Under the new banking policy, eligible Westpac credit card customers can benefit from the additional cover for epidemics and pandemics at no additional cost if they are diagnosed with COVID-19. The insurance includes overseas emergency medical assistance, medical evacuation, as well as cancellations and additional expenses.
Local Westpac officials have stated that the world has changed over the last two years and with borders now open, they updated their credit card complimentary insurance in order to offer customers additional peace of mind when travelling overseas.
The insurance is underwritten by Allianz, and customers will have to read the product disclosure statement as quite often complimentary travel insurance differs to retail policies.
Accounting for recent overseas arrivals and departures data published by the ABS, Westpac Economist Ryan Wells said many Australians are enacting their planned and paid for trips, with roughly 400,000 residents departing for short-term trips just in April 2022.
According to data cited by savings.com.au, credit card payments data for May 2022 published by the Reserve Bank revealed 8,469,600 credit card purchases were made overseas in May, to the value of USD 1,502,400,000.
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