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ICNZ announces 10 Core Insurance Principles in response to Covid-19

Contributor:
Fuseworks Media
Fuseworks Media

The last few weeks have delivered some unique challenges for us all. We are truly in unprecedented times - both ourselves and the insurance sector.

Over the coming weeks we will use this newsletter as a way to keep you updated on key issues, resources, news and advisories. We also have a dedicated Covid-19 resource on our website to provide important information on the crisis and what it means for insurance.

Insurance plays a critical role in times of crisis protecting over $1 trillion of New Zealand’s assets and liabilities. It is also a major employer and contractor of services supporting thousands of families to maintain their incomes in these challenging times.

Today ICNZ announced a set of 10 core principles that each of our members have pledged to use to guide their individual response to support their customers, brokers and suppliers during the Covid-19 crisis.

These are the result of the industry banding together as we respond to the evolving Covid-19 situation and the various challenges it presents for the sector to support.

The 1 0 core insurance principles for Covid-19 are:

We are an essential service that is open for business and will take all necessary steps to maintain operations to safeguard and protect New Zealand

We will continue to handle all insurance claims and support our customers

We will respond flexibly and responsibly to those in genuine financial hardship or are vulnerable or have difficulties communicating with us

We urge all customers to contact their insurer if they are in genuine financial hardship

We will continue to meet the high standards set in the Fair Insurance Code that cover all our dealings with customers. If the crisis prevents us from meeting the timeframes in the Code to respond to claims or complaint we will explain why and keep you informed about the progress of your claim at least every 20 days

We will be transparent and open in all our communications

We will use our repair networks and suppliers (where appropriate or possible) to settle claims, noting as an essential service we are limited to making repairs to when our customers’ health and safety is at risk or to support those in essential services

We and our agents will always strictly adhere to all health and safety requirements including measures to reduce and eliminate the spread of Covid-19

We recognise the critical importance of our supply chains and the cash-flow pressures they may be under, so we will ensure there is prompt payment for their services

We will work with our brokers and distributors of insurance to help them to support their clients and our customers. We urge all businesses to work with their broker and insurer to ensure they have the appropriate insurance in place during the crisis.

Our members appreciate that the coming months will bring many new challenges for both them and their customers. Should a customer find themselves facing financial hardship we urge them to contact their insurer or broker who can talk them through a range of measures to ensure their cover best meets their current needs.

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