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‘Rotten insurance system’ now resulting in business closures and job losses – Quinlivan

7 March, 2019 - by Maurice Quinlivan TD

Sinn Féin TD and spokesperson for Business, Enterprise, and Innovation Maurice Quinlivan today challenged Minister Heather Humphreys in the Dáil on the outrageously high premiums being sought by insurers that are now resulting in businesses closing down and jobs being lost.

Speaking this morning after questioning the Minister for Business in the Dáil, Teachta Quinlivan said;

“Opposition parties, businesses groups, and citizens have been plaguing the government to do something about the rotten insurance system in this state for years, but this government refuses point blank to do anything about it. It really is an absurd situation.

“The insurance system in Ireland is broken. It is bleeding ordinary motorists dry with ridiculous motor insurance premiums not seen anywhere else in the world, and has gotten so bad that some businesses are closing down due to their premiums rising by 300% and 400% in some cases.

“It is pure greed from insurance companies, and they are being let away with it by Fine Gael.

“A new worrying development in this area is the revelation that insurance companies are now refusing to insure entire sectors of industry, as we are seeing with play-centres across the country. These companies then have no choice but to close their doors, as they cannot operate without insurance cover. It’s a scandalous situation.

“This problem is spreading like wildfire to other sectors including charities, sports clubs, festivals, voluntary groups, playgrounds and local authorities.

“It is ludicrous that all this government can cite when they are asked about insurance is the Cost of Insurance Working Group. We need action, we need new laws, we need to challenge the industry on their behaviour, but we certainly don’t need more endless reports.

“I believe the Minister for Business needs to take a far more active role in tackling the problem in our insurance industry. Jobs are being lost. Businesses are closing down. This needs to be made a top priority in the Department of Business.

“Unfortunately, Minister Humphreys or Minister Breen could offer businesses no assurance or guarantee that they are going to tackle this major problem for business, with Minister Breen commenting ‘as Ministers for Business, Minister Humphreys and myself have no direct responsibility for insurance’.

“In what has become a trademark of this government, the Ministers for Business abdicated their responsibility on this issue to someone else, and offered no solutions whatsoever for Irish businesses.” 

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