Date Posted: 26/08/2013 10:33:00 AM
Australia’s leading provider of travel insurance and emergency assistance, Cover-More, and their underwriting partner, Great Lakes, part of one of the world's largest insurance groups and leading risk carriers, Munich Re, have announced the extension of their successful partnership for a further five years.
The partnership will see a continuation of the successful relationship which has led to Great Lakes having a dominant underwriting share of the travel insurance market in Australia.
In their most recent analysis of the Australian travel insurance market, research company IBISWorld reported that Great Lakes and Cover-More command a 45.7% share of all travel insurance written in the country.
IBISWorld reported this to be significantly higher than other industry players due to the extensive distribution channels operated by Cover-More. Based on policy numbers, the research company stated that close to one in four Australian leisure travellers heading overseas purchase travel insurance policies through Cover- More, giving Cover-More an unrivalled leadership position in travel insurance distribution.
According to Cover-More Group CEO, Peter Edwards, the renewal of the partnership with Great Lakes is about building on the platform of mutual success in Australia and expanding into markets where there is strong mutual benefit.
"Given Great Lakes is part of one of the world’s largest and most trusted insurance groups, we see them as a highly desirable partner for our next phase of growth. With Cover-More’s specialist focus on travel insurance and medical assistance, and our aspirations to shape key markets of interest, we believe the partnership makes a great deal of commercial sense,” Peter Edwards said.
Cover-More first entered into a long-term underwriting arrangement with Great Lakes in 2009 for their Australian, New Zealand and United Kingdom operations.
Peter Shaw, General Manager of Great Lakes, said: "This is a business partnership of genuine mutual benefit and we have been extremely pleased with both the strong growth and the underwriting performance of the Cover-More portfolio.
“It is important for us to work with organisations that share similar values and approach to business and customers and, with Cover-More, we believe we have that, along with a common understanding of local market and global issues.”
During the past 18 months, Cover-More has enjoyed significant growth with the injection of a new leadership team and a strong focus on customer-led innovation. Cover-More Group is an Australian-owned travel insurance and assistance group of companies, with operations in Australia, New Zealand, China, India, Malaysia and the United Kingdom. In Australia alone, Cover-More provides travel insurance to more than 1.6 million travellers every year.