Allianz announces 7.5% cut in insurance premiums

The Allianz insurance firm has reportedly announced plans to reduce its premiums by 7.5% on January 1.

The company had already announced two separate cuts in premiums earlier this year, one worth 5% and the other 5.5%.

However, Allianz is one of several insurance firms due to appear before the Oireachtas Committee on Enterprise and Small Business today to explain why insurance premiums remain exorbitantly high in Ireland.

Yesterday, committee chairman Donie Cassidy said insurance firms had reported reductions in premiums this year, but he had seen very little evidence of such reductions.