The new paragraph 109 will address some of the issues that arose for consumers during the COVID-19 crisis – that is, the significant confusion and difficulties for consumers in obtaining and identifying financial hardship assistance measures provided by general insurers. However, the commitment does not address another more important issue faced by consumers experiencing hardship – that is, the lack of consistency in response. In line with ASIC’s expectation’s further measures for people experiencing any form of financial hardship (including premium hardship) as identified during the COVID-19 crisis should be listed.
