Scandalous behaviour of the insurance industry needs to be reined in – McGuinness

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Sinn Féin Councillor Conor D. McGuinness has said that the Central Bank needs to show leadership to ‘rein in’ bad behaviour by insurance companies at a time of national crisis.

McGuinness said:

“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”/

“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

“My colleague Pearse Doherty has been to the fore in holding the insurance industry to account and will be raising this latest bad behaviour with the Central Bank.

“Insurance companies that are acting in this way need to be reined in by the Central Bank and taken to task over this behaviour. Nothing less than this is approach is required.”

ENDS