March 20, 2020
Scandalous behaviour of the insurance industry needs to be reined in – Pearse Doherty

Sinn Féin spokesperson on Finance Pearse Doherty TD has said that ‘the scandalous behaviour of the insurance industry at a time of national crisis needs to be reined in urgently’.

He said that ‘it can’t be business as usual for the insurance industry while the rest of society and the economy suffers because of the Covid-19 pandemic’.

He said:

“At a time of national emergency caused by the COVID-19 pandemic, and at a time when thousands of businesses are suffering and tens of thousands of jobs are being lost, some insurers are looking at ways to avoid indemnity for business interruption; despite it being written into the insurance contracts of many of their customers.

“For many policy holders, this is despite infectious or contagious diseases being explicitly recognised in written contracts as a legitimate cause of business interruption or interference.

“The insurance industry charges out-of-control premiums and are now refusing to pay out to customers. The sector wants a win-win situation here as usual.

“This is scandalous behaviour at a time of national crisis that needs to be reined in urgently. It can’t be business as usual for the insurance industry while the rest of society and the economy suffers because of the Covid-19 pandemic.

“They need to be reined in by the Central Bank and taken to task over this behaviour. Nothing less than this is approach is required.”

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