Allianz to slash insurance costs by 7.5%

LEADING motor insurance company Quinn-direct which has already cut its premiums by 19% this year is planning to make further reductions.

And yesterday Allianz Irish Life said it will cut motor rates by 7.5% from January 1. The cuts follow growing pressure on motor insurers to reduce premiums in response to the penalty points system which Transport Minister Seamus Brennan says has already saved almost 100 lives this year.

In its submission yesterday to the Oireachtas Joint Committee on eEnterprise and sSmall business, QuinnUINN-direct said it had already reduced premiums by 19% in the year to date and there were more reductions coming. The firm said it would “continue to proactively reduce premiums in response to the improving claims experience”.