TravelPerk in April 2020 lost money on its flexibility program. The Barcelona-based travel management company's FlexiPerk option had promised participating clients recovery of at least 90 percent of spending on canceled travel. Customers paid ten cents for each dollar spent on trips.

Early in the pandemic, anticipating that cancellation rates would stabilize at averages higher than those seen in 2019, the company lowered its minimum return commitment to 80 percent for new program users.

"Everybody else canceled any 'insurance' kind of product," according to . . .

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