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Manulife Financial Corp
Symbol MFC
Shares Issued 1,944,896,776
Close 2020-03-11 C$ 19.41
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FP says Manulife not covering virus trip cancellations

2020-03-12 08:23 ET - In the News

The Financial Post reports in its Thursday, March 12, edition that on Wednesday, the World Health Organization dubbed COVID-19 a pandemic. The Post's Barbara Shecter writes that accordingly, insurer Allianz Global Assistance determined the coronavirus was a "known event" that will no longer be covered by trip cancellation or interruption policies. Manulife said travel cancellation or interruption policies sold on or after March 5 would not cover COVID-19 because it was a "known event." Canadian travel insurance seller Tugo made a similar determination covering policies bought on or after March 4. As of that date, "COVID-19 was considered a known circumstance for travel which means it's no longer considered sudden and unexpected," Tugo said. Tugo, Manulife and Allianz say travellers could still tap emergency medical coverage if they get sick while travelling, but not if they travelled to a country or region where a government travel advisory was already in place urging avoidance of non-essential travel due to the novel coronavirus. Manulife says it will cover medical expenses that are not related to COVID-19 in accordance with the terms and conditions of individual travel insurance policy.

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