Sydney-based travel insurer Cover-More remains a highly valued business within Zurich’s global operations, the Swiss insurer’s APAC CEO Jack Howell says, applauding its “entrepreneurial mindset.”

The comments come amid staff cuts and as CEO Hanno Mijer departs Cover-More

to become Head of Commercial Insurance Services at parent group Zurich, replaced by COO Cara Morton on an interim basis.

Mr Howell says Zurich, which acquired Cover-More in 2017, continues to value the travel insurer’s “potential, track record and unique strengths of embedding a customer-focused and entrepreneurial mindset.”

Cover-More retrenched around 200 staff members last month in a bid to stave off the financial fallout from the COVID-19 pandemic, which has virtually grounded global travel demand.

Close to 10% of Cover-More workers globally have been stood down and the hours of remaining employees cut, with the insurer forecasting it will refund premiums for at least 250,000 travel insurance policies this year.

Cover-More, which has operations in 22 countries and holds a 45% share of the $1.2 billion Australian travel insurance market, says its policies continue to pay for medical costs, even for the pandemic, and cover a range of other circumstances, while not paying for travel cancellations or delays triggered by COVID-19.

Some 60% of Cover-More's business comes from retail sales.