Tower Limited (ASX:TWR) confirmed that it would refund its customers $7.2 million due to the lower cost of car claims during the lockdown period.
Richard Harding, the CEO of TWR said that every customer would be reimbursed a portion of their car insurance premium that were paid by these customers during level three and four lockdowns.
He also said that insurers need to be transparent about their ways of tackling with the additional gain arising due to lower claims during the lockdown imposed due to coronavirus.
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