Allianz is suing digital bank Revolut for £10.4 million (US$13 million) for moving its customers to a new insurance provider.
The company became Revolut’s travel insurance provider in 31 markets following an agreement announced in April 2022. However, Allianz claims that Revolut subsequently breached the terms of its contract by moving its customers to a new insurance provider and terminating the agreement.
The Revolut website now states that its travel insurance is provided by Cover Genius and the Chubb European Group. It says that ‘prior to November 13 2023, our travel insurance provider is Cover Genius’, adding that subsequent to this date, coverage will be provided by Chubb.
Cover Genius took over from Allianz on 16 May 2023 – meaning that its tenure as Revolut’s travel insurance provider lasted for approximately six months.