It follows pressure from the Minister for Finance, the public, businesses and insurance re-sellers for action on the matter.
"While the duration of these restrictions is still uncertain and it is still too early to fully assess the financial impact on the motor insurance sector, but recognising the unique challenges in the Irish market, insurers have agreed to address the issue by signing up to a set of core principles." The situation will be further reviewed if restrictions due to Covid-19 are extended through the summer and this results in sustained lower road usage and claims.
"We believe we can provide more value for our motor customers through a competitive quote at renewal." "Obviously it is for each insurer to look at its own situation and customer base, but I stress the importance for them to take a longer-term perspective and be generous with their customers at this time reflecting the recent profitability of the motor insurance market."
Maybe the government could follow suit and give us back some of our road tax! nealerichmond Paschald