nib (ASX:NHF) pauses travel insurance in Aus & NZ

Company News

by Lauren Evans

Health insurer nib (ASX: NHF) has put a hold on travel insurance sales to Australian and New Zealand residents across all its brands from next month as travel restrictions still linger. 

nib plan to refresh its current underwriting arrangements to work with the Covid-19 restrictions in play. nib travel has been pursuing arrangements across its domestic and international markets to ensure they are “cost effective and support future growth ambitions”. 

“The ending of current arrangements is obviously disruptive but we’ll emerge in better shape as travel and market conditions recover. Covid-19 and prolonged border closures continues to have an impact on all elements of the travel industry,” said nib managing director Mark Fitzgibbon.

nib told the ASX this morning that international sales which currently account for over 75 per cent of its total travel insurance sales are unaffected and the pause will not have a material financial impact on the nib group.

nib noted that the pause has no impact on current travellers and all travel insurance coverage already purchased before 5 October while there is also no impact on employees within nib travel. 

“We plan to resume selling travel insurance to Australian and New Zealand residents as soon as possible to support our customers.”

Shares in nib Holdings (ASX:NHF) are trading 0.9 per cent higher at $6.93. 

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