Ger Deering

The Digest focuses on legally binding decisions issued following complaints made to the FSPO by businesses. It includes summaries of 21 decisions made over the past year, including 12 decisions issued following the investigation of complaints relating to business interruption insurance.

The decisions highlight the issues leading to complaints from businesses, including sole traders, partnerships and companies that meet the eligibility requirement of having a turnover in the previous calendar year of less than €3 Million.

Commenting on the publication of the Digest, FSPO Ger Deering, said: “This Digest shows the range of issues highlighted within the complaints featured. To date, we have received 1,051 complaints arising from the circumstances surrounding the Covid-19 pandemic, 180 of which related to business interruption insurance. During 2020, we put specific measures in place to ensure the efficient management of Covid-19 related complaints.

“These measures included the prioritisation of complaints concerning business interruption insurance, in recognition of the importance to policyholders of achieving a swift understanding as to whether they were entitled to benefits or payments from their insurer. To date, 760 of the total number of Covid-19 related complaints have been concluded, including 113 of the 180 business interruption insurance complaints we received.

He added: “I believe the decisions featured in this Digest will assist businesses, and indeed individuals, to make more informed decisions in relation to insurance and banking products and services. Entering into an insurance contract or a banking relationship is an important decision that can have profound impacts.”

The FSPO also publishes a full database of decisions which can be accessed here.