Almost no Irish businesses have been paid out on business interruption insurance claims since the Covid-19 lockdown, according to a survey by lobby group the Alliance for Insurance Reform. A third of businesses have made a claim with their insurer and almost two-thirds of those claims have been rejected, according to a survey of 2,095 businesses carried out among between May 29th and June 7th.
In most of the remaining case customers (33pc) are awaiting a decision by their insurer on the claim, with 2pc of customers escalating claims via the Financial Services and Pensions Ombudsman (FSPO) or legal action.
In addition, more than a fifth of businesses who have renewed their insurance cover since the onset of Covid-19 have seen a rise in their premium.
Irish Times, 8th June 2020