IAG has introduced a customer program to support its customers who are financially impacted by the COVID-19 crisis.
The Help Program, available immediately, has a number of measures that help support NRMA Insurance, SGIO and SGIC Home and Motor Insurance customers who are struggling financially as a result of the pandemic – for example through unemployment or a reduction in personal or household income.
These measures will provide tailored solutions to suit the unique situation of individual customers, including:
- Access to premium reductions
- The option to change premium payments from annual to pay by the month instalments for no additional cost
- Reduced excess amounts in the event of a claim
- Waived cancellation and administration fees for customers who cancel their policies
The Help Program is in addition to measures announced by IAG in March to support small businesses experiencing COVID-19 related financial hardship, travel insurance customers, and suppliers.
IAG CEO Australia Mark Milliner said: “We recognise the extraordinary circumstances our customers are experiencing during this crisis and the deep impact it is having on people, businesses and communities – financially, socially and emotionally.
“Across our business we have already taken significant actions to support small business and individuals suffering hardship.
“It’s important we help our customers who are finding it difficult to make ends meet during these exceptional times, and provide immediate and effective support to them, based on their individual circumstances.
“We have a dedicated team with a high degree of discretion to help relieve some of the financial stress COVID-19 impacted customers are experiencing. Importantly, this means customers can stay insured and protected during this crisis,” Mr Milliner said.
The Help Program measures are available until 30 September 2020 and the company will reassess as needed. IAG will continue to monitor the impacts of COVID-19 on its customers and will look to provide additional support and benefits as the crisis continues to evolve.
The measures introduced in March by IAG specifically for its small business and travel insurance customers through its brands – including CGU, NRMA Insurance, SGIO and SGIC – as well as suppliers, comprise:
- Travel insurance refunds for unused proportion of premiums where customers have not yet travelled and have not claimed under their policy, with no administration or cancellation fees1
- Deferred small business insurance premium payments for up to six months for existing customers experiencing financial hardships, until 30 September 20202
- Refunds on the unused proportion of premiums for small business insurance customers who cancel their insurance during the COVID-19 pandemic, with no administration or cancellation fees2
- Small businesses which need to close premises due to the impact of COVID-19 can maintain full insurance cover on the premises with no changes to premium, until 30 June 20202
- Reduced timeframes in making payments to suppliers from 30 to no more than 15 business days, until 31 May 2020.