Insurers should issue rebate as gesture of goodwill

01 February 2021

As insurers continue to evade questions on plans for customer refunds for this year, Labour finance spokesperson, Ged Nash TD, has called on all insurers to consider offering a rebate as a gesture of goodwill. Such a move would reflect the reality that insurers are processing fewer claims, as people continue to heed public health advice and stay at home. 

Deputy Nash said:

“Last year, we saw many in the insurance industry offer small refunds to their customers in a show of solidarity. This was also a reflection of the reality that risks on the road were lower with fewer traffic movements being recorded.

“While these sums were small, they went a long way for working families who continue to face huge financial pressure as a result of the pandemic. 

“Unfortunately, the situation has hardly changed since last March. Workers are asked to stay at home to protect their families and communities, and only essential journeys are being made. I am therefore calling on insurance providers to consider a similar gesture to their loyal customers. 

“We welcomed the news that some insurers, including VHI, offered additional refunds due to a fall in claims in 2020, and I am now calling on motor insurers in particular to consider such a measure to reflect the reality of the insurance industry at present.

“There is anecdotal evidence that car insurance quotes are continuing to rise between 2020 to 2021, despite the majority of people dramatically reducing their time driving. At a time where working families throughout the country are experiencing huge financial difficulty, a little goes a long way.

“The issue of extortionate fees in the insurance industry is well aired, and an appreciation of customers’ loyalty is one way insurers can play a constructive role in the ongoing public health crisis.”

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