'Doing the right thing' - Consumer NZ praises insurance companies giving millions back to customers

August 27, 2020

Lockdown restrictions saw fewer insurance claims.

Lockdown restrictions have meant insurance companies haven’t had to pay out many claims while people were stuck at home.

So a number of insurance companies are giving back money to their customers. 

Insurance company Southern Cross has given back $50 million on premiums, AA Insurance is handing back about $19.5 million, Tower Insurance about $7.2 million and MAS $1.7 million.

Consumer NZ head of research Jessica Wilson said it was good to see the companies “doing the right thing” by their customers.

She said the lack of cars on the road meant insurance companies saved a lot of money. 

“In other industries, we’re more likely to have seen in-kind support.

“One example during lockdown was some telcos reduced the cap on their broadband plans.”

Ms Wilson was also pleased to see most ticketing agencies and accommodation providers giving “really speedy refunds” during the outbreak of the pandemic as events were cancelled. 

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