Insurers hoping for loyalty out of Covid-19 offers

Gail Costa

The Financial Markets Authority wrote to insurers telling them they should “remain cognisant of the challenges faced by New Zealanders, continue to offer support and flexibility to assist policyholders and do what is possible to maintain or reduce costs for consumers at this time”.

But it noted that how insurers offered that assistance had varied.

Insurers have offered everything from no particular provision for hardship, through to the offer of policy suspension – including premiums and cover, and premium holidays where the cover remains in place while premiums are put on hold.

Some required an income drop of 15% to qualify, some 30%.