Oireachtas Joint and Select Committees

Tuesday, 12 December 2017

Joint Oireachtas Committee on Jobs, Enterprise and Innovation

Cost of Doing Business in Ireland: Discussion (Resumed)

4:00 pm

Mr. Adrian Cummins:

I will reply to the Senator's question on insurance costs. Every day of the week our association would get a telephone call about the rising cost of insurance. We are actively looking at going outside the jurisdiction to source block insurance for our sector. The vast majority of our membership has not had a claim in the past five years, and those who have not had a claim have seen an increase in their premia of 40% on average. It simply does not make sense. They have got a 40% increase in their premia in 2017 and they are wondering what the increase will be in 2018. They have said that enough is enough and that they need to work together to get 2,500 businesses to come together in this respect. A vast majority of others are also in support of the idea of looking outside the jurisdiction for insurance cover. If they can get cheaper insurance that covers them, they will go for it. That is what they are currently examining.

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