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16th April 2020 | Coronavirus, Enterprise, Insurance, Press Releases

Insurance industry needs to do more for businesses during the Covid-19 crisis – Greens

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Green Party spokesperson for Business, Enterprise and Innovation, Steven Matthews TD, has called on the Minister for Finance to engage further with the insurance industry as news emerged that more businesses have been refused pay-outs for business interruption.

As it was announced that insurance companies will reduce premiums for business owners during the crisis, there have been calls for the industry to do more. Deputy Matthews said: “The news that insurance premiums will be reduced in the commercial sector is welcome and reflects the fact that most businesses do not have staff or customers on the premises, however, many businesses are still receiving letters of rejection from their insurance companies regarding business interruption. 

“The insurance industry is facing unprecedented and difficult decisions but the reality is that many of their customers have been left high and dry here.  Business owners who took out business interruption insurance in good faith, believed that if they were forced to close, that there was cover there and this simply hasn’t materialised.

“It is clear that further interventions are required and that the Minister needs to sit down with insurance providers to establish a framework that will offer some assistance to struggling businesses that were required to close for national health reasons.

“This is only one aspect of the further support structures that need to be put in place for business owners, particularly in the SME sector but from speaking with local business owners, there is clear need for the Government to address this issue urgently”.