Allianz provides support for vulnerable COVID-19-affected customers

28 May 2020

Allianz Australia is committed to supporting those affected by the COVID-19 pandemic, and has in place a range of provisions that may provide assistance for customers experiencing financial hardship.

Allianz is offering a policy health check to policyholders to help you review your insurance and check if it still meets your needs. The simple five-step check helps a customer review their details, excess, cover and payment frequency. Where possible, Allianz can then make any changes to support customers.

Allianz appreciates this is a difficult time for many of its customers and it is committed to assisting where it can. As individual customer circumstances can vary enormously, Allianz strongly encourages any customer who may be experiencing hardship to get in touch for a policy health check, and discuss the ways in which Allianz may be able to help.

Allianz support measures during the COVID-19 pandemic include:


SUPPORT DETAIL
FOR CONSUMERS
Premium holds Existing Direct Home and Motor customers have the option to place their monthly premium payments on hold for up to 60 days.
Option to continue to pay monthly For customers whose policy is cancelled due to non-payment of monthly premium, can now take out a new policy and continue to pay by monthly instalments.
Defer an excess payment Customers with a new or existing claim, and who are unable to pay their excess up front, have the option to pay it in instalments or defer. Deferred excess payment applies to claims that are cash settled and where the amount claimed exceeds the excess.
Waiving cancellation fee Where a customer no longer needs their home or motor insurance, the cancellation fee will be waived, where applicable.
Fast tracking refunds Where a customer cancels their insurance, Allianz will fast-track refunds to 48 hours, reduced from the usual 15 business days 1.
FOR SMALL BUSINESSES
Deferred premium payment arrangements for eligible small business policyholders experiencing hardship Existing eligible small business policyholders who are experiencing financial hardship due to COVID-19 have the option to defer their premium payment by up to six months (where they make this request by 30 June 2) so they can focus on keeping their business running with existing insurance cover in place during this period. Full list of eligibility criteria can be found on the Allianz website.
No cancellation/admin fees for mid-term cancellations, refunds of unused premium processed as normal Pro rata refunds of unused premium to small business policyholders who cancel their insurance will continue, with no administration or cancellation fees applied.
Full cover for premises temporarily vacant Allianz will maintain full cover for existing small businesses needing to temporarily leave their premises vacant as a result of COVID-19; with no changes to their excess or premium. This will be reviewed on an ongoing basis as needed.
Extended cover for assets temporarily removed To support existing customers who have had to remove their assets from their business premises, Theft and Material Damage cover is automatically extended until 30 September, 2020.

Allianz has also fast tracked new provisions in the General Insurance Code of Practice, including the updated provisions relating to family violence and assistance for customers experiencing vulnerability and or financial hardship. These key initiatives are underway and will be in place by 1 July 2020.

For full list of eligibility criteria and support measures, please visit allianz.com.au/about-us/covid19-faq, or call 13 1000 (consumers) or 1300 131 000 (small business) for a policy health check.


Media enquiries
Georgina Adcock
0411 331 552 / georgina.adcock@allianz.com.au


1 Excludes travel insurance

2 Subsequently extended until 30 September 2020