Government still slow to wake up to insurance crisis – Troy

Fianna Fáil Spokesperson on Business, Enterprise and Innovation, Robert Troy TD, has said it’s high time the Government woke up to the public liability insurance crisis.

Deputy Troy was commenting following reports that an investigation will be launched into the public liability insurance market by the Competition and Consumer Protection Commission (CCPC).

Deputy Troy explained, “It’s welcome to see the Minister wake up somewhat and smell the roses but she should have commissioned this investigation sooner. Many businesses are reporting large increases in employer and public liability insurance premiums, many more cannot even obtain a quote, forcing them to self-insure, which puts both businesses and claimants at risk.

“The cost of employer liability insurance and public liability insurance is a direct threat to the competitiveness and sustainability of many businesses throughout the country. SME’s, sports clubs, play centres, livestock marts, pubs and bars are all reeling from the hikes in prices and many have had to shut their doors.

“Minister Humphreys has asked the CCPC to examine a number of issues in relation to how the market operates and whether any practice or method of competition affects the pricing levels of public liability insurance within that market. It’s shocking that a body charged with consumer protection is so under-resourced so she must ensure they have everything they need to get their work underway and complete it as quickly as possible.

“The National Competitiveness Council has cited the cost of doing business in Ireland as a major concern and hasplaced insurance front and centre as an issue for ‘most business organisations. In the face of Brexit, we can’t risk losing any business or jobs.

“Tackling the insurance crisis should be to the top of Government’s priorities, instead they have been asleep at the wheel for years and allowed it develop to the state it’s in now. “Fianna Fáil is the only party which is pushing the insurance reform agenda and has brought forward the majority of legislation relating to insurance during this Dáil term, in fact the Government only established an insurance working group on our insistence. It’s past time we saw them take meaningful action”, he concluded.