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

Mr. Tomás O'Midheach:

To return to the Deputy's third question on the reductions for wage subsidies, it is a principle of insurance that the insured party is made whole with no benefits. Included in the business interruption contract is a reduction for any sum saved during the indemnity period in respect of charges and expenses that are saved by the business. Our belief is that would include the Government subsidies and the principle of making an insured party whole and not double paying. It is subject to the quantum hearing that will be held in July but for the moment, our calculations have reduced the gross sum insured by those sums received from the Government.