Canadian insurance provider Allianz Global Assistance introduced its new COVID-19 Insurance and Assistance Plan late last year, offering travelers "up to $1 million in coverage for coronavirus-related emergency medical treatment."
Featuring no age limit, the plan covers travel to the US and other international destinations and can be "purchased on a standalone basis, or to supplement other standard out-of-country medical plans that may limit coverage for COVID-19, through Allianz Global Assistance’s national distribution network of more than 9,000 travel agencies and insurance brokers."
In addition to offering emergency care coverage while abroad, this Allianz Global Assistance plan also requires no medical questionnaire to qualify for purchase -- the exception is those who have previously tested positive for COVID-19, in which case proof of a negative test before travel is required.
With non-essential travel restricted due to ongoing pandemic safety measures, Allianz Global Assistance targets essential travelers by helping ensure their experience abroad is as convenient and safe as possible during an uncertain time.
Pandemic Travel Insurance
Allianz Global Assistance's COVID-19 Insurance Offers Emergency Coverage
Trend Themes
1. COVID-19 Travel Insurance - Allianz Global Assistance's new insurance coverage provides a disruptive innovation opportunity for the travel insurance industry to adapt to the current pandemic situation.
2. No Age Limit Coverage - Providing no age limit coverage opens up new opportunities for the insurance industry to target an older demographic that may struggle to find suitable coverage.
3. Supplementary Plans - The ability to purchase supplementary plans provides a disruptive innovation opportunity for insurance companies to better tailor their coverage options.
Industry Implications
1. Travel Insurance - The travel insurance industry can benefit from the introduction of COVID-19 insurance coverage offering new incentives for travelers.
2. Medical Insurance - Allianz Global Assistance's new travel insurance coverage provides opportunities for medical insurance companies to expand their coverage options.
3. Insurance Brokers and Travel Agencies - Allianz Global Assistance's national distribution network of more than 9,000 travel agencies and insurance brokers can benefit from this new plan, by providing expanded insurance coverage options for their clients.