Impact of AIA Vitality Business and Community Grants, and more daily news
RBNZ appoints three Assistant Governors, and more daily news

More insurers share views on COVID-19 data and vaccinations, and more daily news

Head of Asteron Life, Grant Hill has announced that Asteron Life and its reinsurers have decided to monitor the long-term effects of COVID-19. Hill noted that they still need more data to ensure they implement effect underwriting processes.  

Similar to Asteron Life, AIA has said that they will monitor the situation, although acting CEO Sharron Botica has noted that new customers are not currently required to disclose whether they have had a vaccination against COVID-19. Botica has said that the underwriting approach will not change without new evidence.

Simon Tohill , General Manager of Strategy and Marketing has said that it is too early to understand the implications of the Government’s decision to transition from the elimination strategy to living with Covid-19.

Chief Insurance Officer Kath Johnson has said that Fidelity Life has decided treat existing unvaccinated and vaccinated customers equally. New customers will not be asked about their vaccination status and financial hardship support will continue to be offered.

“Head of Asteron Life Grant Willis says Asteron and its reinsurers are closely monitoring the medical developments around Covid-19 and its long term impacts.

"At this stage, we need more data to inform any decisions on how we underwrite for it in future.

"Kiwis tend to be under-insured when it comes to life and income protection type covers, and we think it’s important that New Zealanders know that there are still options for them when it comes to personal insurance, even if they have suffered from Covid-19 or other major health issues.

"Covid-19 has created a lot of uncertainty and hardship for many New Zealanders, and we have worked hard to ensure that our customers can keep and feel confident in the insurance they have purchased from Asteron Life."

Willis says Asteron has not applied any blanket exclusions for Covid-19 and have offered a range of support options to help customers keep their insurance cover in place through short-term periods of financial vulnerability.

AIA NZ acting chief executive Sharron Botica says AIA does not ask new customers to disclose their Covid-19 vaccination status as part of its underwriting process.

"We continue to monitor the developing situation, but at this time there is no new information that would cause us to change our current underwriting approach," she says.

General manager of strategy and marketing for Cigna New Zealand, Simon Tohill says it's also too early for them to "...fully assess the impact of the Government’s recent change in strategy from elimination to living with Covid-19.

Fidelity Life's chief insurance officer Kath Johnson says as a customer-led business Fidelity aims to give its customers certainty in an uncertain world.

"We currently have no plans to treat existing unvaccinated customers any differently to vaccinated customers and we don’t currently ask new customers if they are vaccinated.

"We continue to provide financial hardship support to our customers who need it, including as a result of Covid-19.

“In relation to potential underwriting changes in the future, we’ll make any decisions based on facts. Together with our reinsurers, partners and our industry body the Financial Services Council, we’ll keep monitoring medical developments closely, including the long term impacts of Covid-19.” Click here to read more

In other news

From The Spinoff: For many New Zealanders, Covid-19 will be a lifelong disease

FMA: FMA clarifies Wisdom House FAP cancellation decision

Strategi: Training opportunity with Strategi’s AML/CFT expert

Comments

Feed You can follow this conversation by subscribing to the comment feed for this post.

The comments to this entry are closed.