IAG has unveiled a package of support measures for personal lines customers who are struggling financially from the ongoing pandemic-triggered economic downturn.

The Help Program, announced yesterday, is immediately available to NRMA Insurance, SGIO and SGIC Home and Motor Insurance policyholders, and is in addition to the measures announced last month for small business clients, suppliers and travel insurance customers.

The program provides “tailored solutions” to suit individual customers such as access to premium reductions and reduced excess amounts in the event of a claim.

Other measures include the flexibility to change from annual to pay-by-the-month premium installment plan and waived cancellation and administration fees for customers who cancel their policies.

IAG says the Help Program will be in place until September 30, and it has not ruled out providing extra support and benefits in the near future depending on how the current crisis evolves.

“We recognise the extraordinary circumstances our customers are experiencing during this crisis and the deep impact it is having on people, businesses and communities – financially, socially and emotionally,” CEO Australia Mark Milliner said.

“Across our business we have already taken significant actions to support small business and individuals suffering hardship.

“It’s important we help our customers who are finding it difficult to make ends meet during these exceptional times, and provide immediate and effective support to them, based on their individual circumstances.

“We have a dedicated team with a high degree of discretion to help relieve some of the financial stress COVID-19 impacted customers are experiencing. Importantly, this means customers can stay insured and protected during this crisis.”

In the measures that were announced last month, the assistance was directed at small businesses and travel insurance customers across IAG-owned brands including CGU, NRMA Insurance, SGIO and SGIC.

The measures include travel insurance refunds for any unused proportion of premiums, deferred premium payments for up to six months for small businesses experiencing financial hardship and reduced timeframes in making payments to suppliers from 30 to no more than 15 business days.

Other insurers such as Suncorp, Youi and QBE have taken similar actions to support customers who are suffering hardship during the current crisis.

The industry’s response to the COVID-19 pandemic is currently under scrutiny from the House of Representatives Standing Committee on Economics, which today began a two-day hearing on the actions taken by insurers to address the crisis.