Wednesday, 13 March 2019
Business Insurance: Motion [Private Members]
Michael Moynihan (Cork North West, Fianna Fail)
I thank Deputy Michael McGrath for the work he is doing regarding the insurance industry. There is no doubt that there is a chronic crisis regarding insurance. I work with the Business Insurance Reform Group. This group came together three years ago and highlighted the crisis that exists in terms of businesses obtaining insurance. The likes of Michael Horgan in Newmarket and Declan Ryan have put an awful lot of work into trying to get groups together. They came here 12 months ago with the earnest belief that the Government would do something about the insurance crisis. There is no doubt about it. The latest excuse we get from Government is that the Judicial Council Bill is being held up by the Minister for Transport, Tourism and Sport's vanity project. Not alone is the Minister for Transport, Tourism and Sport stopping every other development around the country, he is now stopping developments regarding insurance.
We must accept that there is a real crisis across the country. Many genuine business people tell us that unless we get on top of the spiralling cost of insurance, we will close the country down. Many businesses are considering whether they will go without insurance. They are taking €10,000 or the first claim. If something is not done and if the Government does not commit to tackling it realistically and doing something genuine, we will close the country down because of the insurance crisis.