The CSO is to revert to the Oireachtas Finance Committee on the possibility of reporting monthly on business insurance premiums after being asked to do so by the Fianna Fáil Spokesperson on Finance Michael McGrath TD at a meeting last Thursday.
Deputy McGrath commented, “At present, the CSO reports monthly on the movement in motor insurance premiums. We have no corresponding data for employer and public liability insurance premiums for businesses, or indeed for the wider sporting, community and voluntary sector. This is a crucial data gap which must be filled urgently. This lack of data provides convenient cover for government.
“I took the opportunity of raising this matter with Minister of State Joe McHugh and CSO representatives when they were presenting estimates to the Select Finance Committee on Thursday morning and they have agreed to examine the issue and report back.
“On the back of a successful recent Fianna Fáil private members’ motion on business insurance, I have received many more examples of rocketing insurance premiums affecting businesses. The spiralling premiums across the hospitality sector are well known. However, many child play centres / indoor adventure areas are now also facing massive premium hikes.
“One child play centre I am familiar with paid €5,500 in insurance last year, only to receive three quotes for €11,000, €12,000 and €27,000 for the coming year. They had no choice but to accept the €11,000 premium or shut their doors. There are many other similar examples across the sector.
“The government needs to quickly get the message that rising insurance premiums being imposed on businesses are not sustainable and will cost jobs. Fianna Fáil will continue to highlight this issue and suggest practical short and long term steps that we believe would make a critical difference. It is past time now the government grasped this nettle and started dealing with the issue in a meaningful way,” concluded McGrath.