Home / Corporate / Travel insurance specialist ‘hibernates’ as volumes plummet
19 October 2020
TravelCard today announced “the difficult decision” to put the business into hibernation and pause operations.
The broker-focused business, which launched in 2018 and is underwritten by Hollard, says it has made the call as there is “no return to international travel in sight”.
Brokers have been advised that new policies are no longer available effective immediately, with renewals ceasing December 1 2020.
All current policies continue to be in force and will continue to be serviced. All claims will be processed, subject to policy terms and conditions, and commissions will be paid. The 24/7 on-trip assistance team will continue to be provided for all valid current policies.
A reduced TravelCard team will remain for approximately 15 months to manage claims, partner support and trip assistance.
“We are so proud of our team at TravelCard, who have achieved so much over the last two and half years,” CEO Peter Klemt said.
“Our staff have remained dedicated and professional through a challenging time and our partners have provided us with support and belief in our aspirations.
“This has not been an easy decision for TravelCard and we have spent the last eight months making a way forward. But until significant international travel returns the business will be put into hibernation and operations paused.
“When TravelCard sees a material return to international travel we intend to resume the business.”
Hollard Head of Agency Partner Management and Development Orion Riggs says TravelCard has “raised the bar” in Australian travel insurance.
“Hollard supports the difficult decision TravelCard has made,” he said. “We look forward to TravelCard’s speedy return to the market when conditions improve.”