Vero will cut broker commissions on personal insurance home cover from 22.5% to 15% from 1 February 2014.

It says the move is in a bid to “assist in stabilising the increasing events-related cost pressures on home premium levels that the whole industry is facing”, a statement read.

Vero stressed the reduction only applies to personal insurance home cover and that it has no plans to reduce commissions elsewhere.

It added the reduction is an important step in ensuring the home portfolio remains sustainable in the long term and for brokers to continue to offer their customers Vero home cover for the foreseeable future.