Three of Australia's largest insurers - Suncorp, QBE and Allianz - will provide small and medium businesses relief during the COVID-19 pandemic.
The insurers have come together to enable SMEs to elect to defer their premium payments for up to six months, allowing them to focus on maintaining business, backed by their existing insurance during this period.
The insurers will also offer continuity of existing insurance cover for SME policyholders whose business premises are unoccupied due to COVID-19, with no changes to premiums.
In a joint statement, the CEOs of Suncorp Insurance, QBE and Allianz said that it was vital for them to support small businesses during this extremely difficult time.
"Small businesses are the backbone of the Australian economy and as insurance partners for around half this market, the measures announced will provide financial relief, while maintaining coverage under their insurance.
"Together, we have laid a platform for the industry to sustainably support the tens of thousands of small businesses who have been heavily impacted by this crisis, which follows the summer of bushfires, floods and storms across the country.
"We’ll continue working closely with our broker partners on a range of hardship measures to support businesses and acknowledge the critical role intermediaries play in commercial insurance.
"Australian insurers are well-prepared to respond to disasters, and we’ll continue to be there to support our customers," the CEOs said.
The relief packages were approved by the ACCC on March 02.