MAS will pass back motor vehicle savings to members following reduced motor claims

20 August 2020

mas-driving-refund

ICMIF member MAS (New Zealand) has announced that it will be returning NZD 1.7 million (USD 1.1 million) in savings made on reduced motor vehicle claims during the COVID-19 lockdown to its members. 

This pass-back forms a major pillar of the MAS Relief Package which the mutual launched in April, which was established to help the organisation’s members cope with the financial impact of the COVID-19 lockdown. 

As well as committing to passing back these savings, MAS is also setting up an NZD 2 million (USD 1.3 million) Hardship Fund for Members suffering financial difficulty due to the lockdown, and several health and wellbeing initiatives. 

During Alert Levels 3 and 4 of the lockdown in New Zealand, motor vehicle claims were lower than normal, due to members keeping their cars off the road. 

From September 2020, MAS will be reducing the base premiums for motor vehicle insurance policies by 7.2% for the next year of the policy. This reduction will be applied when the policy comes up for annual review. 

To receive the full reduction, MAS says members will need to hold their policy for the full year.  

Other ICMIF members also recently announced similar initiatives to return auto premiums back to policyholders following a reduction in motor accident claims:

For member-only strategic content on the cooperative/mutual insurance sector, ICMIF members have exclusive access to a range of online resources through the ICMIF Knowledge Hub.

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