The Motor Traders' Association of NSW (MTA NSW), an Employers Association representing over 3,000 automotive businesses in NSW, has welcomed the announcement by icare that it will be deferring premium payments for up to 6 months among other initiatives to assist businesses, citing a number of benefits for its Members.
MTA NSW CEO, Stavros Yallouridis, supports the position taken by icare, and their CEO and Managing Director, John Nagle, saying it would assist the automotive industry to continue providing the vital services that ensure NSW would keep on the move.
"The action by icare is welcomed to assist the thousands of small and medium-sized businesses which are being hard hit by the downturn in commercial activity arising from Covid-19," he said.
icare is determined to work with its business customers and offer them support amid the Coronavirus pandemic. Among them, it is deferring premium payments for up to six months for those businesses that are experiencing financial hardship, it is reducing customers' wages and coverage to reflect their new circumstances – potentially resulting in refunds or reduced premiums, and it is refunding the unused portion of a premium while keeping policies active for when customers resume business.
icare CEO and Managing Director, John Nagle, believes it's vital to take into account individual circumstances at this time and ensure customers can manage their businesses through the disruption.
"We are operating in an environment of rapid change and multiple challenges for NSW businesses," he said. "We are ready to adapt to the changing circumstances of our customers to ensure they're able to continue to keep their people safe, both now and in the months and years ahead," Mr Nagle said.
"Customers who have had to stand down staff due to the COVID-19 disruptions have been reaching out to us to update their wage estimates. As a result, we've been able to reduce premiums for more than 2,000 NSW businesses to a total value of $13 million.
"We've also been able to place 450 policies on hold for those businesses who have had to shut down completely," he said.
MTA NSW CEO, Stavros Yallouridis said, "We all hope the effects of Covid-19 are relatively short-lived, and that businesses can survive the duration and continue providing employment for their staff. This assistance from icare will make a valuable contribution towards achieving that objective."
