Insurers open to Reimbursement Will Indicate The Value of Any Covid Support That Will Be Deducted From Payments.
ITI190-Insurers open to reimbursement will indicate the value of any Covid support that will be deducted from payments.
The country's largest insurance companies have told the Oireachtas finance committee that they will " discuss '' with the government the return of money to the state that they could deduct from customer payments because the plaintiffs have received Covid-related support. .
Some of the country's largest insurance companies have said they will "negotiate" with the government to reimburse the state for money that they could deduct from customer payments because the plaintiffs have received related support in Covid.
Speaking to the Oireachtas Joint Committee on Finance, Public Expenditure and Reform, Anthony Brennan, CEO of Zurich, Ireland, said his company will "consult with the minister" on reimbursing Covid aid to the state.
Brennan said he did not expect legal action on the matter.
Last month, Public Spending Secretary Michael McGrath said the government was investigating the problem of insurers seeking to deduct the value of Covid support payments to businesses from their insurance benefits.
McGrath said that the various Covid endorsements offered to struggling companies were never intended to be a subsidy for insurance companies or a cushion for their profits.
However, Zurich, FBD and Aviva told the committee that no meeting with the minister has yet taken place.
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Declan O'Rourke, CEO of Aviva Ireland, said his company was "committed" to transferring the savings generated by the reduced rewards and the already reduced rewards.
'Rourke also hinted that Aviva is largely unaffected by concerns about Covid-related work stoppage insurance.
He said Aviva Ireland would cover around 15,000 clients in the event of a business interruption, but the "vast majority" of those policies do not cover interruption due to the pandemic.
"De bewoordingen die Aviva in deze polissen gebruikt, zijn ondabbelzinnig duidelijk. We hebben ongeveer 50 polissen afgesloten door kleine bedrijven waarvan de bewoording niet zo duidelijk is. Tot dusver hebben we slechts enkelebenzeb polissen claims op devanissen 'beta claims on devanissen' He.
"We have a small group of corporate policies that may be the subject of a claim in the future. We are working closely with brokers on these cases," he said.
O'Rourke said that a "relatively small number" of customers have complained of a denial due to a Covid insurance claim, but that the majority have been resolved.
"A handful" of clients have taken cases to the Financial Services and Pensions Ombudsman, but all of those cases have been decided in Aviva's favor, he said.
FBD CEO Tomás O'Midheach reiterated that his company would pay "reasonable" legal fees to pubs that won Covid's recent business disruption test against the insurer. The full cost to FBD of this loss will be announced later this summer.
O'Midheach told the commission that FBD has paid more than € 11 million in interim Covid insurance benefits to affected tax collectors pending a final ruling from the courts.