Tower Insurance to refund COVID-19 claims savings by end-May

Tower Insurance to refund COVID-19 claims savings by end-May | Insurance Business

Tower Insurance to refund COVID-19 claims savings by end-May

Tower Insurance has announced that it will refund any motor insurance claims savings caused by the COVID-19 lockdown to its customers.

In a statement, Tower Insurance CEO Richard Harding said that the company will not profit from COVID-19 and will make further refunds if needed. The insurer will also extend various support options for its customers to help relieve financial pressure.

“We know that people are driving less, and this is resulting in lower claims, so any savings we make will be passed back to our customers,” Harding said.

“There is still a whole lot of uncertainty at the moment and we have not processed refunds on this scale before, which is why we need some time to calculate and arrange them. But customers can be assured that refunds will be paid, and we will let them know all the details beforehand.”

Recently, another major motor insurer, AA Insurance, said that it will freeze premium increases for its products, in support of its customers undergoing financial hardship.

Meanwhile, Harding encouraged Tower Insurance’s customers who may be waiting until after the lockdown to make claims to contact the company immediately, in order for it to act on claims once repair shops open.