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Businesses are being 'bled dry' by outrageous increases in insurance premiums – Maurice Quinlivan TD

21 March, 2018 - by Maurice Quinlivan TD

Sinn Féin spokesperson on Business, Enterprise and Innovation, Maurice Quinlivan TD, today said that businesses are being bled dry with outrageous increases in insurance premiums and that real and tangible action by the government is needed, not more reports and discussions.

Speaking in the Dáil today on a motion on the cost of business insurance, the Limerick City TD said:

“Businesses are being bled dry with outrageous increases in insurance premiums which are forcing some low margin enterprises out of business.

“The CSO recorded an increase of 57% in insurance premiums from 2011-2016.

“This cannot be solely blamed on high pay-outs for injury costs, and requires reform of the way insurance companies operate.

“Pay-outs for injuries have always been there, and insurance fraud unfortunately is not new, but these massive increases are new, so I don’t understand how the insurance companies want us to believe that everyone else is to blame but them.

“I recently met with the Alliance for Insurance Reform in Limerick. 

"This Alliance, a non-political group, brings together 20 civic and business organisations from across Ireland, representing 35,000 members, over 633,000 employees and 41,300 volunteers.

“Minister you will be aware that the Alliance met with Minister D’Arcy this week and after the meeting the Alliance 'expressed their intense disappointment at the slow pace of reform' and said 'policy holders have been thrown to the wolves by Government'.

“Minister this is a damming indictment, from a non-political organisation, of this government’s response to the massive problem of escalating insurance costs.

“It seems the government have been lobbied and taken in by vested interests and big business. This doesn’t come as a surprise.

“Fine Gael is the party for big business, for the wealthy and for the billionaires, including American billionaires who Fine Gael can help out when called on, which the Taoiseach so evidently proved last week.

“The government’s approach has been described as 'death by a thousand consultations' and that is an accurate portrayal.

"Every time we raise this issue, we are referred to some new report or consultation or discussion or working group. We don’t need any more of this; we need real and tangible action.

“In conclusion, Sinn Féin are happy to support Fianna Fáil’s motion, with our small amendment included, and we hope that Fianna Fáil can use their coalition deal with Fine Gael to force though real reforms in this area to help businesses."

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