Oireachtas Joint and Select Committees

Wednesday, 8 December 2021

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

Insurance Issues: Central Bank

Mr. Domhnall Cullinan:

I do have them. Of the total number of policies identified with this cover, we felt 31,000 could have been responsive. Of those 31,000, 8,642 claims have been submitted. Some 3,856 of those claims have been settled, 778 were declined and 1,331 have been withdrawn. Some 1,809 cases remain open and no payment has been made, and in a further 868 cases an interim payment has been made. The total amount paid in compensation thus far is €146 million. We anticipate that the number of claims notified will probably not go up. We insisted the insurers write to all policyholders to inform there was potential for a claim to be made and that they should submit a claim if they felt they had suffered a loss. At this point, we do not feel that those 8,642 claims, in terms of numbers, will go up significantly. We expect the €146 million in compensation that has been paid could increase depending on the outcome of one of the cases that is before the courts in January, which relates to certain issues in relation to quantum.

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