Government still slow to wake up to insurance crisis says Cavan-Monaghan TD

Leitrim Observer Reporter

Reporter:

Leitrim Observer Reporter

Rising insurance costs must be addressed

Deputy Smyth has criticised the government's slow response to the insurance crisis.

Fianna Fáil TD for Cavan-Monaghan, Niamh Smyth, says it’s high time the Government woke up to the public liability insurance crisis which is seeing sports clubs, play centres, pubs, bars and other businesses closing their doors in Cavan and Monaghan.

An investigation will be launched into the public liability insurance market by the Competition and Consumer Protection Commission (CCPC).

“It’s welcome to see the minister wake up somewhat and smell the roses but she should have commissioned this investigation sooner. Many businesses in our constituency are reporting large increases in employer and public liability insurance premiums, many more cannot even obtain a quote, forcing them to self-insure, which puts both businesses and claimants at risk," she said.

“The cost of employer liability insurance and public liability insurance is a direct threat to the competitiveness and sustainability of many businesses throughout the country. Minister Humphreys has asked the CCPC to examine a number of issues in relation to how the market operates and whether any practice or method of competition affects the pricing levels of public liability insurance within that market.

“The National Competitiveness Council has cited the cost of doing business in Ireland as a major concern and has placed insurance front and centre as an issue for most business organisations. In the face of Brexit, particularly in the border region, we can’t risk losing any business or jobs.

“Tackling the insurance crisis should be to the top of Government’s priorities, instead they have been asleep at the wheel for years and allowed it develop to the state it’s in now. It is long past the time for action. I hope the action by the CCPC gives us results that the Minister has failed to do,” concluded Deputy Smyth.