Baloise, a Swiss insurance company, has launched three new parametric insurance policies designed to provide automatic compensation for travel-related issues.
These policies, which cover adverse weather conditions, delayed baggage and flight delays, will enhance the company’s existing holiday insurance offerings.
Go deeper with GlobalData
They complement the traditional coverage for cancellation costs, lost baggage and hire car insurance.
Baloise’s holiday insurance solutions are available for trips ranging from two to 92 days.
The insurer has partnered with KASKO, Wetterheld and Blink Parametric to offer the new cover.
The “Fair weather” policy provides compensation if a predefined amount of precipitation is recorded at the holiday destination.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataCustomers receive SFr100 ($117.5) for each insured day that exceeds the set levels of rain, snow or hail.
This cover is applicable to destinations within the EU, Switzerland and Liechtenstein, and must be purchased at least 21 days before the start of the policy.
For flight delays, Baloise offers coverage that includes access to airport lounges or a payment of SFr25, depending on the customer’s preference.
Additionally, a delay of four or more hours triggers a one-off payment of SFr200.
This worldwide insurance must be secured at least two days before the policy starts, with Blink Parametric responsible for monitoring the parameters.
The “Baggage delayed” policy compensates travellers if their checked luggage is late to arrive. Baloise pays SFr100 per item of baggage reported delayed at the airport.
Should the baggage still be missing after 48 hours, a further one-off payment of SFr200 will be issued.
Similar to the flight delay insurance, this cover is valid globally and should be purchased at least two days in advance.
Baloise Switzerland head of private clients and member of the executive committee Yannick Hasler said:
“Parametric insurance closes gaps in coverage and offers a fully automated claims process and more proactive customer communication. We want to harness these opportunities and gain experience with this type of insurance.”
Last month, Baloise sold its majority stake in Swiss specialist reinsurance broker Haakon to Howden Schweiz.
