Hands on approach needed toward the insurance industry during public health crisis – Smith
12 May 2020
Fianna Fáil TD for Cavan-Monaghan Brendan Smith says the Minister for Finance needs to step up his engagement with the insurance industry as local businesses in Cavan-Monaghan say they are being treated unfairly by insurance providers.
Deputy Smith said, “There are businesses across different sectors in my constituency still struggling for basic engagement with their insurance providers. This is very disappointing. There are businesses who do not know if they can afford to reopen when the time is right. To be in a constant fight with their insurance providers just to get some clarity on existing premiums is not something they need.
“Now is not the time for a ‘soft touch’ approach from the Minister for Finance. The insurance companies have clearly demonstrated that they cannot be trusted to implement relief for their customers without oversight.
“Minister Donohoe has informed me he had written to insurance providers and subsequently held a video conference call with Insurance Ireland on April 17th. I believe he needs to ramp up engagement and keep the pressure on insurance providers.
“Major resistance is still being shown by insurance companies when it comes to legitimate business interruption policies. The Minister must step in and if insurers continue to be disregard to his requests, legislative changes will have to be considered,” concluded Deputy Smith.