Sir, – Mark Paul's excellent piece on the opprobrium facing insurers is welcome, but I would just pick him up on one comment ("Coronavirus: Insurers risk becoming the new bankers", Business Opinion, May 1st). In his comparison with the reputational damage deservedly suffered by bankers, he refers to how the Central Bank "hammers them so hard". I disagree. The people mainly hammered by the Central Bank were the unfortunate bank shareholders. Certainly the bailed-out banks had their bonus schemes removed, but that action was taken by the Minister for Finance.
As Mark Paul points out, the Irish insurance industry is currently being investigated for suspected cartel activity, but by the European Commission, not by the Central Bank. – Yours, etc,
BILL POWER,
Tramore,
Co Waterford.