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 Pat CaseyPat Casey (Fianna Fail)
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I thank the three gentlemen for their presentations. My focus will also be on business interruption. Most businesses are only now, more than a year later, beginning to make their claims. Without the State acting on their behalf using the taxpayers' money, many of these businesses would not have survived until today. It has been taxpayers' money that has kept them afloat and put them in a position to make a claim.

I am not too sure whether a similar approach has been taken by all three companies. It probably affects FBD and Zurich more than it does Aviva. The methodology used is the liability to the insurance companies is the loss of gross profit less any net savings of expenditure. Is that fair?