Allianz supports the package of measures that insurers have developed through the Insurance Council of Australia to support our customers most affected by the COVID-19 pandemic. In particular, our eligible SME policyholders who are experiencing financial hardship and those who have purchased travel insurance but are now no longer able to travel.
As part of the package, Allianz will undertake the following initiatives:
- We will work with our eligible SME policyholders that are experiencing financial hardship and their broker (if they use one) to organise flexible payment arrangements, for example, by offering payment in monthly instalments or deferring their premium payment by up to six months.
- Allianz wherever possible will reduce payment times to SME suppliers and contractors from the standard 30 days to 15 days or less.
- We will continue our practice of refunding any unused premium where SME policyholders wish to cancel their insurance cover. In response to the financial and operational circumstances currently facing SME policyholders no cancellation or administration fees will apply.
- Allianz will maintain full cover for the premises of our SME policyholders even if they are unable to maintain the occupancy requirements under their policy, and no additional premium loading will be applied to unoccupied premises.
- We will provide a cash settlement to any of our policyholders impacted by this summer’s natural disasters, such as the bushfires and hail storms, that would prefer to receive their policy benefit in cash rather than have Allianz arrange for the repair or replacement of their damaged property.
- Any policyholders who purchased travel insurance for trips they are no longer able to take will be provided a refund of the unused premium.
These are unprecedented times and we know many of our customers will be significantly impacted by the economic and social ramifications flowing from the pandemic. As always, Allianz will respond to all claims with empathy.