Ollie Crowe (Fianna Fail) | Oireachtas source

I wish to address the landmark decision handed down by the High Court last Friday, which rightly found insurance companies must honour policies that provided cover for business disruption. While it should never have needed to be the subject of legal action, it is welcome that justice has prevailed, and the decision has been accepted by the insurance firm in question.

One of the publicans I spoke to who took the case paid a premium in excess of €240,000 per year. Similar large premiums were paid by the other three individuals who took the case. As the Leader is aware, three of the publicans are based in Dublin and one is based in Athlone. It is important now that the process for pubs to have their claims honoured is a speedy one without unnecessary complications or delay.

This decision must not be considered by insurance firms as a justification for raising their premiums. In 2019, the firm in question reported after-tax profits of more than €100 million and assets totalling more than €1 billion. For far too long the nature of insurance in this country has been, regardless of any outcome, that it never impacts their substantial profits. I accept the insurance market must be sustainable and insurance firms must be profitable enterprises over the long term, but there is no divine right for insurance firms to make significant profits year in and year out, as this company did in recent years. As the Leader is aware, SMEs are the backbone of this country's economy and are currently facing major challenges. That has been the case since the beginning of the pandemic. The very last thing they need right now is rising insurance rates.Finally, the Central Bank, as regulator for the insurance industry, must make clear to firms operating in the market that blanket rises on small and medium enterprises without justification will not be tolerated. I ask the Leader to bring the Minister with responsibility for financial services before the House at his earliest convenience.