Cover-More Travel Insurance has suspended its ‘Cancel For Any Reason’ (CFAR) add-on product in Australia and New Zealand amid the rapidly changing global impact of the coronavirus (COVID-19) outbreak.
Judith Crompton, CEO of Cover-More for the Asia Pacific, said the company has made the decision to suspend sales of its CFAR product for an interim period while assessing the risk profile and immediate sustainability with Zurich; its underwriter in Australia and New Zealand.
“Cover-More is very proud of our CFAR product which we have pioneered in Australia and New Zealand since April 2018,” she said.
“We absolutely want it to build into a long-term sustainable feature of our travel insurance offer in the Australian and NZ travel markets.
“We have not taken this decision lightly and we stress that we hope this suspension will enable us to keep CFAR in market in the longer term.
“We are in unchartered waters and unprecedented times for the travel industry with the global impact of the coronavirus (COVID-19) outbreak, and we will continue to do everything we can to support our travel agents and partners and Australian and New Zealand travellers.”
Featured image: iStock/Visivasnc
