FF calls for urgent action to address high business insurance costs – Calleary
21 March 2018
Fianna Fáil TD for Mayo Dara Calleary has hit out at the government for its failure to introduce concrete measures to tackle high insurance costs for businesses. His party is bringing forward a Dáil debate on the issue in a bid to expedite the vital reforms that are needed to curb these crippling costs.
Deputy Calleary, “Over the past few months the spotlight has been shone on the increasing cost of motor insurance but very little attention has been given to the corresponding issue in the business insurance sector. Local businesses are already struggling with high rents and rates, and increasing insurance costs are pushing them to the edge.
“Current premiums levels are simply unsustainable, and despite the publication of the report on the Cost of Employer Liability and Public Liability, virtually no progress has been made in bringing down prices. We don’t even know how much business insurance premiums have increased over the past few years – this has created a real fear that the situation is being exploited.
“Businesses are telling me that their insurance costs are rising by as much as 15%. I have also been made aware of instances of insurance companies implementing large excesses or using insurance exclusions to protect themselves at the expense of the customer. This is deeply unfair and is threatening the future of many small businesses here in Mayo and further afield.
“The government needs to urgently complete the actions contained in the report on the Cost of Employer Liability and Public Liability insurance. The current impasse is completely unacceptable. With Brexit and an ever more uncertain world we need to address these areas that hurt our cost competitiveness. High insurance costs hurt jobs, businesses and households”.