Minister Donohoe must meet insurance companies – Troy
25 May 2020
Fianna Fáil Spokesperson on Business, Enterprise and Innovation, Robert Troy has received confirmation from the Minister for Finance, Paschal Donohoe, that he has not met with and has no plans to meet with individual insurance companies despite being aware that they are refusing to pay out on genuine claims.
Deputy Troy was commenting as it was reported that Insurance Ireland accepted in a private meeting with Minister Donohoe that some businesses had a strong case for their business interruption claims to be paid out. Despite this, certain insurers are still refusing to pay out.
Deputy Troy said, “In response to my PQ the Finance Minister says he has no plans to meet with individual insurance companies. He is well aware that there are businesses out there being put to the pin of their collar by insurance companies who are refusing to pay out on genuine claims but yet he is still not meeting with the insurance companies – this isn’t acceptable.
“This meeting shows us is that there are approximately 35,000 policies with business interruption cover for infectious disease across the country in total. That is a drop in the ocean with some insurers having 500,000 plus policy holders on their books, so the argument that paying out on these claims would cripple the industry is totally diminished.
“Minister Donohoe met with all of the CEO’s of the pillar banks so why not the CEO’s of insurance companies? We have a situation here where FBD originally told some businesses they would be covered and now they have done a U-turn on that. It smacks of bad faith.
“This further reinforces my calls that the Minister meet with the individual insurance companies and impress on them the need to meet their obligations. We can’t have a situation going forward where businesses are having to go down the road of long, protracted legal battles – this needs to be sorted now,” concluded Deputy Troy.