IAG reaffirms support measures amid new COVID-19 outbreak

IAG reaffirms support measures amid new COVID-19 outbreak | Insurance Business Australia

IAG reaffirms support measures amid new COVID-19 outbreak

With the recent COVID-19 outbreak in Australia, insurance customers are again anxious about how pandemic-related restrictions might impact their policy. Insurance Australia Group (IAG) has offered assurances that it still has support measures for customers affected by the latest restrictions.

Introduced last year, IAG's support measures are available for NRMA Insurance, CGU, SGIO, SGIC, and WFI home, motor, and small business customers facing financial hardship due to the pandemic.

The insurance giant designed the measures to suit the individual needs of customers and include:

  • Access to temporary premium relief;
  • Option to change premium payments from annual to pay-by-the-month instalments without additional cost;
  • Waving cancellation and administration fees for customers who cancel their policies; and
  • Access to a free and confidential phone counselling service.

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During the pandemic, IAG has strengthened its support for customers experiencing vulnerability, including financial hardship, ahead of the new General Insurance Code of Practice that came into effect on July 01, 2021. Since the pandemic started, the insurer has helped over 68,000 customers financially.

“This is an evolving situation, and we will continue to be here for our customers across the country through the pandemic and beyond. We encourage customers to contact us to discuss the support available as soon as possible,” said IAG managing director and CEO Nick Hawkins.

Commercial customers, including small businesses, who have the relevant business interruption (BI) cover and have been affected by COVID-19 may also lodge a claim. Customers can contact IAG's brands or their broker for more information on the customer support measures or lodge a claim for BI.