Latest news with #AllianzPartners
The Star
16 hours ago
- The Star
More people are buying premium insurance with global travel disruptions
With flight cancellations, delays and other disruptions on the rise, leisure travellers are being increasingly discerning over the level and type of insurance they buy. Businesses, too, are turning to specialist advisory services to limit risk. Since 2019, travel disruptions around the world have risen due to everything from Covid-19, extreme weather, volcanic eruptions, military conflict, jet safety issues, computer glitches and fires which have closed airports, grounded planes and stranded millions of passengers. In the United States, ongoing air traffic controller shortages and ageing technology have caused significant disruption. In May, equipment outages, runway construction and staffing shortages caused flight cancellations, diversions and delays at Newark Liberty, one of the main airports serving New York City. Recently, Israel attacked Iran, forcing carriers to cancel or divert thousands of flights to avoid conflict in the Middle East. Even with insurance, many policies specify a multitude of exemptions in the fine print. As a result, more travellers are taking out higher-end insurance policies, often at higher premiums, to better protect themselves, according to interviews with nine travel executives, insurance companies and analysts. 'We're in times that are quite unstable so people are cancelling more frequently than previously,' said Duncan Greenfield-Turk, CEO of Global Travel Moments, a luxury travel agency based in London, England. European tourists have increased their purchases of travel insurance for this summer by 3% compared with last year, according to German insurer Allianz Partners. Squaremouth, the largest travel insurance marketplace in the US, has seen a 34% year-over-year increase globally in purchases of 'Cancel For Any Reason' protection. British and US holidaymakers in particular are more willing to pay a higher premium to protect their trip, said Anna Kofoed, the CEO of Travel for Allianz Partners. About 32% more travellers globally requested an insurance quote from January to April compared to the same period in 2024, according to data from online travel insurance broker InsureMyTrip. Seeking travel advice There has also been a rise in demand for bespoke travel advice as US president Donald Trump has announced a number of immigration-related restrictions including tighter visa vetting procedures and travel bans. World Travel Protection (WTP), a global firm that advises businesses on travel risk, said it has seen a rise in US residents being detained at US borders and told their documents were no longer valid as visa rules were changing. WTP has worked with US government representatives to help those individuals return home, according to Frank Harrison, the company's regional security director for the Americas. 'We're seeing a very strong uptick in organisations coming to us wanting to know how to navigate the landscape of the US within the wider business,' Harrison said. CIBT, which provides non-legal visa and immigration guidance, has seen a 50% rise in inquiries since November 2024 from companies seeking to better prepare their employees for travel to the US, according to CEO Steven Diehl. High-end insurance One of the newest areas of business is in parametric insurance, which pays compensation automatically after a 'trigger' event such as a flight delay without the need to file a claim. Parametric insurance took off in some countries during the Covid-19 pandemic and in recent months more insurers around the world have begun to offer it. When testing the market last year, Spanish insurer Mapfre's Mawdy unit in Ireland said about 11% more customers opted for higher-tier travel insurance packages when instant compensation was included. Travel destinations have also spotted an opportunity in this burgeoning market. Marriott Bonvoy's villa rentals and waterparks, for example, offer parametric weather insurance at the point of booking, automatically paying out on rainy days. Sensible Weather, one of the providers of such coverage, reported its weather guarantees were added to 30% of theme park bookings and 10-15% of higher-value accommodation bookings when they were offered in 2024. In March, Squaremouth launched a new insurance product with cruise-specific benefits such as coverage for being confined on a cruise ship or missing the port of call. 'Everyone is trying to make it easier for people to understand that each trip ... is going to have a different set of concerns whether it's hurricanes or blizzards or what's going on with air traffic controllers,' said Suzanne Morrow, CEO of online insurance broker InsureMyTrip. – Reuters
CNA
23-06-2025
- Entertainment
- CNA
CNA938 Rewind - Malaysia's Booker Prize nominee Tash Aw discusses 'The South' – the first in a quartet of novels
CNA938 Rewind Play In 'Culture Club', Melanie Oliveiro speaks with Malaysian author Tash Aw, known for international bestsellers like 'The Harmony Silk Factory' and the longlisted Booker Prize novel 'Five Star Billionaire'. Twenty years after his debut title, Aw will talk about 2025's 'The South' which is a coming-of-age tale of teenager Jay Lim who – with his family – moves south of the Malaysian peninsula to a neglected farm that they have inherited. Aw will talk about the characters and era that propel the story and how 'The South' is the first in a quartet of novels. CNA938 Rewind - Malaysia's Booker Prize nominee Tash Aw discusses 'The South' – the first in a quartet of novels In 'Culture Club', Melanie Oliveiro speaks with Malaysian author Tash Aw, known for international bestsellers like 'The Harmony Silk Factory' and the longlisted Booker Prize novel 'Five Star Billionaire'. Twenty years after his debut title, Aw will talk about 2025's 'The South' which is a coming-of-age tale of teenager Jay Lim who – with his family – moves south of the Malaysian peninsula to a neglected farm that they have inherited. Aw will talk about the characters and era that propel the story and how 'The South' is the first in a quartet of novels. 39 mins CNA938 Rewind - Travel & the average Singaporean - an Allianz Partners survey In 'Destination Anywhere', Melanie Oliveiro analyses key travel survey results released by Allianz Partners, a global firm providing B2B2C insurance and assistance. Managing Director Vinay Surana will discuss the Allianz Partners Travel Index survey which - for the first time - has released some Singapore findings. Surana will discuss trends like why some Singaporeans are not travelling; what concerns they have about going overseas; using AI for holiday planning; and even aisle passenger behavioural trends. 19 mins CNA938 Rewind - #TalkBack: If you are a private hire driver, should there be a limit to the number of hours you work? The recent passing of 49-year-old driver Gavin Neo from a stroke has raised serious questions about the long hours some drivers are putting in just to make ends meet. Lance Alexander and Daniel Martin discuss more with Tan Ying Ying, Director of NTUC Freelancers and Self-Employed Unit. 28 mins CNA938 Rewind - A Letter to Myself - Vidhi Modi on launching XVXII Jewellery with only $500 and growing it into a multi-storey flagship at Haji Lane Vidhi Modi, Founder of XVXII Jewellery, started her entrepreneurial journey early, from selling handmade bookmarks and masala popcorn at the age of seven to launching her own waterproof and tarnish-free jewellery brand. Starting XVXII with just $500 during the pandemic, Vidhi grew it from a bedroom startup to a three-storey flagship store at Haji Lane, all while juggling a degree in Cyber Security. In this episode of A Letter to Myself, Vidhi tells guest host Vaisali Prabhakaran about the personal journey behind her brand, the influence of her family, the lessons learned through failure and resilience, and her vision for global expansion. 41 mins
CNA
23-06-2025
- Entertainment
- CNA
CNA938 Rewind - Travel & the average Singaporean - an Allianz Partners survey
CNA938 Rewind In 'Destination Anywhere', Melanie Oliveiro analyses key travel survey results released by Allianz Partners, a global firm providing B2B2C insurance and assistance. Managing Director Vinay Surana will discuss the Allianz Partners Travel Index survey which - for the first time - has released some Singapore findings. Surana will discuss trends like why some Singaporeans are not travelling; what concerns they have about going overseas; using AI for holiday planning; and even aisle passenger behavioural trends. CNA938 Rewind - Malaysia's Booker Prize nominee Tash Aw discusses 'The South' – the first in a quartet of novels In 'Culture Club', Melanie Oliveiro speaks with Malaysian author Tash Aw, known for international bestsellers like 'The Harmony Silk Factory' and the longlisted Booker Prize novel 'Five Star Billionaire'. Twenty years after his debut title, Aw will talk about 2025's 'The South' which is a coming-of-age tale of teenager Jay Lim who – with his family – moves south of the Malaysian peninsula to a neglected farm that they have inherited. Aw will talk about the characters and era that propel the story and how 'The South' is the first in a quartet of novels. 39 mins CNA938 Rewind - Travel & the average Singaporean - an Allianz Partners survey In 'Destination Anywhere', Melanie Oliveiro analyses key travel survey results released by Allianz Partners, a global firm providing B2B2C insurance and assistance. Managing Director Vinay Surana will discuss the Allianz Partners Travel Index survey which - for the first time - has released some Singapore findings. Surana will discuss trends like why some Singaporeans are not travelling; what concerns they have about going overseas; using AI for holiday planning; and even aisle passenger behavioural trends. 19 mins CNA938 Rewind - #TalkBack: If you are a private hire driver, should there be a limit to the number of hours you work? The recent passing of 49-year-old driver Gavin Neo from a stroke has raised serious questions about the long hours some drivers are putting in just to make ends meet. Lance Alexander and Daniel Martin discuss more with Tan Ying Ying, Director of NTUC Freelancers and Self-Employed Unit. 28 mins CNA938 Rewind - A Letter to Myself - Vidhi Modi on launching XVXII Jewellery with only $500 and growing it into a multi-storey flagship at Haji Lane Vidhi Modi, Founder of XVXII Jewellery, started her entrepreneurial journey early, from selling handmade bookmarks and masala popcorn at the age of seven to launching her own waterproof and tarnish-free jewellery brand. Starting XVXII with just $500 during the pandemic, Vidhi grew it from a bedroom startup to a three-storey flagship store at Haji Lane, all while juggling a degree in Cyber Security. In this episode of A Letter to Myself, Vidhi tells guest host Vaisali Prabhakaran about the personal journey behind her brand, the influence of her family, the lessons learned through failure and resilience, and her vision for global expansion. 41 mins
Axios
19-06-2025
- Axios
European hot spots dig in against tourism
Residents of European travel hotspots are rallying against the effects of overtourism for the second consecutive summer. Why it matters: Protesters say post-COVID tourism booms, which don't show signs of slowing down, are increasing costs and pushing locals out of their neighborhoods and cities. Americans' summer travel to Europe is projected to increase for the fourth consecutive year, per a report from travel insurance company Allianz Partners. State of play: In the past week, anti-tourism protesters took to the streets in Southern Europe, the Louvre's staff went on strike and Airbnb pointed fingers. Locals have taken to spraying tourists with water guns as a form of protest in Lisbon, Barcelona, Venice and other popular European destinations. Staff at the Louvre spontaneously went on strike this past Monday to protest unmanageable crowds and chronic understaffing. The work stoppage — which happened without a vote by union membership — shuttered the world's most visited museum for hours. Between the lines: Locals blame Airbnb for contributing to the problem, reducing housing supply and increasing prices in residential neighborhoods. The Spanish government last month called for the removal of nearly 66,000 short-term rental listings on Airbnb. Airbnb has placed the blame on hotels, saying they account for 80% of the nights tourists spend in Europe.
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Business Standard
16-06-2025
- Business
- Business Standard
Premium insurance demand spikes as travel disruptions rise globally
With flight cancellations, delays and other disruptions on the rise, leisure travellers are being increasingly discerning over the level and type of insurance they buy and businesses are turning to specialist advisory services to limit risk. Since 2019, travel disruptions around the world have risen due to everything from COVID-19, extreme weather, volcanic eruptions, military conflict, jet safety issues, computer glitches and fires which have closed airports, grounded planes and stranded millions of passengers. In the U.S., ongoing air traffic controller shortages and aging technology have caused significant disruption. In May, equipment outages, runway construction and staffing shortages caused flight cancellations, diversions and delays at Newark Liberty, one of the main airports serving New York City. On Friday, Israel attacked Iran, forcing carriers to cancel or divert thousands of flights to avoid conflict in the Middle East. Even with insurance, many policies specify a multitude of exemptions in the fine print. As a result, more travellers are taking out higher-end insurance policies, often at higher premiums, to better protect themselves, according to interviews with nine travel executives, insurance companies and analysts. "We're in times that are quite unstable so people are cancelling more frequently than previously," said Duncan Greenfield-Turk, CEO of Global Travel Moments, a luxury travel agency based in London. European tourists have increased their purchases of travel insurance for this summer by 3% compared with last year, according to German insurer Allianz Partners. Squaremouth, the largest travel insurance marketplace in the U.S., has seen a 34% year-over-year increase globally in purchases of "Cancel For Any Reason" protection. British and U.S. holidaymakers in particular are more willing to pay a higher premium to protect their trip, said Anna Kofoed, the CEO of Travel for Allianz Partners. About 32% more travellers globally requested an insurance quote from January to April compared to the same period in 2024, according to data from online travel insurance broker InsureMyTrip. Businesses Seek Travel advice There has also been a rise in demand for bespoke travel advice as U.S. President Donald Trump has announced a number of immigration-related restrictions including tighter visa vetting procedures and travel bans. World Travel Protection (WTP), a global firm that advises businesses on travel risk, said it has seen a rise in U.S. residents being detained at U.S. borders and told their documents were no longer valid as visa rules were changing. WTP has worked with U.S. government representatives to help those individuals return home, according to Frank Harrison, the company's regional security director for the Americas. "We're seeing a very strong uptick in organizations coming to us wanting to know how to navigate the landscape of the U.S. within the wider business," Harrison said. CIBT, which provides non-legal visa and immigration guidance, has seen a 50% rise in inquiries since November from companies seeking to better prepare their employees for travel to the U.S., according to CEO Steven Diehl. High-end insurance products emerge One of the newest areas of business is in parametric insurance, which pays compensation automatically after a "trigger" event such as a flight delay without the need to file a claim. Parametric insurance took off in some countries during the COVID-19 pandemic and in recent months more insurers around the world have begun to offer it. When testing the market last year, Spanish insurer Mapfre's Mawdy unit in Ireland said about 11% more customers opted for higher-tier travel insurance packages when instant compensation was included. Travel destinations have also spotted an opportunity in this burgeoning market. Marriott Bonvoy's villa rentals and waterparks offer parametric weather insurance at the point of booking, automatically paying out on rainy days. Sensible Weather, one of the providers of such coverage, reported its weather guarantees were added to 30% of theme park bookings and 10â€'15% of higher-value accommodation bookings when they were offered in 2024. In March, Squaremouth launched a new insurance product with cruise-specific benefits such as coverage for being confined on a cruise ship or missing the port of call. "Everyone is trying to make it easier for people to understand that each trip (...) is going to have a different set of concerns whether it's hurricanes or blizzards or what's going on with air traffic controllers," Suzanne Morrow, CEO of online insurance broker InsureMyTrip told Reuters.
