Taxpayers lose as insurers keep millions in state funds cut from Covid payouts
Government abandons promise to pursue firms for the value of any deductions made
Insurance companies are set to pocket millions of euro of taxpayers’ money intended to support businesses through the Covid-19 pandemic, as the government has abandoned plans to pursue them for repayments.
The Business Post revealed last year that a number of insurers had begun stripping thousands of euro from policyholders’ awards by deducting the value of state supports such as wage schemes and rates waivers, in a move which effectively used taxpayers’ money to...
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Data on insurers’ payout deductions won’t be published this year
Government 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
Ian Guider: Insurers are not the only culprits for sky-high costs
If 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