This is about fairness and doing the right thing by our customers and the communities we live in. We are mindful New Zealanders are feeling financially vulnerable with many facing job losses, reduced incomes and employers that may be facing an uncertain future.
We hope to ease some of the immediate financial pressure our existing customers are facing with our hardship fund initiative. This initiative aims to formalise much of the help we are already offering existing customers.
Premium rebates aim to return some of the premium’s customers have paid to us. We are doing this because we are experiencing fewer claims in this lockdown period, and the car insurance premiums customers are paying, which were originally calculated when the policy came up for renewal and in a completely different environment, are simply not reflected in the current extraordinary situation.
We understand COVID-19 is likely to have long term implications on New Zealanders which is why we have introduced our premium freeze initiative which will temporarily freeze increases to the base premiums for existing customers with policies renewed or renewing on or after 16 April 2020.