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Switzerland : ZURICH Insurance acquires BnB Sure.

Zurich Insurance declared that it had acquired 100% of BnB Sure for an unrevealed amount in an agreement that will facilitate the insurer to offer niche insurance to bed and breakfast businesses.

BnB Sure chairman Dave Jack said that the company offered bed and breakfasts and guest houses insurance that covered loss of revenue due to damages to the property and insurance for injuries that affected guests staying at the guest house.

He said that BnB Insure was the only underwriter managers with a 100% focus on bed and breakfasts.

Mr Jack said, What happens if there is a huge storm that takes out two or three rooms that you can t use for a month? With BnB Sure the owner of the guest house can turn to the policy to sort out the structural challenge .

We will repay the income that the owner would have lost due to damages.

Traditional insurers covering personal lines over and over again disproved insurance claims that rose from commercial undertakings.

The agreement is effective from January 1 and dependent on sanction by the regulators which comprises the Financial Services Board.

Zurich Insurance Company CEO Edwyn O Neill said, At Zurich we have aspirations to position ourselves in the hospitality industry .

Mr O Neill said that BnB Sure had about 4 000 policyholders and Zurich would use its broker network to sell the BnB Sure offering.

It offered bed and breakfasts and guest houses insurance solutions that were not adequately covered by the traditional short-term insurers.

Mr O Neill said, We are leveraging our scale and capability network to distribute this product through our existing infrastructure .

He added that Zurich had about 65 staff servicing brokers.

Mr O Neill said, We are looking for a long-term sustainable growth opportunity in hospitality. This is all based on the growth of tourism in the country .

Mr. jack said, As far as the bed and breakfast industry is concerned it s estimated that there are about 30 000 bed and breakfast and guest house establishments in South Africa .

It s also estimated that by 2016 that number would have grown by about 5%.

Mr Jack said that BnB Sure did not have a specific target market. It had bed and breakfasts and guests houses from Soweto to Camps Bay.

Mr. Jack added, It does not matter where the bed and breakfast is. They have similar risks that they face everyday .

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Publication:Mena Report
Date:Oct 16, 2013
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