The major insurance companies’ refusal to pay legitimate payouts to businesses affected by Covid-19 has been branded as “deeply cynical” and “not acceptable”. Businesses have also flagged that uncertainty about the designation of Covid-19 is also being used by insurance companies as a reason for not making payments. Mr McGrath said the stance taken by the insurance companies is “deeply cynical”. “The Government must act now, and I am calling on Paschal Donohoe to convene a meeting with the insurance companies to deliver a workable package for companies,” he said. Mr Doherty hit out at the failure of the Central Bank to exercise its legal powers and force the insurance companies to start paying out.

Source: Irish Examiner March 24, 2020 17:37 UTC