Coronavirus: IAG releases measures to support businesses

Coronavirus: IAG releases measures to support businesses | Insurance Business

Coronavirus: IAG releases measures to support businesses

With the New Zealand government announcing a COVID-19 (coronavirus) Alert Level 4 lockdown, IAG New Zealand has released measures to support businesses.

IAG NZ confirmed that its AMI, State, and NZI brands would defer premium payments for small businesses undergoing financial hardship and allow them to maintain full coverage on their premises without a premium increase if they need to close.

The insurer will also reduce payment times to suppliers to no more than 15 business days, as well as offering refunds without administration or cancellation fees for small businesses who want to cancel their insurance.

Read more: Coronavirus: Government identifies insurance as essential service

Craig Olsen, chief executive officer of IAG NZ, said they have been considering options for customers who are experiencing financial difficulty.

“We have been supporting New Zealanders through difficult times since 1859, and we will be there for them as they deal with the challenges of this unprecedented event. We intend to maintain a very high level of business continuity during this period, and we are confident that the plans we have implemented will ensure this,” Olsen said.

“As an essential service in New Zealand, we are very much open for business, and our teams are working hard to implement these measures. I am incredibly proud of the way our people from across New Zealand have rallied together – at pace – to change their ways of working so we can be there for our customers, partners, and our nation.”