A number of Ireland’s leading motor insurers (Allianz, AXA, FBD, RSA & Zurich) have signed up to commitments on premium reliefs for motor customers, to reflect an expected lower volume of claims due to the travel restrictions imposed during #covid19 pandemic.
The following has been agreed by the insurers:
Each insurer has a different mix of customers and different claims experience and they will each assess the impact on their customers and in turn pass on appropriate financial supports directly to their customers.
The financial supports, such as refunds or discounts, applied by each insurance company will reflect their individual claims experience to date.
If extended Covid19 restrictions on movement result in sustained lower road usage and claims frequency through the summer and beyond, insurers have agreed to further review the situation.
Given the different pricing models and different customer profile of each insurer’s book, the precise amounts will vary across the market.
Each insurer will independently calculate the detail of discounts/rebates involved and communicate with it’s customers in the coming weeks.