Oireachtas Joint and Select Committees

Wednesday, 19 May 2021

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Developments in the Insurance Industry: Discussion

Photo of Bernard DurkanBernard Durkan (Kildare North, Fine Gael) | Oireachtas source

How many claims were paid out where negligence was suggested or where the insurance taken out was to cover various risks? A reply to a parliamentary question stated that some are covered in the high-risk category, but the Minister was not sure how many or what percentage were covered. That set off alarm bells because insurers would not have to cover too many. All they needed was to cover two or three big risks, or maybe one really big risk, to result in a serious chasm in the entire insurance sector. To what extent were payouts undertaken in respect of high-risk financial transactions or speculative transactions? Are insurance companies still covering those?

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