Insurance companies agree measures to reassure businesses affected by Covid-19

Most of the key insurers in the Irish market say premiums will be reduced to reflect reduced level of exposure.
Insurance companies agree measures to reassure businesses affected by Covid-19

The country's main insurance companies have agreed to a series of measures to reassure business customers impacted by the Covid-19 pandemic.

It follows discussions between the Department of Finance and Insurance Ireland.

Most of the key insurers in the Irish market namely Allianz, AIG, AXA, FBD, RSA, Liberty Insurance, Travelers Insurance and Zurich say they will apply the following common measures to their business customers.

Premiums will be reduced to reflect the reduced level of exposure. This applies for Employer Liability and Public Liability and Commercial Motor insurance

There are also measures in relation to cover for unoccupied commercial buildings.

"I would like to thank Insurance Ireland for facilitating this agreement," Finance Minister Paschal Donohoe said.

"In these difficult times, I am pleased that most of the large insurers in this country recognise that they need to have a co-ordinated pro-active response in relation to issues such as forbearance and the handling of unoccupied premises."

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