Robert Troy (Longford-Westmeath, Fianna Fail) | Oireachtas source

I welcome the opportunity to speak to the motion. Our small and medium-sized businesses are the lifeblood of the economy, whether it be in the retail sector, small contractors, the tourism industry or community groups. Instead of feeling supported, our small and medium-sized businesses feel they are being neglected by the Government, including on the issue of commercial rates, an issue we have raised here for a long time with no action.

In this debate we are talking about the exorbitant insurance premiums and the lack of Government regulation. Recently I attended the annual conference of the Irish Hotels Federation. That industry is very labour intensive and provides great jobs throughout the country. Delegates said that one of the biggest challenges facing their industry after Brexit is the issue of high insurance premiums.

Some of the stories that they shared with me about rate increases over the last months have been breathtaking. Some small businesses in particular are questioning how they will be able to survive in the future. While the Government has published recommendations from the cost of insurance working group relating to employee and public liability insurance, people want to see action with legislation for a cap on the level of personal injury awards. That is critically important. There needs to be a cap and the insurance industry needs to start to challenge some of the claims that have been submitted instead of settling out of court. There also needs to be tackling of the fraud and exaggerated insurance claims. Strong deterrents need to be brought in to ensure that people refrain from this. Anyone who is caught submitting a fraudulent or exaggerated claim should face serious consequences. I urge rapid action on this area.

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