Central Bank ‘taking advice’ on legal action over Covid-19 insurance cover

Four test cases have been brought against insurer FBD

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Central Bank governor Gabriel Makhlouf has indicated the regulator is considering taking legal action to resolve standoffs between insurers and businesses on the paying out on losses stemming from Covid-19.

The Irish Times reports the Central Bank is “taking advice” on whether to follow the UK’s Financial Conduct Authority (FCA) which last month brought a test case against eight insurers who denied business interruption claims.

An action taken in May by the Lemon & Duke pub in Dublin is among four test cases which have already been brought against insurer FBD Holdings, due to be heard in October.

For further details of The Irish Times report, click here.

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