Anglo-Arab Insurance Brokers launched the first online global travel plan to include war and terrorism cover as standard at the Arab Travel Markets Conference in Dubai on 30 April.
Marketed under the 'Frontier Travel' banner it offers insurance to travellers in any country in the world except the US and Canada and countries subject to global sanctions.
The new policy insures against accident as a result of war, invasion, civil war, riot, rebellion, insurrection, revolution, overthrow of the legally constituted government, civil commotion, military or usurped power, explosions of war weapons, murder or assault, terrorist activity and kidnap.
It was designed for companies engaged in the energy sector, reconstruction and development, media companies and even governments and their contractors.
According to the firm, it is the first time such a product has been available off-the-peg. War and terrorism can currently be added to conventional travel cover but only after referral back to an underwriter, often taking between 24 and 48 hours to arrange and leading to a substantial increase in premiums.
The Frontier Travel plan can be bought online in minutes and is available to anyone travelling in emerging and high risk markets, including security contractors and journalists, the firm said.
The new product was developed by AAIB and its London underwriters drawing on AAIB's deep knowledge of 'frontier markets' and the size of its war & terrorism book, which allows it to confidently assess risk and the minimum premiums required.
Benefits include up to $500,000 personal accident cover, comprehensive accident cover for riot, war terrorism and kidnap, emergency medical treatment and evacuation.
The premium for seven days cover for a clerical worker going to Basra, Iraq with $100,000 AD&D and $500,000 Medevac will be $41.43. Similar cover in Baghdad and Kabul is $43.24 and $23.34 in Kurdistan.
AAIB chief executive William Wakeham said the new product is good news for any country deemed dangerous and any company doing business there.
"Our Frontier Travel plan will aid the development of conflict and post-conflict countries by making it easier to do business with them," he said.
Updating your subscription status
What is the claims environment like in Asia? What are insurers doing to manage increasing claims costs and is there sufficient expertise in the market to handle future claims?
Designing a multinational insurance programme is a complex undertaking. However, the right strategy and tools help optimise performance and boost bottom-line results. This Aon Benfield article addresses the key challenges to overcome, including cultural issues, regulations, business process management and risk.
Country Profiles provides individual summaries for Lloyd's key territories. These profiles contain factsheets on the economy, insurance market and Lloyd's business. This analyst report from September 2012 focuses on Singapore.