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In this update, we are pleased to share good news on house and contents renewals, we summarise the assistance options still available and there’s a reminder to review any reduced cover taken up for motor vehicles during lockdown.
House and contents cover premiums decrease for many
We have just completed a pricing review, resulting in changes that will be effective from 1 July. As a result, we are pleased to let you know that 90% of Contents customers and more than 70% of House customers will receive premium decreases. We are also mindful of the financial impacts of Covid-19 on policy holders and so are continuing to hold premiums at expiring levels for House customers that would otherwise be receiving increases.
Summing up the ways we are here to help your clients
We have been responding quickly to customers' insurance concerns and needs and regularly developing assistance offers, including:
Helping with affordability – increasing voluntary excesses which may decrease premiums, revising terms of business interruption cover which may decrease premiums, offering premium deferrals or premium waivers.
Keeping cover in place – accepting remote property inspections, providing alternative cover for motor vehicles when not being driven at all, offering parked up cover for commercial fleet not in use, extending credit terms and renewal periods for brokers.
Making things easier – Business insurance renewal rollovers taking place at existing rates for eligible customers with <$50k GWP.
Reduction in motor vehicle cover - reminder
If your client took up the offer to change their motor vehicle cover during lockdown and they are now driving the vehicles, please let us know.
Commercial fleets were offered parked up cover and personal motor policy holders could reduce their cover to fire and theft.
If the situation has changed and they are now using the car, it’s time to reinstate full cover to ensure that your clients’ vehicles have the appropriate level of protection.
Get in touch
If you have any questions about any of the above, please don’t hesitate to get in touch with your BDM on their mobile.
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