Australian insurance provider TravelCard – launched at lavish and expensive event just two years ago – has announced it is going into hibernation with the business no longer viable due to a lack of demand caused by border closures.
According to insurance industry media repeorts, all current policies remain valid while a reduced TravelCard team will remain for approximately 15 months to manage claims and administration.
“This has not been an easy decision for TravelCard and we have spent the last eight months making a way forward,” said CEO Peter Klemt.
“But, until significant international travel returns, the business will be put into hibernation and operations paused.”
He added: When TravelCard sees a material return to international travel we intend to resume the business.”