Sinn Féin spokesperson for Finance Pearse Doherty has welcomed the announcement from Insurance Ireland that Allianz, AXA, FBD, RSA and Zurich are offering either premium reductions or rebates to their motor insurance customers.

Deputy Doherty called on Liberty Insurance and Aviva to offer the same supports, while warning that insurance companies are still using discriminatory pricing during the COVID-19 crisis.

Teachta Doherty said: “I welcome today’s announcement by Insurance Ireland that a number of insurance companies are offering premium reductions or rebates to their motor customers.

“The test now is whether this promise will be delivered. The cost of claims have plummeted for insurance companies, it is essential that these savings are passed down by insurance companies to their customers.

“Liberty and Aviva should now follow suit.

“I raised this issue yesterday in the Dáil, and it is crucial that no company, insurer or bank, exploits the COVID-19 crisis for profit.

“Many insurers are still using unfair pricing practices since the COVID-19 outbreak, with loyal customers being offered renewal quotes higher than their previous premium despite not having made any claims.

“This is dual pricing and Sinn Féin will be introducing legislation in the 33rd Dáil to ban its practice.”