UK-based car insurer Admiral is set to refund customers around £110m amid Covid-19 pandemic.
The insurer will return the money in recognition of customer cooperation during the country-wide lockdown.
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Under the move, each of Admiral’s policyholders will receive a refund of £25 for each car and van under coverage as of 20 April, a total of 4.4 million vehicles.
The amount will be automatically credited to the customers at the end of next month.
Admiral has committed an additional £80m to reduce prices and support customers, NHS staff and the local community.
The insurer has also set up a $4m support fund for Covid-19 in south Wales, where the company is based.
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By GlobalDataOverall, the combined initiatives account nearly a month’s premium income, or one-third of its 2019 profits.
Admiral UK Insurance CEO Cristina Nestares said: “During this challenging period, our main priorities have been helping our customers, supporting our local community and protecting the wellbeing of our staff, which is why we have introduced these initiatives to give something back to the customers and communities we serve.
“This is an unprecedented time when people across the country are driving significantly less than before the lockdown, and we expect this to lead to a fall in the number of claims we are seeing.
“We want to give the money we would have used to pay these claims back to our loyal customers in this difficult time.”
