Jimmy Harte (Labour) | Oireachtas source

I call on the Minister for Finance to come to the House to discuss the situation with Liberty Insurance which was formerly Quinn Insurance. I have been contacted by many people who run small businesses who are insured with Liberty Insurance but the insurance company is refusing to re-insure them and has given them 30 days notice. If they cannot get their businesses insured they will close. I suspected when Liberty Insurance entered the market in this country that it would try to get the clean and risk-free business. The Minister for Finance must ask Liberty Insurance what are its intentions in Ireland. It has already let 200 or 300 employees go. I was contacted by a company with ten employees which will have to let them go if it does not obtain insurance by next week. It will then have to seek insurance in Europe or the UK and will be at the mercy of companies such as Lloyds which can charge any rate. Small businesses must not be allowed close down because they cannot get insurance at reasonable rates in this country. The rates they would receive in Europe would ultimately put them out of business.