David v Goliath case must see Government bring insurance industry to heel

Ged Nash TD
05 February 2021
  • High Court judgement on business interruption claim is watershed decision
  • David v Goliath case shows insurance industry’s contempt for loyal customers
  • Levy on insurance profits must be considered as part of radical shake-up of sector

 

Responding to today’s High Court decision that four bar owners should receive compensation from FBD for the interruption to their business caused by the Covid-19 pandemic, Labour Finance Spokesperson Ged Nash said: 

“Today’s High Court decision is a watershed moment and a shot in the arm for beleaguered main street businesses across the country who have been shuttered for much of the last ten months as a consequence of the pandemic.

“It will have important potential implications in particular for thousands of pubs and restaurants across the country. This sorry saga should also have consequences for the way in which the highly profitable insurance industry in Ireland goes about its business.

“These pub businesses should never been placed in this position, having to seek redress in the Courts to obtain compensation on a valid claim for Covid-19 related disruption to their businesses.

“It is nothing short of insulting after years of sky high, perpetually escalating high premiums and suspect practices from the insurance sector. The details of this David v Goliath case shows yet again the contempt with which some in the industry hold their loyal, bob creating customers. 

“The judgement is a seminal moment for businesses who have for too long suffered at the hands of the insurance sector and have seen successive Governments take a softly-softly approach to rocketing premiums and repeated scandals.

“The Government needs to finally get a grip on the industry which requires a radical shake-up. They must finally show they are on the side of main street businesses who are the very backbone of our local economies.

“The gloves must be taken off and all options, including a levy on insurance profits must now be considered to bring an out of control sector to heel.”

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