Insurance industry must act to support businesses – Finucane

Sinn Féin MP John Finucane has called on the insurance industry to step up and support families and businesses struggling as a result of the COVID-19 public health and economic emergency.

Speaking the North Belfast MP said:

“Today I met with the Association of British Insurers and raised many of the serious concerns of businesses in the North.

“Across the board, businesses are finding insurance firms refusing to pay out on premiums as a result of the unprecedented threat COVID-19 poses.

“There exists the strong perception that insurance companies will read policies in a way which suits their interests only. Businesses who have pandemic or notifiable disease cover, still find that their policy will not be honoured.

“Thousands of jobs and livelihoods have been put at risk, and as such this stance from insurers is unacceptable.

“The ABI represents insurance firms managing investment assets worth £1.8 trillion. 

“These firms also collect over £200bn in premiums every year, this is paid by families and businesses who are now struggling and are not given the security they have paid for.

“The time for excuses is over. 

“It is high time insurers engaged with struggling firms to begin offering a suite of options to help them survive. These should include honouring claims, in full or in part, and offering premium deferrals, reductions and rebates. 

“While all aspects of our community have taken unprecedented steps to look out for each other, and protect public health, insurance firms must not be allowed to avoid their responsibilities as we seek to ensure the least damage to our economy as possible.”