Tim Grafton, CEO of ICNZ, said: "Since March, our members have ensured they are fully open for business and have worked to keep New Zealanders and their assets protected by easing the financial pressures they faced."
He added that the industry is aware of the pressure Covid-19 is placing on Kiwis, especially since New Zealand entered Alert Level 4.
"Operating within the 10 principles, our members have each implemented a range of measures suited to supporting the changing needs and challenges being faced by their individual customers and suppliers,” said Grafton.
Measures differ between insurers, but some include deferral of premium payments, changes of terms, reducing premium levels, extending credit terms to brokers, and extending policies that have expired.
Grafton said it is important that each insurer responds in a way that is most appropriate for their customers.
"In this way, our members can balance the needs of those in genuine hardship with their obligation to be there for all its policyholders should the worse happen which it has done several times in recent years – the earthquake in Christchurch last week or the flooding in Wellington this week are timely reminders."