Suncorp New Zealand, the majority shareholder of AA Insurance, is matching AA Insurance’s newly established $2m customer
hardship fund by establishing a further $2m hardship fund for its Vero and Asteron Life customers.
Suncorp New Zealand and the New Zealand Automobile Association are joint venture partners in AA Insurance, which sells
insurance products direct to customers. Suncorp New Zealand also owns the Vero general insurance brand and the Asteron
Life insurance brand, whose products are sold through brokers, financial advisers and corporate partners.
Suncorp New Zealand Chief Executive Paul Smeaton says “I’m pleased that AA Insurance customers who may be under severe
financial pressure now have access to a hardship fund. I’m equally concerned that Vero and Asteron Life customers facing
severe financial challenges have access to similar relief which is why we’ve established a separate $2m Suncorp New
Zealand customer hardship fund.”
“We pride ourselves on being there for the moments that matter. Now, more than ever we want to help our customers get
through. That’s why we’re putting people first with these commitments to supporting Kiwis under financial pressure.”
In addition to the hardship funds, Suncorp New Zealand made a $100,000 donation to its community partner, Shine, earlier
this week. Shine works with families affected by domestic violence and will provide computers, laptops and internet
access to families in emergency housing so their children can continue to access online learning and remain connected
with school. It will also provide one-on-one counselling to children in crisis.
Suncorp New Zealand has had a comprehensive range of practical solutions in place since the beginning of the lockdown
period, to help customers get through. These can be tailored to a customer’s specific circumstances and include:For Vero general insurance customersFlexible payment terms. This can include adjusting the excess on a customer’s policy or temporarily deferring payment.For Vero business customersWe will consider requests to revise the terms of business interruption cover if customers have experienced a reduction
in turnover/revenue.If a commercial vehicle is not currently being used, we can adjust the cover and premium to reflect this.For landlordsRelaxing requirement for landlords to carry out property inspections during the Level 4 lockdown. Claims won’t be
affected if it hasn’t been possible to make an inspection.For vehicle ownersIf a personal vehicle isn’t being driven, we can adjust the cover and premium to reflect this.Warrant of Fitness’ or driver licences expiring during the lockdown won’t affect the ability to make a claim, though
customers still need to ensure that there are no safety issues with their vehicle.For Asteron Life customersContinue to provide Premium holidays and/or Premium and Cover suspension benefits to qualifying customers on applicable
products.Continue to provide cover to existing customers for death or disability arising from COVID-19 related illness, subject
to policy terms, conditions and exclusions.
“We understand how important insurance is as part of a customer’s financial resilience toolkit. We want to be able to
help them maintain their cover, even when the going gets really tough,” says Mr Smeaton.
“AA Insurance customers should make contact directly with AA Insurance, while the first step for Vero and Asteron Life
customers is to talk to their broker or financial adviser.”