Insurance companies launch a travel product that covers "Covid-19"

Insurers have launched a new travel insurance product on the local market that covers the risks of "Covid-19", after it has become one of the main requirements demanded by many countries, either to receive travelers or tourists.

Dubai Islamic Insurance and Reinsurance (Aman) Chief Executive Officer Jihad Vitroni said: "The company offers customers additional coverage for (Covid-19) if they wish or request it within the specified terms and conditions."

He added that international travel insurance that covers the risks of "Covid-19" has become an important requirement in many countries, pointing to the high demand for this product.

In turn, the General Manager of the Al Wathba National Insurance Company, Bassam Gilmiran, said that companies generally avoid providing coverage for "Covid-19" after it has been classified as a global epidemic, indicating that this is It applies to any coverage of an emergency nature, the repercussions of which cannot be predicted immediately. Industry.

He added: "In these cases, there are concerns about the ability of insurance companies to bear the expected losses." . He explained that some companies could provide these coverage under conditions in agreement with international reinsurance companies.

For his part, the general manager of the National Insurance and Reinsurance Company of Dubai, Ramez AbuZayd, said that due to the high demand rates for medical insurance for visitor and tourism visas, and includes covering the risks of "Covid-19 ", the company has resorted to adopting its own product and offering it to customers.

He added that "covering the risks of (Covid-19) comes within a set of terms and conditions contained in the document", noting that the insurance policy takes into account the new travel requirements, which is why this product has become in one of the main requirements that many countries require.

Regarding AXA Gulf Company regional director, Issam Maslamani, said: “After the (Corona) pandemic, there were many risks that were not taken into account, prompting the company to work immediately to find appropriate solutions to these risks ”.

He added that "(AXA) has worked to improve travel insurance products, in a way that meets the emerging requirements stipulated by some governments to travel in these circumstances."

He explained that according to the document, and in the event of a positive diagnosis of an infectious disease "epidemic", and in any country other than the country where the traveler left to start his trip, the company will pay emergency medical expenses and expenses incurred for quarantine requirements, up to a maximum of $ 100 per day. And for a maximum period of 15 days.

He stated that the company will also pay the reasonable sums and additional costs that the client may incur, as a result of modifying or changing the return trip in case the diagnosis is positive for an infectious disease, and he cannot catch up with your previously booked flight to return to your homeland, noting that the document is subject to the terms and conditions that define the duties. The rights of the parties to the contract.

Cognitive Reinsurance Brokerage Company Partner and Managing Director Dr. Hazem Al-Mady said the insurance industry can cover any carefully studied risk, regardless of whether it is a global epidemic.

He emphasized that companies can design products based on accurate actuarial calculations of the cost of treatment in case of injury and the responsibilities covered in the policy, under the conditions agreed by both parties: the insurance company and the insured.

He added that the prices of these products naturally take into account the international laws and regulations that regulate the insurance industry in various markets, along with the conditions that the trader must meet.