The insurers claimed before the Oireachtas Finance Committee they are reducing premiums to reflect new guidelines on award levels for minor claims. Zurich chief executive Anthony Brennan claimed the lower premiums would be passed on to consumers in the coming weeks. FBD boss Tomás O’Midheach said his company had yet to see lower award levels reflected in court awards and PIAB settlements. Sinn Féin’s Pearse Doherty accused the insurers of wanting to “pocket the savings”, and said he had no faith that lower premiums would result from the move by judges to lower award levels. The guidelines reductions were up to 60pc, the Sinn Féin TD said.

Source: Irish Independent May 19, 2021 13:25 UTC