The Association of British Insurers (ABI) said its members are likely to pay out more than £1.2bn in claims to help businesses and individuals impacted by the Covid-19 outbreak. The amount expected to be shelled out as per the ABI’s initial estimates covers payments on the interruption of businesses, wedding policies, travel insurance, and scrapped school trips, all caused by the pandemic.
Republic of Ireland insurers will return a portion of Irish drivers’ motor premium as they are forced off the road by Covid-19 restrictions, following the example set by Admiral in the UK. Global giants Allianz, AXA, RSA and Zurich have all announced commitments to give premium relief, alongside Ireland-only insurer FBD (formerly Farmer Business Developments).
In the US, Unica Insurance (Unica) has joined the more than 80% of US auto insurers giving money back to policyholders with a one-time Covid-19 Premium Relief Refund for all Private Passenger Automobile customers. The refund will be equivalent to 15% premiums paid over three months, starting April 1, 2020.