Euroins insurance JSC will guarantee the vouchers for canceled trips of Bulgarian tour operators due to COVID-19
Euroins insurance JSC, part of Euroins Insurance Group AD (EIG), will offer new insurance product to its tour operators, which will guarantee the vouchers issued by them for postponed trips and vacations.
The new product ("Miscellaneous financial losses") is aimed at customers of tour operators with vouchers. The insurance product will provide them with protection that the insurer will pay compensation up to the amount paid by them if the trips are not made due to insolvency of the tour operator.
The coverage under the new insurance product will be provided upon concluding a contract for tourist service before the introduction of the state of emergency (13.03.2020) and will affect planned and unrealized trips in the period from 13.03.2020 to 31.12.2020 inclusive. Users must have accepted a voucher for a postponed trip with the right to use until 31.05.2022.
With the new insurance product, Euroins insurance JSC continues to support its clients-tour operators and to fulfill its commitments under the insurance contracts concluded with them. The new product will allow consumers with vouchers to easily plan and realize their trips and vacations. Throughout the period of the state of emergency and the extraordinary epidemiological situation, we were in constant contact with our clients-tour operators. We have not terminated insurance contracts with them and in general we have not changed the tariffs under their contracts ", commented Rumyana Betova, Executive Director of Euroins
Euroins insurance JSC is among the leading companies in providing travel insurance on the Bulgarian market. The company has concluded tour operator liability insurance for the maximum insurance amount for the industry of BGN 1.4 million with the following major tour operators: Geographic World Ltd., Bohemia Ltd., Profi Tours Ltd. and Real Travel Ltd. . The four companies are in good financial condition and with high liquidity, serving their customers regularly. Separately, the Tour Operator Liability insurances concluded by Euroins with the larger tour operators in the insurer's portfolio are reinsured, which is an additional guarantee for the protection of consumers' interests.
Euroins Insurance Group AD
Euroins insurance JSC is a leading company in offering travel insurance on the Bulgarian market. The company is among the leaders in providing travel assistance insurance with over 20% market share and is among the leaders in tour operator liability insurance. Euroins insurance JSC is part of Euroins Insurance Group AD (EIG), which is one of the largest independent insurance groups in Central and Southeast Europe. EIG is focused on offering a full range of insurance products in the areas: general, health and life insurance. The Sofia-based group operates in 9 European countries, owning subsidiaries in Bulgaria, Romania, Northern Macedonia, Ukraine and Georgia. EIG also operates in Greece, Poland and Russia. The group also carries out niche insurance operations in Spain and Italy. EIG serves more than 2.5 million customers and has 3,000 employees. In 2017, the international credit rating agency Fitch Ratings awarded a "BB-" Insurer Financial Strength Rating ("IFSR") with a stable outlook to Euroins Romania, the largest subsidiary within the EIG. . Euroins Insurance Group is a subsidiary of Eurohold Bulgaria AD - a leading public company whose shares are traded on the Bulgarian Stock Exchange (BSE) and the Warsaw Stock Exchange (WSE). Eurohold operates in Central and Southeast Europe with a focus on insurance, car sales, leasing, investment and asset management.