Insurance companies are profiteering on the back of small businesses - Martin Kenny TD
Sinn Féin TD for Sligo, Leitrim, North Roscommon and South Donegal, Martin Kenny, told the Dáil that insurance companies are profiteering on the backs of small businesses around the country.
Deputy Kenny said:
“Many business people take a big risk. They put themselves on the line in order to try to do something because they have a vision of creating something better for themselves and creating a better future for the community in which they live.
“All of us, regardless of where we live in this country, have an obligation to try to make the place around us better. The business community, in particular those involved in small and medium enterprises are at the coalface of doing that and great credit is due to them for the work they do. However, they are not supported.
“The broken economic model is at the very core of that. No emphasis is being put on sustaining the small business community in the long term.
“There are five cattle marts at the moment in County Leitrim. The mart managers tell me that in many cases the insurance they pay has almost trebled in recent years.
“That is no accident. It is not because anyone had an accident in the mart. It is not because anything happened. It is because the insurance companies are trying to get back the money they lost on the bonds, gambling on international markets in the past ten years. The government must recognise that reality and examine it.
“We cannot hide behind excuses such as fraud or anything else. Such reasons will always be there. The corporate sector will always find a reason to increase prices and increase profits. What is happening is profiteering on the back of ordinary small businesses around the country.”