Specialist insurer Beazley has launched its first international business travel insurance product in the Australian market. Beazley Corporate Travel Insurance will be offered to Australian brokers and coverholders.
Beazley Corporate Travel Insurance provides specialist cover for business travelers, such as overseas emergency medical costs, travel disruption or booking cancellation costs and loss of deposit.
It protects businesses from a wide range of losses that may occur on a trip, including personal accident and sickness, theft and damage to property, rental vehicle excess, personal liability and extra territorial works compensation benefits, as well as evacuation in case of political unrest or natural disaster.
This launch marks global specialist insurer Beazley’s first foray into the Australian business travel insurance market.
As a new entrant to the market, Beazley said it believes its corporate travel insurance product will appeal to brokers due to the company’s ability to tailor products and provide user-friendly service.
Commenting on the choice to launch the product in Australia, Beazley underwriter Andrew May, said: “We have offered non-business travel insurance for seven years, and felt it was timely to expand our offer to the business travel insurance market to take advantage of the maturity and relative stability of the local market.”
“As a specialist insurer, we are able to offer a product that is clear, easy to understand and to use – something we believe will really appeal to both brokers and their clients,” May added.
Business Travel in Australia
Beazley quoted the Australian Bureau of Statistics, which reports that business travel was the main purpose of 10 percent of all short term journeys departing from Australia, accounting for close to 1 million departures (895,000) in the year ending June 30, 2014. The figure represents a 3.18 percent growth in overall business travel departures from the previous year, the bureau said.
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