The Insurance Council of Australia (ICA) is continuing to work with member companies on industry-wide initiatives to help customers through the COVID-19 crisis.

ICA says “industry-wide measures are being examined” but suggests solutions won’t come as easy as they have for other sectors, such as the banking industry.

“Unlike the banking sector, which has generous government  fiscal support, general insurance is a diverse industry that offers complex short-term contracts,” ICA said.

“Insurers do not have equity via mortgages and loans in customer assets to protect their financial exposure.”

insuranceNEWS.com.au understands an announcement of industry-wide initiatives has also been held up by concerns about engaging in anti-competitive conduct, with approval from the Australian Competition and Consumer Commission sought.

Meanwhile, as reported in a Breaking News bulletin on Friday, IAG has pushed ahead with its own measures to offer travel premium refunds and deferred payments for small businesses. These measures have also been extended to IAG’s New Zealand brands.

insuranceNEWS.com.au expects other insurers – including Suncorp and QBE – to announce similar measures in the coming days, either individually or through ICA. Premium funders are also believed to be working on an announcement.

See Analysis.