AXA to refund customers €1.7m

INSURANCE giant AXA is to hand over €1.7 million to its Irish customers after failing to pass on refunds on 130,000 home and motor policies.

Financial regulator IFSRA said yesterday that it had ordered the company to pay back the money. AXA had failed to refund amounts of up to €25 in cases over the last 13 years where customers had overpaid. The average repayment will be around €13.

The discrepancies arose when motorists switched cars or made changes to their home insurance polices that allowed them to qualify for slightly lower insurance premiums.