A significant majority of respondents to an insuranceNEWS.com.au poll say brokers should be willing to postpone commission payments in order to help struggling clients survive the COVID-19 crisis.

Meanwhile the Australian Competition and Consumer Commission (ACCC) has today given “interim authorisation” for insurers and brokers to work together to offer support to small businesses affected by the outbreak.

As reported last week, IAG unveiled its SME support measures for customers after an industry-wide announcement stalled, in part due to the ACCC delay. The measures include deferred premium payments for up to six months for small businesses experiencing financial hardship.

Brokers contacted insuranceNEWS.com.au to point out that this could leave intermediaries facing hardship themselves, and the National Insurance Brokers Association criticised IAG for going it alone, saying an industry-wide stance would have been preferable.

But there was then a backlash against the backlash – with Insurance Advisernet MD Shaun Standfield and other senior industry figures saying clients must come first, and broker concerns were “selfish”.

By 3pm today more than 400 people had voted in the insuranceNEWS.com.au poll, answering the question: “Should brokers be prepared to postpone commission payments for SME customers whose premium payments have been deferred six months by insurers?”

Some 62% voted “yes, definitely”, 25% “possibly, it’s a complicated issue”, and 13% “no, absolutely not”.

Comments supporting IAG have also been posted on the insuranceNEWS.com.au LinkedIn page.

Scott Norton, MD of Brisbane brokerage Norton & Co Insurance, writes: “Are there actually any brokers who are against this? Great move by IAG, and so quickly too. Maybe this should be adopted as the industry’s response to the crisis.”

“We need to be giving praise where it’s due,” says Peter Fallesen of Bresland Insurance Group in Perth.

“Despite some people feeling put out by IAG's decision to defer premium payments for businesses who are struggling, I applaud them for this.”

The ACCC says today that “insurance companies and brokers will be able to work together to implement COVID-19 relief measures for certain small businesses following the ACCC’s granting of interim authorisation”.

It says the authorisation applies to Suncorp, Allianz, and QBE, “as well as any other insurers or insurance brokers who choose to take part, as long as they notify the ACCC”.

The industry package includes a range of measures, including that existing eligible business customers suffering hardship as a result of the COVID-19 pandemic are able to defer their insurance premium payments for up to six months.

“The package will apply to insurance premiums that fall due up until 30 June 2020,” the ACCC says.

“Eligible business customers will also be refunded unused premiums for any insurance policy they need to cancel as a result of the pandemic, and will not be charged administration or cancellation fees if they do.

“All policyholders, including consumers, eligible small businesses and larger businesses, who cancel travel plans will be able to get a credit or refund for any unused travel insurance premiums, again without administration or cancellation fees.”