Nib Travel has posted a full-year loss of $19.7 million, reversing 2019’s profit of $6.6 million, following a plunge in operating margins as COVID-19 restrictions brought global travel to a standstill.

The specialist insurer, which includes such brands as World Nomads, Travel Insurance Direct and SureSave, has been focusing on reducing operational expenses, shrinking its cost base and improving operating efficiency in preparation for any return to travel.

“The crisis has required extraordinary agility and adaptation,” MD Mark Fitzgibbin said.

The global impacts of COVID-19 caused significant disruption across all Nib businesses, with Travel hardest hit.

Chairman Steven Crane said there were “clearly hurdles across the group, most notably Nib Travel which is operating in a very difficult market”.

“The devastation of COVID-19 made 2020 as extraordinary as any I’ve ever encountered,” he said. “The pandemic has devastated consumer confidence and destroyed or put at risk, so many businesses.”