Japanese insurer Sompo Japan Insurance has suspended sales of certain overseas travel insurance contracts from October 1.
The new ‘off!’ overseas travel insurance is now available only for individual plans of up to 31 days, with sales of plans over 31 days and family plans on hold. For the Comprehensive Overseas Travel Insurance, all sales are suspended except for blanket contracts (optional blanket and corporate blanket), and customers are being shifted to the new overseas travel insurance. For family trips, you can enroll within 31 days by applying for the individual plan for each person, but enrollment is not possible for any plan exceeding 31 days. This applies to contracts with a travel start date on or after October 1.
Amid the weaker yen and global inflation driving up overseas medical costs, payouts for treatment expenses have increased, and profitability has deteriorated as premiums have not returned to pre-pandemic levels. In corporate blanket contracts, minor outpatient visits by expatriate employees posted for more than a year have become more frequent, noticeably worsening the profitability of contracts longer than 31 days and family contracts.
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