Nib Holdings will start selling travel insurance again in Australia and New Zealand later this month after securing an underwriting arrangement with new partner Pacific International Insurance, the business announced today.

Travel sales in the two markets had been on hold since October 5 after its previous arrangement with Axa XL ended.

There will be no major changes to Nib Travel’s range of offerings, pricing, services and coverage under the agreement with Pacific International, which is owned by South Africa’s Badger International. Pacific International underwrites a number of products in Australia and New Zealand, including PD Insurance and Blue Badge Insurance, an Australian disability insurance specialist.

Nib Travel CEO Anna Gladman says the new partnership “couldn’t come at a better time” now that state and international travel restrictions have eased. Since this month, fully vaccinated residents can leave the country following the lifting of the travel ban.

“We expect our travel insurance business to recover quickly with the opening of borders to quickly build momentum,” she said.

“With coronavirus now a part of normal life, we’ll continue to offer cover that can help protect travellers as they start exploring the world again.”

She says the products include cover for some COVID-related events such as medical expenses incurred overseas, cancellation and additional accommodation costs if insureds need to go into quarantine as a result of a diagnosis.

Travel insurance sales will restart in a phased approach from the middle of this month.

“We’re resuming sales for each of the brands within Nib Travel Group in a phased approach, for instance Nib Travel insurance sales will resume from November 22 with the other brands to follow,” a spokesman told insuranceNEWS.com.au.

International sales make up more than 75% of total Nib Travel insurance sales and the business has been badly affected by the pandemic.

Nib Travel reported an underlying operating loss of $13.6 million in the last financial year and $19.7 million in the preceding period.