Minister Donohoe must take hands on approach to insurance industry – Troy

Published on: 28 April 2020

Fianna Fáil Spokesperson on Business, Enterprise and Innovation, Robert Troy, has said that Minister Donohoe must take a hands-on approach to the insurance industry and ensure that they meet their commitments to their customers.

Deputy Troy also called on Minister Donohoe to meet the CEOs of each of the major insurance companies as a matter of priority and impress on them the need to honour legitimate business interruption claims.

He explained, “The fact that Minister Donohoe has not yet met with the CEOs is a further demonstration of the lack of urgency with which this issue is being treated.

“Now is not the time for a ‘soft touch’ approach. The insurance companies have clearly demonstrated that they cannot be trusted to implement relief for their customers without oversight.

“Their reputation is such that Insurance Ireland is in the process of designing an activity tracker, which will log the supports that are being given to customers. This data will be used to give oversight as to who is reducing premiums, extending deadlines for renewals and maintaining cover. The fact that this level of hand holding is necessary just goes to show that the Department recognises the incompetence of the insurance industry.

“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 impervious to his requests, legislative changes will have to be considered,” concluded Deputy Troy.

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