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Meath businesses seriously impacted by insurance hikes – Tóibín

18 May, 2017

Sinn Féin TD for Meath West Peadar Tóibín today outlined the hugely negative impact that insurance hikes were having on businesses in County Meath, potentially threatening their viability.

Speaking in the Dáil yesterday evening, Deputy Tóibín said:

“Over the last few months, I have been in undated by families and business people who either through their transport needs or their work have been hammered by insurance cost increases.

“There is a business in Navan that employs 15 people. It is open nine years. Its insurance has been €7,000 for 8 years, this year it has risen to €14,000. The business has never had a claim. The excuse they are given is that there is only two insurance companies functioning in their sector is the structure of the industry.

“Another business in Meath is open four years. Insurance was €2,500 a year. It has jumped to €8,500 this year. Cases like this are all too common and becoming increasingly frequent.

“I organised a public meeting in Meath a number of months ago to hear from people of Meath on the issue of insurance. Drivers across the board are being unfairly hit. There are also so many businesses who have come through years of hardship only to be faced now with shocking jumps in insurance costs.

“The structure of the insurance industry is broken. It is a leading reason why this country is losing competitiveness on an annual basis. It is a leading reason as to why there is spiralling costs in products and services that we consume in this country and it is put younger and poorer people off the road and out of functioning society every day.

“It is within the government’s power to act on this and help alleviate the cost burden on citizens and businesses alike. The Report on the Cost of Motor Insurance needs to be implemented immediately or else the situation is going to deteriorate even further.” 

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