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6 April 2020
Insurance companies and their representative organisations are working out ways to help their customers as communities around the world begin to experience the challenges of prolonged coronavirus control initiatives.
US and UK companies have not committed to extensive industry-wide assistance programs in the same way as Australian insurers have, instead making concessions for specific cases.
In New York, the Insurance Information Institute says some insurers are offering payment relief and extending coverage to customers who are in financial distress, “while at the same time keeping employees on the job to serve these same customers”.
US insurers are hampered in devising united support programs because each state has its own insurance regulator, but trade groups representing insurers have voiced support for the proposed COVID-19 Business and Employee Continuity and Recovery Fund which will be financed by the US Government to provide essential funds to impacted employers and employees.
In the UK, The Association of British Insurers (ABI) is reassuring people that its motor and home insurance members are offering enhanced help and support to all their customers who may be affected.
The commitments include waiving any requirements to extend cover for key workers who may need to drive to different locations, people who want to help their communities by transporting medicines or groceries to support those affected by coronavirus, and office workers who need to work from home.
“Insurers are doing everything possible to support their customers at this worrying time,” the ABI says.
“For example, people working from home will be covered by their home insurance, as will motorists using their vehicles for essential reasons.”