Motor insurers have buckled under pressure and have agreed to discount premiums or give refunds to customers due to Covid-19.
A number of the insurers have acknowledged a reduction in the volume of traffic and of claims during the current pandemic.
The decision comes after some pressure from Minister for Finance, business and insurance re-sellers to elevate the financial burden on the public.
CEO of Insurance Ireland, Moyagh Murdock said: “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.”
However, it is not yet clear if all insurers have signed up to the agreement and what form or rebate will be given to customers.
Insurance Ireland said in a statement: “Each insurer has a different mix of customers and different claims experience and they will each assess the impact on their customers and in turn pass on appropriate financial supports directly to their customers.”
