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ICNZ News - 2 April 2020

Contributor:
Fuseworks Media
Fuseworks Media

ICNZ’s support for its members is more critical than ever at this time of crisis. We have urged Government’s and regulators to slow the regulatory freight train so insurers can focus on the unique challenges COVID-19 presents.

The Government also listened to our request to include not only insurers as essential services, but to include the critical elements of our supply chains so we can continue to support our customers. These positive responses are welcomed and we know they remain open to hearing of other issues that may need to be addressed as this situation continues to evolve.

With our Board and members’ support we have developed 10 principles to guide individual insurers’ response to support our customers, suppliers and brokers. These have been well received by Government and regulators. Our sector and the Government are working well together to a common purpose.

Daily, we receive unanticipated challenges and queries about how insurance policies will respond to the extraordinary circumstances of the new normal. We have established a dedicated section on COVID-19 on our website to help keep New Zealand informed.

While our sector is strong and taking an active role to continue to safeguard New Zealand’s assets and liabilities, we are not without our own challenges. Equities and interest rates have fallen and there is a risk of declining premium income due to the general financial distress. So, it will be critical for us to be able to navigate the next few months prudently to continue to be in a position to meet our own exposures.

We have reinvigorated our newsletter which we will send to you weekly over the coming weeks. We hope this will help you keep well informed of new issues and advice as it emerges and ICNZ’s steps to support the sector.

ICNZ releases revised Fair Insurance Code

We are proud to release the revised Fair Insurance Code - which sets out the standard of service our members must provide to customers. Our steps to raise awareness of the Code and ensure it is as accessible as possible has been welcomed by the Minister of Commerce and Consumer Affairs, Kris Faafoi. Watch his video and access the Code in all NZ official languages on our website.

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Do you need insurance now?

ICNZ looks at why you need to maintain your insurance cover at the moment, and how it provides support for the risks that actually increase while you’re at home. Read more here.

ICNZ announces 10 core insurance principles for Covid-19 crisis

Read more about the core principles our members have pledged to use to guide their individual response to support their customers and suppliers during the Covid-19 crisis. Find out about the principles here.

WOF and insurance advice

Should your WOF be due during Alert Level 4 don’t worry - your insurance will still help you as long as your car was roadworthy and the cause of the accident isn’t something that would have meant you wouldn’t get a WOF.

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ICNZ welcomes revised regulatory timetable

ICNZ has been working closely with regulators and government departments on how to adjust the regulatory and policy programme planned for 2020 to enable the sector to focus on supporting its staff and customers. Read More

Travel insurance premium refunds

A frequent question this week has been the possibility of refunds for unused travel insurance. If a refund is possible, and ICNZ is aware of at least one member who is offering it, the full premium may not be paid because the insurance has provided cover from the date of purchase and not for the travel period alone. Find out more about travel insurance and COVID-19 here.

New ICNZ Board appointed and 2019 Annual Review released

ICNZ is pleased to announce the appointment of its Board, with Paul Smeaton, CEO of Suncorp, elected President and Craig Olsen, CE of IAG, elected Vice President. ICNZ also welcomes Toni Ferrier, CEO of AIG, to its Board. Marc Guppy, Allianz, who is returning to Australia was thanked for his leadership and service to the sector. Following its AGM ICNZ also released its 2019 Annual Review which outlines the activities and achievements of ICNZ for the past year.

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Sector news

IAG has announced extra support measures and a specialist Customer Care Team to further support customers impacted by coronavirus. The have also launched the AMI KindCast to help Kiwis send messages of kindness.

Suncorp confirmed its general insurance business Vero and life insurance business Asteron Life will remain open for business as an essential service during Alert Level 4.

Tower has introduced several measures to assist their customers undergoing financial difficulties due to business closures.

Last week the Financial Service Council launched FSC Connect - its programme to guide, support and educate the sector and consumers as we navigate through Covid-19.

ICNZ CE Tim Grafton's monthly column on Insurance Business Online - Spotlight on ‘the Black Swan'

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