Insurers pay businesses €170m for claims related to Covid-19 Almost 5,500 policyholders have now been compensated, according to junior finance minister, but several cases remain before the courts
Insurers sound alarm over claimants rejecting PIAB injury awards and going to court insteadLow take-up of PIAB settlement awards presents ‘significant uncertainties’ to personal injury guidelines intended to reduce amount paid out to claimants
Two in five organisations say insurance is threatening their futureAlmost one in three said the costs are impacting their ability to grow their businesses
FBD pays out €2.5m in share awards and share options to top executivesThe insurance firm has been embroiled in controversy over the past two years regarding its handling of Covid-19 business interruption claims
Quote Devil acquired by Three Rock GroupThe group said the move would allow it to elevate its position in the Irish insurance market
Business insurance market will become more competitive, industry chief saysPressure is on courts to follow Personal Injuries Assessment Board and ‘slash’ awards, which will encourage market entrants, according to broker
Central Bank told finance officials that insurers may have had to deduct value of Covid state supportsReinsurance cover could be void if controversial costs had not been deducted, according to documents issued to the government by the regulator last year
New bill may push more legal costs on those who take insurers to courtRobert Troy: ‘If someone wants to reject their award and bring it to court and the court doesn’t increase the award any further, well then, they're going to have to pay for that’
FBD braced for further costs after legal verdict on pub casesThe insurer faces having to pay compensation for losses incurred by publicans who mounted a test case after their hostelries were shuttered by the pandemic
Donohoe warns insurers could reduce investment if taxed over state supports The government intends to pass legislation to gather data on how much money has been retained by insurers but not to recoup it
Powers of deduction: Why insurers are under fire over cuts to payoutsMany insurance companies have been deducting the value of pandemic government supports provided to policyholders from awards, but strenuous opposition to the practice is growing
Data on insurers’ payout deductions won’t be published this yearGovernment has come under renewed pressure to recoup millions of euro deducted by insurance firms from Covid-19 compensation
Fleming to examine if British insurers’ pledge can be replicated in Ireland Junior minister has contacted UK counterpart to learn if commitment given by insurers not to strip value of pandemic-related state supports from awards can be applied here
Insurers asked to repay state money they deducted from awards to pandemic-hit firms Junior minister ‘hopes’ insurers give the money back but admitted the government has no means of enforcing that request
Taxpayers lose as insurers keep millions in state funds cut from Covid payoutsGovernment abandons promise to pursue firms for the value of any deductions made
Ian Guider: Insurers are not the only culprits for sky-high costsIf the state is serious about bringing down the cost of business, and of insurance premiums, it must push for the antiquated, opaque and grossly uncompetitive legal sector to reform
‘Fabric of society’ won’t recover from Covid unless high insurance costs addressedAlliance for Insurance Reform tells Oireachtas committee new bill to reform insurance only ‘tweaks’ existing arrangements and that reforms are happening too slowly
FBD has paid out €28m in Covid business interruption claims Insurer has estimated total cost of business interruption claims could come to €183m
Drop of 7% in motor insurance costs pales next to €163m profits in sectorThanks to premium rises of 62 per cent in previous years, insurers are still sitting pretty with 12 per cent profit margins
Pandemic factors result in drop in cost of motor insuranceNew data published by the Central Bank of Ireland shows motor insurance premiums dropped by 7 per cent on average from 2019 to 2020
