The Australian Financial Complaints Authority (AFCA) has provided information to help the community understand how insurance responds in times of a pandemic like the current COVID-19 crisis.
NIBA CEO Dallas Booth said, “Since the coronavirus has become a major issue in Australia it has started to have an impact on various types of insurance cover. Our legal adviser Mark Radford has collated all the essential information for the convenience of our members.”
In response to WHO’s official announcement in early March 2020 that coronavirus (COVID-19) is a pandemic, AFCA has implemented the following measures including:
· activating its significant event response plan following COVID-19 being declared an insurance catastrophe from 12 March 2020 by the Insurance Council of Australia (ICA);
· providing information on the type of assistance available for individuals/small businesses who are financially impacted by the COVID-19 pandemic;
· providing information on how AFCA can assist individuals who are affected by the COVID-19 pandemic and the steps they should take before contacting AFCA for assistance; and
· providing information on its approach on how to deal with COVID-19 related complaints
The key information provided by AFCA has been collated by NIBA’s legal counsel and is available here.