Keep up with what’s been happening this week in our latest insurance news round-up…
Travel insurance companies worldwide are estimated to pay out the highest number of claims this year due to the pandemic, particularly in the UK. The Association of British Insurers expects travel insurance companies to pay out at least £275m to cover cancellations related to COVID-19.
British insurance company, Aviva are automatically giving their customers who work for the NHS free breakdown cover to all NHS workers who have an Aviva, Quotemehappy or General Accident branded policies.
After receiving backlash from customers after insurers said that coronavirus isn’t included in most policies, the insurance industry is having to pay out a lot of COVID-19 claims that they did not intend to cover. Lloyd’s of London chairman has said that this could put the insurance industry “in jeopardy”.
Lanistar, a new fintech banking company has launched in the bid to use cutting-edge technology to offer a banking alternative to customers. Their new product will launch in winter 2020 and make use of polymorphic technology and open banking.
A leaked document has revealed that one of Australia’s biggest life insurers, TAL, have begun adding an exclusion clause for the coronavirus in new policies, this can include frontline doctors fighting the virus.