Saturday, 24 June 2017

Top-five insurer axes brokered travel product

Stand-alone travel multi-trip travel cover dropped by top-five insurer after low volumes

Aviva has stopped selling its standard annual multi-trip travel insurance policy through brokers, blaming low sales volumes.

The top-five insurer stopped selling new policies on 1 June, and it will stop renewals from 1 October this year.

It will continue to offer travel insurance through brokers as part of its high net worth offering.

Aviva chief distribution officer Phil Bayles said: “Unfortunately, the volumes are too low to make our stand-alone travel product commercially sustainable. However, travel insurance remains an important part of our high net worth broker offering.

“Brokers are fundamental to our long-term strategy and we’re committed to developing the right products which support our aspirations for growth. It’s important that we adapt our products to best meet our customers’ needs and expectations - whatever they might be.”

He added: “We’re making these changes as easy as possible for affected brokers and customers. We will be contacting brokers to let them know what action they need to take to ensure their customers have cover.”

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