Westpac introduces pandemic cover as international travel takes off
8 July 2022
Westpac data shows that Australians are making the most of open borders, with consumer credit card spend on airlines and hotels rebounding over 140% and 120% respectively, since a sharp decline in 2020.
As more Australians set out to enjoy their first overseas holiday since the start of the COVID-19 pandemic, Westpac has added cover for epidemics and pandemics (including COVID-19) under selected benefits* of its credit card complimentary insurance.
Eligible customers can benefit from the additional cover at no additional cost* if they are diagnosed with COVID-19. This includes overseas emergency medical assistance, medical evacuation, as well as cancellations and additional expenses*.
“The world has changed over the last two years and with borders now open, we have updated our credit card complimentary insurance to give customers additional peace of mind when travelling overseas,” said Steve Rubenstein, Managing Director, Consumer Finance.
“We are seeing our customers spending more on airlines, travel agents and hotels, as Australians get back to one of their favourite pastimes. Similarly, more customers are seeking the benefits of frequent flyer points, with a 45% increase in demand for our reward credit cards over the past 12 months (May 2021 to May 2022) compared with the year prior.
“While international spend across our credit and debit cards has rebounded significantly, it’s not yet at 2019 levels. We anticipate this could change over the July school holidays as Australians escape the winter and reconnect with families and friends abroad,” Mr Rubenstein said.
*Please refer to the Credit Cards Complimentary Insurance Policy Booklet for full details on eligibility criteria, terms, conditions, limits and exclusions. An excess may be deducted from certain payments as detailed in the policy booklet.
AWP Australia Pty Ltd ABN 52 097 227 177 AFSL 245631, trading as Allianz Global Assistance (AGA), under a binder from the insurer, Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL 234708 (Allianz), has issued an insurance group policy to Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714 (Westpac) which allows eligible persons to claim under it as third party beneficiaries. Access to the benefit of cover under the Credit Card Complimentary Insurance is provided to eligible cardholders by operation of s48 of the Insurance Contracts Act 1984 (Cth). If an eligible persons wishes to claim any of these benefits, they will be bound by the eligibility criteria, terms, conditions, limits and exclusions contained in the Credit Cards Complimentary Insurance Policy Information Booklet which may be amended from time to time. This insurance is underwritten by Allianz. Westpac does not guarantee this insurance. This information does not take your personal objectives, circumstances or needs into account. Consider its appropriateness to these factors before acting on it.