The Insurance Council of New Zealand (ICNZ) and its members have announced a set of “core principles” to support customers through the COVID-19 crisis.

ICNZ has taken the route of publishing principles to guide insurer responses, rather than trying to agree on specific industry-wide measures, due to differing abilities of members and competition concerns.

IAG NZ has followed initiatives announced by its Australian partners, which involve refunds for unused travel premiums and help for small businesses to keep insurance cover in place.

ICNZ CEO Tim Grafton says the principles are the result of the industry “banding together” as it responds to the evolving coronavirus situation.

“Together our members…are committed to continuing to provide good advice, good service and a good claims experience for all New Zealanders – regardless of the challenging and uncertain times we find ourselves in,” he said.

The 10 core insurance principles are:

• We are an essential service that is open for business and will take all necessary steps to maintain operations to safeguard and protect New Zealand
• We will continue to handle all insurance claims and support our customers
• We will respond flexibly and responsibly to those in genuine financial hardship or are vulnerable or have difficulties communicating with us
• We urge all customers to contact their insurer if they are in genuine financial hardship
• We will continue to meet the high standards set in the Fair Insurance Code that cover all our dealings with customers
• We will be transparent and open in all our communications
• We will use our repair networks and suppliers (where appropriate or possible) to settle claims, noting as an essential service we are limited to making repairs to when our customers’ health and safety is at risk or to support those in essential services
• We and our agents will always strictly adhere to all health and safety requirements including measures to reduce and eliminate the spread of Covid-19
• We recognise the critical importance of our supply chains and the cash-flow pressures they may be under, so we will ensure there is prompt payment for their services
• We will work with our brokers and distributors of insurance to help them to support their clients and our customers. We urge all businesses to work with their broker and insurer to ensure they have the appropriate insurance in place during the crisis.