Insurers Face Low Travel Insurance Sales, High Claims Demand | Leadership Newspaper

Insurance companies in the country are currently facing low travel insurance policy sales and high claims demand as the multiplier effect of coronavirus pandemic continues to bite harder, LEADERSHIP learnt.

Market observers attributed the low or non-patronage of travel insurance, to the apathy of Nigerians to travel abroad, especially, as the Covid-19 protocols to observe before entry into most European countries were considered too stringent. Most of the international trips in recent days, it was learnt, were movement from abroad into Nigeria, even as as most of these travelers had their travel insurance domicile in their respective countries.

While Unitrust Insurance Company Limited has announced it is now offering cover for certain events relating to COVID-19 across a wide range of its underwritten travel insurance policy., some insurers, it was learnt, are putting finishing touches to their travel policies, which are expected to be unveiled in the coming weeks.

Market observers expect all these to affect negatively the balance sheets of insurance firms in their 2020 financial year end. According to her, “most importantly, brokers, like other professionals, have to square up to the new twist in the relationship with their clients, the type of changing demands that the clients would have. You may recall that some policies may have to be tweaked a little bit by brokers and underwriters to cover the emerging realities of the Covid-19.

Source: News Formal (newsformal.com)

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