Entire Insurance market failure must be tackled with emergency legislation – Conway-Walsh
Mayo Sinn Féin Senator Rose Conway-Walsh has said that the complete failure of the insurance industry has cost jobs and threatens so many more jobs, that any outstanding legislation around insurance should be treated as emergency legislation and enacted immediately.
Senator Conway-Walsh was speaking in the Seanad today after attending a Finance Committee meeting that heard from people who cannot get insurance for their business in Ireland or who are paying multiple amounts that similar enterprises pay in Britain, saying:
“What I heard in Committee today from people with well performing businesses is that it is getting more difficult and more expensive to get insurance cover. This has nothing to do with any claims they have made, but everything to do with the crisis that now exists in the insurance industry. We heard from Linda Murray who owns and runs play centre in Navan, who has 25 days left on her existing policy and cannot find an insurance provider in Ireland who will offer a new policy.
“In 2016, the Finance Committee presented a report to the Government on the rising cost of insurance. Out of that came a Government working group and eight update reports. Nothing in the last three years shows me that the secrecy and dysfunction within the industry is changing or beginning to change. Insurance companies have not and will not change voluntarily or from soft pressure from the Government.
“What is needed are laws, such as the Judicial Council Bill, that will force insurance companies to change. Many of these laws that are so badly needed are stuck in the system here in Leinster House. I am calling on all parties to treat this as an emergency and get these laws passed without delay. The longer they sit on the back burner up here in Dublin, the longer small and medium size businesses across the country will suffer.”