Existing customers are not affected
LV= General Insurance (LV=) has temporarily suspended the sale of all its travel insurance in light of the “significant impact that coronavirus is having globally”.
The firm said it took the difficult decision to pause the sale of travel insurance policies to new customers, but existing customers are not affected.
A spokesperson for LV= said: “LV= General Insurance remains committed to the travel insurance market and this is only a temporary move given the exceptional circumstances we find ourselves in.
”We will continue to monitor the situation closely and review the decision on an ongoing basis.”
LV=’s decision follows the recent outbreak of coronavirus in the UK and worldwide, which is having an impact on businesses.
’Right decision’
The LV= spokesperson added: “In the last couple of weeks, we’ve seen the number of policies sold double.
”Whilst LV=is a major motor and home insurer, we are a small travel insurance provider and it’s important for the long-term benefit of all our customers that our exposure to this market remains at a sustainable level for the overall business.
“We considered a number of different options, such as excluding cover or significantly increasing prices for new customers, but we strongly believe this temporary measure of pausing the sale of new policies and focusing on our existing customers is the right decision.”
But LV= has confirmed that there is “no change for existing customers who already have a policy”.
Existing customers can contact LV= should they need to make a claim, and the firm is still offering renewals to existing customers.
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