Visa, the world’s leader in digital payments, and global insurer AIG Philippines Insurance Inc, announced the launch of a new travel insurance featuring Covid-19 protection, exclusive to Visa Infinite cardholders in the Philippines.
The travel insurance, which will be provided by AIG Philippines Insurance Inc., includes coverage for trip cancellations, travel inconveniences and medical expenses including Covid-19 medical expenses and allowances. The complimentary coverage is automatic for all for domestic and international trips between 4 December 2021 to 3 December 2022 paid for using Visa Infinite credit cards issued by Citibank, EastWest, Maybank, and RCBC Bankard. Terms and conditions apply.
Dan Wolbert, Visa Country Manager for The Philippines and Guam said, “It gives me great pleasure to introduce this new Visa Infinite Travel Insurance Protection with Covid-19 coverage. Our study shows that luxury travel (46%) and transportation (38%) are the most popular searches online among affluent Filipino holidaymakers. Safety is a top priority for consumers thinking about the return to travel and this insurance will provide Filipinos with added peace of mind knowing they’ll be covered for Covid-19 related expenses“.
A first in the local payment landscape, Covid-19 insurance coverage is generally treated as an exclusion in current practice by insurance providers or charged at a high premium given the risk volatility arising from a new illness. However, according to IATF-MEID Resolution No. 79, outbound Filipino travelers are required to present an adequate travel and health insurance to cover disruptions and hospitalization in case of Covid-19 infections during their trip.
A recent Visa study shows that while overall travel intent is still low due to the uncertainty brought about by the pandemic, Filipinos place Japan, the United States, and Thailand as their top three international destinations, and Manila, Baguio, and Makati as their preferred domestic destinations once it is safe to travel again. Another study showed that while 44 percent of Filipinos surveyed said that they want to be able to travel as soon as possible, 71 percent also said that even after being vaccinated, they will still be cautious in their activities and movement.
The Visa Infinite Travel Insurance Protection with Covid-19 coverage offers reimbursements subject to terms and conditions for the following:
- Travel accidents of up to USD 100,000 for international trips and USD 50,000 for domestic trips
- Overseas medical expenses including due to Covid-19
- Trip inconveniences including due to Covid-19
- Baggage protection
- Travel assistance
According to the Philippines Statistics Authority (PSA) data, the tourism industry had been a major contributor to the Philippines’ gross domestic product (GDP), pulling in a 12.7 percent share in 2019. The Philippines government has eased domestic travel restrictions as the country reported continued decrease in new Covid-19 cases after emerging from the third wave of infections that peaked in September, in hopes that the travel corridors and tourism industry can thrive once more.