Four locations in the Asia Pacific region have reported an uptick in demand for life and health insurance, according to a survey by Swiss Re. The reinsurance giant found that 46% of its 2,500 respondents across Australia, Singapore, Hong Kong and mainland China had searched for new life and health policies during the second week of April, and 32% had purchased one. The firm also found 27% of those surveyed said they were “overwhelmed and anxious” about their financial futures – and while many were willing to cut back in other areas, only 14% said they would sacrifice paying their monthly life insurance premium.
British motor insurance firm Direct Line told the Evening Standard it had informed customers they can temporarily save on their monthly coverage payments by calling to adjust the amount of miles they expect to drive in a week, as the insurer has witnessed a 70% drop in claims during the Covid-19 lockdown. The company withdrew its dividend payment last month amid uncertainty over the impact of the pandemic on its business, and it has set aside £70m for a range of customer-help measures, including providing all NHS workers with free breakdown services.
American giant Allstate was one of the first to announce a rebate for customers as roads across the country cleared, and CEO Tom Wilson said in an interview his firm is likely to announce further premium relief. The original measure was a 15% monthly cut to each driver on its books but with different geographies experiencing varied levels of reduced driving – depending on how urbanised they are and whether or not they have stay-at-home orders in place – he said the insurer would look to take a more tailored approach to relieving customers.