers expect record claims due to coronavirus (COVID-19)

The Association of British Insurers (ABI) has​ released a statement outlining that travel insurers expect to pay out at least £275m to travellers due to coronavirus (COVID-19).

The majority of payouts will be for cancellations, and are set be the highest cancellation pay outs on record.

ABI’s figures show the following:

• £275m is expected to be paid to customers in coronavirus related claims, including cancellations and travel disruption. This is expected to be at least twice as much for cancellation than for 2019

• 400,000 coronavirus claims are expected, compared to the 294,000 travel claims received in ​2010, the previous highest year, following the Icelandic volcanic ash cloud, which accrued £62m cancellation and disruption payments

ABI travel insurance members have agreed a series pledges to ensure extra support for customers, including having in place contingency plans to deal with valid claims as quickly as possible.

Source: COVID-19—Travel insurers expect to make record payouts to customers

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