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ZURN - Zurich Insurance AG News Story

CHF301.8 0.0  0.0%

Last Trade - 26/05/20

Large Cap
Market Cap £37.75bn
Enterprise Value £42.35bn
Revenue £55.39bn
Position in Universe 25th / 1052

UPDATE 1-N.Y. travel insurance to cover coronavirus in 'cancel for any reason' policies, Gov. Cuomo says

Fri 6th March, 2020 11:26pm
(Adds details from NYDFS and Cuomo)
    March 6 (Reuters) - Travel insurers and travel agents will
offer New York residents and businesses the ability to buy
coverage that would allow them to cancel a trip for any reason,
including those related to coronavirus, New York Governor Andrew
Cuomo said on Friday.
    The move followed complaints by consumers to the state's
insurance regulator, the New York State Department of Financial
Services (NYDFS) that so-called "cancel for any reason" travel
coverage was not available to them, Cuomo said.
    Buyers must purchase the coverage, which is 40% to 60% more
expensive than standard travel insurance, typically within
several weeks of the initial trip payment and cancel the trip
within two to three days of departure, the regulator said.
    Standard travel insurance typically excludes epidemics and
pandemics, the regulator said, making it unlikely that travelers
who buy the lesser coverage would be able to recoup
coronavirus-related expenses.    
    "Cancel for any reason" is technically not insurance under
New York law because the coverage is not triggered by a certain
type of event, NYDFS said in guidance to insurers on Friday. 
    However, insurers can comply with New York law by showing
that the benefits are related to the kinds of business that they
are authorized to offer in the state, the regulator said.
    Six insurers have agreed to offer “cancel for any reason”
policies, including: Allianz,  ALVG.DE  Nationwide, Starr
Indemnity, Berkshire,  BRKa.N  Crum & Forster  FFHAA.UL , and
Zurich  ZURN.S , Cuomo said. 

 (Reporting by Suzanne Barlyn
Editing by Chris Reese and Diane Craft)
 ((Suzanne.Barlyn@thomsonreuters.com; 646-223-8550; Reuters
Messaging: suzanne.barlyn.thomsonreuters.com@reuters.net))
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