Leading player Lloyd's backs new insurance product

Leading player Lloyd's backs new insurance product | Insurance Business

Leading player Lloyd
A new insurance product designed specifically for skilled migrants is being backed by certain underwriters at Lloyd’s, it has been announced.

Migration Cover, which Insurance Business reported on last month when it was about to be unveiled, was been officially launched last week.

The policies are underwritten by certain underwriters at Lloyd’s and issued by ASR Underwriting Agencies Pty Ltd and are aimed at people immigrating, or those who have already immigrated, to Australia and New Zealand.

It is due to be rolled out to other countries in due course.

Migration Cover pitches its purpose as ‘reducing the anxiety of immigrating by covering the policyholder’s repatriation, employment advocacy and travel needs’, subject to the conditions of the policy.

Chris Galway, Migration Cover CEO, said it is the first product of its kind designed specifically for migrants.

“The Migration Cover team has first-hand experience of the issues associated with relocating to a new country and we’ve developed this specialist insurance product to allow skilled migrants to focus on settling into their new life in Australia or New Zealand.”

There are four levels of cover offered, Platinum, Gold, Silver and Basic, starting at $900 for a single policyholder and $1,490 for a family (exclusive of taxes, fees and charges).

Recent immigrants who have relocated within the last two years, and who hold a valid skilled visa in their new country, may also purchase the cover.

Galway said: “By allowing existing skilled migrants to also take out a policy, we believe we have the right balance to encourage migration as a long-term proposition.”