Irish Insurers Pass On €42.5M In COVID Savings To Customers

By Martin Croucher (November 16, 2021, 3:32 PM GMT) -- Insurers in Ireland issued €42.5 million ($57.1 million) in rebates to customers last year as a result of fewer people using their cars during COVID-19 lockdowns, according to a report released by the country's central bank Tuesday.

The Central Bank of Ireland said the rebates, issued through one-off cash payments, vouchers, or discounts on policies, was equivalent to 3% of the amount that insurers earned last year.

The rebates were due to a 20% reduction in the average claim cost per policy in the period between 2019 and 2020, the bank said, as fewer people used their cars during the pandemic. ...

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