No more insurers have joined the regulator-approved scheme to support customers through the coronavirus crisis, but several have unveiled their own initiatives.

Suncorp, QBE and Allianz were the initial participants in the Australian Competition and Consumer Commission (ACCC) scheme, but others were expected to follow. IAG had already moved forward with its own similar measures. Both initiatives included the option for clients suffering financial hardship to postpone premium payments for six months.

insuranceNEWS.com.au contacted other leading insurers but none have declared any intention to join the ACCC plan. However, Zurich, Hollard and Ansvar have confirmed they are working on separate initiatives.

Zurich has published its own measures after “listening carefully to the broad range of issues raised”.

It says teams assessing SME Business Package claims will take into account a number of variations to standard cover, and flexibility will be applied in recognition of financial hardship.

“The specifics of the extensions allowable are to be negotiated with the broker on a case-by-case basis,” it says.

Hollard says it recognises the months ahead “are going to be a trying time for consumers, small businesses and the broader economy”.

“We are developing our own unique response to the COVID-19 crisis and subsequent economic conditions,” a Hollard spokesman told insuranceNEWS.com.au.

“We are engaging closely with our intermediary partners, many of whom are small businesses in their own right, to ensure a fit-for-purpose solution.”

Specialist insurer Ansvar says it will also introduce changes to help struggling clients.

For SME clients impacted by COVID-19 which have experienced a reduction in turnover and exposure “we will provide a refund on any unused portion of the premium,” it said in a note on its website.

“Ansvar will not charge any administration or cancellation fees as a result of these changes.

“For non-SME clients, we will work with the broker and client on a minimum deposit solution with an adjustment on renewal, based on the actual turnover for the policy period.”

Like other insurers, Ansvar is assisting business owners with vacant premises.

“Ansvar will extend cover for all insured unoccupied premises, for a period of up to 180 days. We will not charge an additional premium, or reduce the level of coverage, nor will we impose a higher excess.”

Ansvar also has a range of payment options for those struggling to pay premiums.

Click here to see the measures in detail.