Australia:Three major insurers defer premium payments for six months

Three of Australia's largest insurers - Suncorp, QBE and Allianz - will provide small and medium enterprises relief during the COVID-19 crisis, allowing them to defer their premium payments for up to six months, if they so choose.

This will give these SMEs the space to focus on maintaining their businesses, backed up by their existing insurance policies. The three insurers will also offer continuity of existing insurance cover for SMEs whose business premises are unoccupied during the lockdowns, with no changes to their premium costs.

In a joint statement, the CEOs of Suncorp Insurance, QBE and Allianz said that it was vital for them to support small businesses during this extremely difficult time. "Small businesses are the backbone of the Australian economy and as insurance partners for around half this market, the measures announced will provide financial relief, while maintaining coverage under their insurance.

"Together, we have laid a platform for the industry to sustainably support the tens of thousands of small businesses who have been heavily impacted by this crisis, which follows the summer of bushfires, floods and storms across the country.

"We’ll continue working closely with our broker partners on a range of hardship measures to support businesses and acknowledge the critical role intermediaries play in commercial insurance.

"Australian insurers are well-prepared to respond to disasters, and we’ll continue to be there to support our customers," the CEOs said. The relief packages were approved by the Australian Competition and Consumer Commission on 2 March.

Source: Asia Insurance Review