“We decided to offer insurance from the novel coronavirus in response to demand from our clients. As soon as COVID-19 began to proliferate around the world, they began to inquire regarding insurance, which would offer financial support if severely suffering from this disease. This demand and the number of client inquiries continued growing. This was namely what led to our decision to offer an opportunity to obtain insurance from this new risk, and thus help our customers feel safer during this uncertain period,” says L. Laugalis head of the Underwriting Department at Compensa Vienna Insurance Group.
L. Laugalis notes that the COVID-19 disease impacts both the person in question and their relatives. After returning from the hospital, the infected may need further treatment and self-isolation. Relatives, who may have been in contact with the infected, may also need to self-isolate. All this means not only significant stress, but also a potential loss of income and potentially increased expenses – from medicine and vitamins to food deliveries at home or a location out of town selected for self-isolation. Thus, financial solutions, which can offer extra funds to facilitate coping with emerging challenges, become particularly pertinent.
Clients with any annual agreement can select insurance from the novel coronavirus as an extra risk as part of their accident, property, KASKO and compulsory driver civil liability insurance. The same agreement can cover insurance for both oneself and one’s family members or relatives. Soon, together with its partners, the company looks to present another variant of this insurance – a solution for clients aiming to only insure themselves from COVID-19.
In the case of the insurance event – namely, if the insured is infected or hospitalised – they are issued an insurance payment, and it is paid even in the case of hospitalisation only lasts one day. To obtain the insurance payment, it will suffice to present documents indicating the diagnosis and the proof of hospitalisation.
Businesses have for a time now been able to ensure their staff from COVID-19.
Compensa Vienna Insurance Group is a Lithuanian registered insurance company, which has been operating in the Baltic states since January 1, 2016. Up to 2016, a Lithuanian branch of the Polish non-life insurance company Compensa TU S.A. Vienna Insurance Group operated in Lithuania, having offered its services in the country since 2010.
