35 ss

Dáil Question on Business Insurance

Posted April 7th, 2017

THE Cost of Insurance Working Group, which I chair, having already published its proposals on motor premiums here, has now turned its attention to tackling the cost of business insurance.

It has met five times already this year and is in detailed discussions with stakeholders, for instance in the hospitality sector, for which insurance costs are a growing concern. Some have responded by closing vital parts of their operations, such as nightclubs and hosting wedding receptions, because of the fear of high-value claims.

This week, I told the Dáil of my concern at the worrying trend whereby some businesses are opting to ‘self-insure’, putting aside a portion of their revenue instead of having an insurance policy. This is a dangerous practice that jeopardises firms.

Promising recommendations to be delivered within a specific timeframe, I added: “We will approach this issue (of business insurance) as urgently as we approached motor insurance.”

Watch the exchange in the Dáil, here.