Three of Australia’s general insurers, Suncorp, QBE, Allianz will provide relief for small businesses experiencing financial hardship as a result of COVID-19.
The insurers will provide relief through the package that was approved by the Australian Competition and Consumer Commission yesterday.
The package will enable small business customers to elect to defer their premium payments for up to six months, meaning they can focus on keeping their business running, with existing insurance cover in place during this time.
In a joint statement, the CEOs of Suncorp Insurance, QBE and Allianz said:
Small businesses are the backbone of the Australian economy and as insurance partners for around half this market, the measures announced will provide financial relief, while maintaining coverage under their insurance.
Together, we laid a platform for the industry to sustainably support the tens of thousands of small businesses who have been heavily impacted by this crisis, which follows the summer of bushfires, floods and storms across the country. We’ll continue working closely with our broker partners on a range of hardship measures to support businesses and acknowledge the critical role intermediaries play in commercial insurance.
To read further details of the relief measures being offered by each insurer, see below: