Insurance industries across the globe are witnessing an unprecedented surge in the travel related claims since the outbreak of the pandemic. Credit: Fran Boloni on Unsplash.

Australian travel insurer nib Travel has launched a new product that offers travellers with coverage for Coronavirus (Covid-19) related events amid the ongoing global pandemic.

This new product offers coverage for Covid-19 induced medical expenses overseas.

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The travellers who select a higher-level cover will be provided with certain cancellation and additional accommodation costs if they are to be quarantined as a result of a diagnosis while traveling.

The company plans to roll out the new product across all nib Travel brands, starting with Travel Insurance Direct (TID).

According to nib Travel CEO Anna Gladman, its new product reflects efforts to find new ways to protect travellers in a world learning to live with the pandemic.

Gladman said: “We understand travellers are concerned about the impact coronavirus might have on their plans and health while travelling. A survey of our travellers showed 40% were looking for Coronavirus (COVID-19) related events in their policy.

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“With coronavirus destined to become part of normal life and in response to the challenges this poses to travel we have reassessed our coverage and the protection we can extend to travellers.”

According to a recent survey of 804 travellers conducted nib Travel, 61% of Australians are planning to travel within the country the next 12 months, with Queensland being the top destination.

The company is currently offering the product to domestic travellers, with plans to extend it to international travellers in the future.

Gladman added: “Travel has proven to be an important driver of economic prosperity all over the world and it is important we do everything we can to give people the confidence to book holidays and get the global tourism industry back on its feet.”

Insurers are witnessing an unprecedented surge in the travel related claims since the outbreak of the pandemic.

Last month, Travel marketplace Skyscanner teamed up with insurtech Cover Genius to introduce Covid-19 travel insurance package.

In September this year, Canadian insurer Manulife announced the launch of Covid-19 travel insurance for Canadians travelling across the country and internationally.