Powers of deduction: Why insurers are under fire over cuts to payouts
Many insurance companies have been deducting the value of pandemic government supports provided to policyholders from awards, but strenuous opposition to the practice is growing
As September 2020 drew to a close, barristers for four publicans and those representing their insurer appeared before the Commercial Court ahead of what would be a landmark legal challenge the following month on FBD’s refusal to compensate businesses for losses stemming from the pandemic.
On an autumnal Thursday morning, Mr Justice Denis McDonald oversaw a discovery hearing during which the court heard senior FBD executives had privately outlined their pessimism that the action...
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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 instead
Low 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 future
Almost 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 executives
The insurance firm has been embroiled in controversy over the past two years regarding its handling of Covid-19 business interruption claims