New three-year deal will involve profits shared between the insurer and airline
UK General Insurance Group has signed a three-year deal with Ryanair to sell travel insurance in 22 EU countries, winning the deal from AXA Travel Insurance during a tender process.
Under the deal, customers can purchase travel insurance while buying their airline tickets or through Ryanair’s website. It is also open to non-Ryanair customers.
UK General will share underwriting profits and profit margins with Ryanair as part of the deal. Director of sales John Bibby said: “We share the profit at the front end and share the underwriting result as well. This is quite unusual from my experience.”
Bibby said that UK General had tailored the insurance package across the EU for compliance, regulatory and tax reasons.
He added that UK General hoped to sign similar deals with other airlines.