Suncorp New Zealand has established a $NZ2 million ($1.89 million) hardship fund for its Vero and Asteron Life customers.

The initiative matches a hardship fund already established by AA Insurance, which is jointly owned by Suncorp and the New Zealand Automobile Association.

“We understand how important insurance is as part of a customer’s financial resilience toolkit,” Suncorp New Zealand CEO Paul Smeaton said. “We want to be able to help them maintain their cover, even when the going gets really tough.”

The insurer has also made a $100,000 donation to its community partner, Shine, which works with families affected by domestic violence. It is also providing computers and internet access to families in emergency housing so their children remain connected with school, and has pledged to provide one-on-one counselling to children in crisis.

Suncorp New Zealand’s measures to help customers get through the lockdown period include:

• For Vero general insurance customers: Flexible payment terms such as adjusting the excess on a customer’s policy or temporarily deferring payment.
• For Vero business customers: Considering requests to revise the terms of business interruption cover if customers have experienced a reduction in turnover and revenue. If a commercial vehicle is not currently being used, cover and premium can be adjusted
• For landlords: Relaxing requirement to carry out property inspections during the Level 4 lockdown.
• For vehicle owners: If a personal vehicle isn’t being driven, adjusting the cover and premium to reflect this.
• For Asteron Life customers: Premium holidays and/or premium and cover suspension benefits to qualifying customers on applicable products. Cover for existing customers for death or disability arising from COVID-19 related illness, subject to policy terms, conditions and exclusions.