Airbnb enters journey insurance coverage market
Popular vacation rental app Airbnb has launched a new travel insurance offering for their guests.
Airbnb’s new bespoke guest travel insurance product was developed by the same team that developed the company’s AirCover Host protection product for the app’s hosts. The company announced on its website that the new guest travel insurance product will be launched in spring 2022.
According to Airbnb, this new travel insurance product is being developed in partnership with a “respectable insurance carrier.” The carrier has not yet been named.
The company noted that over the past month it has seen the stress and challenges caused by the Omicron variant of the coronavirus.
“As a two-sided platform, it’s important to recognize that the Omicron spike has had a major impact on our hosts, and we know many have lost revenue and the ability to market their listing during the holiday season following last minute cancellations. ‘ Airbnb said in a press release. “For that reason, we’re grateful that our hosting community as a whole has sought to offer guests more flexibility — nearly two-thirds of active listings now offer moderate or flexible cancellation policies. And many even went beyond their cancellation policies to support guests during this unprecedented wave of Omicron that hit during the holiday travel season.”
In addition to guest travel insurance, Airbnb is also launching a new “COVID Guest Assistance Program” to provide relief to guests who are unable to continue their previously booked reservations due to unexpected travel disruptions due to government orders. These disruptions include border closures and mandatory extended quarantine requirements.
As part of the COVID Guest Assistance Program, guests who are unable to receive a full refund under their host’s cancellation policy will receive a travel credit equal to 50% of the cost of the non-refundable portion of the reservation.