Car insurer Allianz is to refund €9 million to customers due to the Covid-19 crisis with individual policyholders expected to receive a €30 rebate.
Allianz is the latest insurer provider to announce its rebate plan following recent announcements from Axa and Liberty Insurance.
The move comes after industry organisation Industry Ireland agreed last Friday to pass on “appropriate financial supporters” to customers.
The rebates come as the Covid-19 crisis has left considerably fewer vehicles on the road and, consequently, led to fewer claims.
Allianz said the refund for private car, van and taxi insurance customers covers the period from mid-March to the end of May. Customers do not need to do anything to receive the payment.
Challenging
“We recognise that our country, our communities and our customers are facing very challenging times and hope this refund will help our customers as we pass on this saving to them as a result of the reduction in claims we are receiving” said chief executive Sean McGrath.
The decision to offer rebates came after Minister for Finance Paschal Donohoe told insurers there was a "strong case" for refunds.
Axa on Monday said it would set aside up to €20 million to refund customers, equivalent to about €33 for each motor policy.
Liberty Insurance is setting aside €5 million for rebates, which averages out at about €25 per customer.
AIG is reportedly not expected to introduce refunds while FBD and Zurich have yet to outline their plans.
