Allianz Partners issues statement about contract dispute with Revolut

Allianz Partners has issued a statement about the legal action it is taking against Revolut over an alleged breach of contract.

Back in April 2022, the insurer became Revolut’s global travel insurance services provider, offering services to customers who held a premium or metal account with the financial firm.

However, according to Law360, Allianz Partners claim that Revolut allegedly breached contract by moving its customers to a new insurance provider before terminating the original agreement.

Allianz Partners is now reportedly demanding £10.4m from the fintech firm.

A spokesperson for Allianz Partners told Insurance Times: “Allianz Partners is in dispute with Revolut in the UK over our contract to provide travel insurance to its premium and metal customers.

“Since 15 June, we no longer provide travel insurance to Revolut customers. We continue to process any claims that occurred before that date.”

Insurance Times also contacted Revolut for comment but the fintech, which has entered the insurtech market, declined to comment.