Insurers must engage honestly and fairly with business owners.
I am hearing of policyholders encountering issues with insurers around business interruption insurance as a result of the COVID-19 crisis.
Insurers must deal fairly and professionally with business owners. They must not attempt to reject claims on the basis of their own interpretation of policies where there are clauses covering infectious diseases.
Whether a business owner can make a claim in relation to COVID-19 or not will depend on the specifics of their policy.
Department of Finance officials have been engaging with Insurance Ireland, the Central Bank and the Alliance for Insurance Reform on this issue.
Insurers must follow the Central Bank’s Consumer Protection Code.
I am pleased that the Minister for Finance Paschal Donohoe has raised the issue with Insurance Ireland, while the Central Bank has written to the insurance industry CEOs to seek fair treatment for policyholders.