Following growing political and media pressure, Insurance Ireland, the body that represents most of Ireland’s insurance providers, says it is committed to looking into a refund scheme for drivers.

In a teleconference with insurers, Finance Minister Paschal Donohoe called on them to be generous and do the right thing, giving back part of premiums paid by drivers to support them through the coronavirus crisis.

The call comes as traffic volume has dropped by up to 90% meaning that the level of claims will be dramatically reduced. Mr Donohoe also pointed out that insurers had enjoyed a very profitable last 12 months.

In response, Declan Jackson, director of government affairs at Insurance Ireland said, "We will have to see, sustainably, what we can do to support our customers through this." He added that members would discuss the issue, "with a view to responding constructively as a matter of urgency".

He also indicted that any response was likely to be in line with operations in other European countries. 

Clearly the reduced level and volume of claims being made to insurers over what is likely to be a period of many months will be of huge financial benefit to them. It is therefore vital that not only is some form of refund forthcoming, but also that this is taken into account in future premium calculations. Transparency in calculations would also be very welcome, something that insurers have been reluctant to provide in the past.