Allianz announced it will give its Irish policyholders a €9m rebate on their motor insurance policies while they’re driving less due to lockdown. The total will break down to €30 per customer, with the move likely to heap pressure on the firm and its peers to provide similar premium relief to its UK customers too. So far, Admiral is the only insurer in the UK giving a similar rebate of £25.
The Hiscox Action Group isn’t the only conglomerate seeking recompense for an insurer denying business interruption claims caused by Covid-19, with its legal representative Mishcon De Reya now assessing claims for a second action group from the hospitality sector. The Hospitality Insurance Action Group (HIGA) – made up of British pubs, restaurants, hotels and nightclubs – released a call yesterday (29 April) urging other similar businesses with a denied claim against the likes of AXA, RSA, QBE and Zurich to get it checked for free by Mishcon. The law firm says a collective lawsuit from the group could run into tens of millions of pounds.
Meanwhile, US insurance professor Zachary Finn believes retroactive coverage for pandemics could stem the tide of damage caused to the country’s economy by Covid-19 – damage which has claimed more than 22 million jobs so far.