Natural persons temporarily unemployed due to the COVID-19 crisis shall benefit from the following: 

• A commitment by the insurance sector to continue, without a need for further formalities, the pension, death, invalidity and hospitalisation cover of collective insurance policies (taken out by the employer) for temporarily unemployed people. Payment of relevant premiums by the employer has been postponed until 30 September 2020. 
• Suspension of both interest payments and capital repayments of mortgage loans taken out with insurance companies as well as payment of premiums of outstanding balance insurance linked to mortgage loans until 30 September 2020. This to the extent that the insured is able to prove that they are in financial difficulty as a result of the COVID-19 crisis. The agreement reflects the government's agreement with the banks. Moreover, payment of a fire insurance premium linked to mortgage loans maturing between 30 March and 30 September can also be deferred until 30 September. The latter solely applies to those who have become unemployed.
• For all other insurance policies for which the insured would find it difficult to pay their premium, the insured is requested to contact their insurer or intermediary directly to establish whether an appropriate solution can be found.

For companies affected by the COVID-19 crisis: 

The insurance sector has pointed out that some insurance policies (industrial accident, civil liability, etc.) already incorporate retrospective adjustment of the premium in the event of reduced activity. This will be adjusted automatically. Moreover, for any premiums due between 30 March and 30 September 2020, companies that have to cease operating upon instruction from the government can obtain deferred premium payments in consultation with their insurer. Companies are advised to contact their insurer or intermediary directly with respect to any further measures concerning the suspension of contracts.

Insurers will apply the same conditions for loans granted to companies as those already agreed with the banking sector, i.e. deferred loan repayments (interest and capital repayments) until 30 September 2020.

If you have other questions regarding the Corona crisis, please visit our special FAQ

Last update: 30/04/2020