AIA Australia is offering premium waiver and policy suspension options as part of a new assistance package for its customers affected by the latest NSW flood.

The insurer says eligible life and health policyholders who qualify for an Australian Government Disaster Relief Payment will be able to receive a premium waiver of up to three months.

AIA Health Insurance has also confirmed that alternatively, its customers have the option to suspend

their policy for up to two years, allowing them to resume their cover when they are able to and avoid

additional waiting periods.

“Earlier this year, we saw communities in New South Wales and Queensland experience devastating flooding which caused so much hardship and uncertainty,” AIA CEO Damien Mu said.

“It’s heartbreaking to see some of these same areas in New South Wales experiencing these unprecedented floods for a second time.”

He says the insurer is also offering tailored rehabilitation support to any partners or customers residing in flood-affected areas so that they can look after their wellbeing during this difficult period.

The Insurance Council of Australia last week declared the NSW floods a “significant” event, with insured losses of at least $122 million from more than 10,500 claims to date.