Seán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

I thank Senator Casey for his general comments regarding insurance reform. We all hope that it will lead to a much better environment. Insurance has been such a big issue in this country for a number of years. That is why it features so prominently in the programme for Government and why a Cabinet sub-group across a number of Departments is dealing with it.

On the issue of Covid, the Central Bank's Covid-19 business interruption supervisory framework sets out the bank's expectations of insurance companies in their handling of Covid-related business interruption claims. The bank has insisted that customers have an entitlement to claim under such a policy and it is the bank's expectation that such claims would be processed and paid promptly and in full. The bank has stated that a number of insurers accepted and settled claims as a result of its supervisory interventions. We are relying on the regulator to do the work about which we have just been speaking. I welcome recent data indicating that to date more than €130 million has been paid to 4,371 policy holders through both settled claims and interim payments. Obviously, there is more to follow and the Central Bank has indicated that its examination team is continuing to actively monitor compliance with the guidelines that it, as regulator, has issued. Claims have been paid, but I accept that there are issues with some companies which did pocket some taxpayer funds because legislation was not in place in advance to capture all that. The Central Bank is actively following this up and it is important to put on record that €130 million has been paid out under business interruption clauses to date.

A number of cases are currently before the courts which I will not get into now. It should be noted that a number of insurance firms have made very significant settlements.