Dáil Éireann Debate, Wednesday - 3 February 2021
176. Deputy Fergus O'Dowd asked the Minister for Finance if concerns raised in correspondence (details supplied) in respect of insurance claims in Ireland will receive a response; and if he will make a statement on the matter. [5128/21]
View answerAt the outset, I am fully aware of the concerns expressed in relation to the insurance industry’s response to its policyholders in these difficult times, including honouring business interruption claims. The issue raised in the question is complex as there are a variety of government Covid 19-related supports, some of which may not be covered under any business interruption policy. The Deputy will also appreciate that while, I cannot adjudicate on specific cases, it is my view that where it is established that a liability exists, insurers have a contractual obligation which should be discharged in a timely manner. Where businesses have received eligible government supports, these need to be accounted for in the usual manner.
The Deputy will be aware that both Minister of State Fleming and I have had considerable engagement with the insurance industry on the issue of business interruption claims over the past year. The position outlined above is consistent with our view that as a general rule, insurers should engage with those impacted businesses honestly, fairly and professionally to honour the terms of the policy cover, in line with the Central Bank’s Consumer Protection Code. Separately, the Central Bank’s Business Interruption Insurance Supervisory Framework sets out its expectations of insurance firms in handling COVID-19 related business interruption insurance claims.
Working to protect customers during and after the COVID-19 crisis, with particular emphasis on business disruption insurance, is a priority issue for Government. This is reflected in the Programme for Government and the recently launched Action Plan for Insurance Reform. The Deputy should be assured that Minister of State Fleming and I will raise this issue with Insurance Ireland and we will engage appropriately with both insurers and the Central Bank on this matter.
