Argus Group will pay a 50 percent rebate to all car, motorcycle and small business customers on their motor insurance policy premiums for April as a result of decreased driving and claims during the shelter-in-place period.
Customers can choose a refund, a credit on a new or existing policy or to donate the credit to the Bermuda Community Foundation’s Covid-19 Emergency Fund.
Argus has committed to match any such contributions from customers up to a total of $10,000.
Ryan Eve, vice-president of property and casualty operations at Argus Insurance, said it considers multiple factors when calculating motor insurance premiums. “While the entire community was at home there were fewer cars on the road, therefore diminishing their exposure to risk, resulting in fewer claims. For a number of reasons, including remote working and scheduled shopping days, our customers didn’t need to commute every day, so they should receive a refund.”
The refund was possible because Argus saw a reduction in claims, Eve added.
Alison Hill, chief executive officer of Argus, said, “The effects of Covid-19 have been far-reaching and we are constantly monitoring how the pandemic is impacting all of our businesses globally, across all lines.”
She added: “While the approach will be unique to each policy type, we will continue to assess the impacts and, where relevant, we commit to passing these potential savings back to our clients. As always, we remain agile, sensitive and transparent, and aim to put our clients at the heart of everything that we do.”
Argus, Ryan Eve, Alison Hill, COVID-19, Bermuda Community Foundation