Central Bank chief says insurance firms should 'pay up' on Covid business claims

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Central Bank chief says insurance firms should 'absolutely pay up' on business interruption claims due to Covid-19

The head of the Central Bank of Ireland has said he expects insurance companies to "absolutely pay up" on business interruption claims.

Every day we'll send you a roundup e-mail of all the latest news. Local Irish news, UK and international news, local and national Sport and entertainment news , all in one handy e-mail. "We know there are some policies where there is absolutely entitlement to business interruption insurance and in those circumstances I have made it very clear that we expect companies to pay up."Then there is a third category where it is unclear what they are entitled to.

Whether it be about the latest restrictions, supermarket opening hours, schools and workplaces or anything else - this newsletter will have you covered for everything. "But why should it be down to the local hairdresser, the community group, or the little restaurant to take on the insurance industry when the Central Bank has a consumer protection role?" he asked."It's above scandalous what they are doing to businesses."

 

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