We are facing an unprecedented health crisis caused by the Covid-19 coronavirus. This has caused the application of the State of Alarm, the confinement of all citizens and the closure of non-essential establishments. This exceptional situation, which in principle will last until April 12, is affecting all professional sectors, SMEs, freelancers, businesses...
Insurance companies are being consistent with the situation. Now the commitment and responsibility of all is required. Therefore, throughout the week insurance companies have announced measures to alleviate the economic effects of this crisis. These measures are especially aimed at SMEs and the self-employed, but also at individuals. At Canarisk, we have made a compilation of the main measures that insurers are adopting and which we detail below.
Deferral of bill payment
Many insurers have announced that they will defer payment of bills that expire in this period of crisis. In this sense, insurers are announcing the extension of the payment term, between 60 and 120 days (according to the company) from the due date of the receipt. This measure is being directed mainly at the self-employed, SMEs and businesses, although some companies are applying this measure to all their clients.
Fractionation of the payment of receipts
The companies are also announcing that they will allow installment payment of bills, at no additional cost to the customer. Payment can be made semi-annually or quarterly, and some insurers have even announced the possibility of splitting the payment of your receipts monthly.
Suspension of premium increases or cancellations
The companies have reported that they will be more flexible in renewing expired policies during the crisis period. Thus, premium increases or cancellations will be suspended by unilateral decision of the company. In addition, some companies have reported that they will give up claiming defaults during this crisis.
Video expert opinion and speed in the payment of compensation
Regarding the processing of claims and payment of compensation during this period, many companies are implementing video assessment systems, thus avoiding unnecessary travel. In addition, the procedures in the claims files will be streamlined to pay the compensation in the shortest possible time.
SUMMARY ECONOMIC MEASURES IMPLEMENTED BY THE MAIN INSURERS
These are the main measures that insurers have announced to date. If you need help or want more information, contact us, at Canarisk we will be happy to help you.
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