Dáil Éireann Debate, Wednesday - 21 April 2021
523. Deputy Alan Dillon asked the Minister for Finance if provisions are being made to assist claimants (details supplied); if his attention has been drawn to an avenue which may support their claims; and if he will make a statement on the matter. [20217/21]
Amharc ar fhreagraI note that the details supplied relate to claims of a particular insurance firm. While I cannot adjudicate on the matter raised, I welcome the legal certainty provided by the recent High Court judgment relating to the claimants. I also welcome that the particular company indicated that it will not appeal the judgment of the High Court; will pay valid claims; and endeavour to process claims as quickly as possible and in line with the judgment. These are important commitments for the company to live up to. Notwithstanding this, elements of the case, including quantum, remain under legal consideration, and I will not make any further comment.
Separately, the Central Bank’s COVID-19 Business Interruption Supervisory Framework sets out its expectations of insurance firms in handling COVID-19 related business interruption claims. Where customers have an entitlement to claim under such a policy, I echo the Banks expectation that these will be processed, paid promptly and in full. The Bank has indicated that a number of insurers have already accepted and commenced settling claims as a result of its supervisory interventions. It has indicated that it is continuing to closely challenge insurers to ensure all valid claims are paid and on how those claims are being managed and processed. The Central Bank’s examination team is actively monitoring compliance by the relevant firms with its expectations.
In conclusion, working to protect customers during and after the COVID-19 crisis, with particular emphasis on business disruption insurance, remains a priority issue for Government and is thus included within the Action Plan for Insurance Reform. Both Minister of State Fleming and I have raised the issue of business interruption insurance repeatedly with the insurance industry, and have stated that insurers should engage with those impacted businesses honestly, fairly and professionally to honour the policy terms, in line with the Central Bank’s Consumer Protection Code. As a general rule, insurers need to take a longer term perspective as regards their customers.
Finally, I can assure the Deputy that Minister of State Fleming and I will also continue to monitor developments and will engage appropriately with both insurers and the Central Bank on this matter.
