Partners puts hold on redundancy cover

Managing director Naomi Ballantyne said, while it would honour claims on those policies that already had redundancy benefits in place, it did not want to encourage people to start buying the cover in large numbers because they were fearful.

Coronavirus has affected economies around the world and New Zealand is expected to go into a recession this year.

Ballantyne said the impact of coronavirus was a non-quantifiable risk that could not be priced in so sales had been stopped for now.

Because it was quite an expensive option, there were not large numbers of customers with the cover, she said.