Cork Businesses under threat as insurance costs continue to escalate – O’Flynn

15 December 2017
By Bryan Smyth
bryan@TheCork.ie

Delay in Insurance Working Group report extremely disappointing

Cork City Cllr Kenneth O’Flynn (Fianna Fail)

Cllr Kenneth O’Flynn says the Government needs to get serious in tackling rising insurance costs. He made the comments after it emerged that the report by the insurance working group on Employer Liability (EL) and Public Liability (PL) will now not be published until 2018.

Cllr O’ Flynn explained, “Businesses across Cork city and county and indeed across the country, have seen the cost of their insurance premiums increase year on year to the point where it is becoming unsustainable. I have been contacted by businesses which have seen the cost of their insurance rise by anything between 30-50%. This is a joke.”

“Not only are these high premiums affecting local businesses, they’re also impacting public services – schools, transport providers and sports clubs are all being hit with increased charges. In one particular case, a school with an outstanding insurance claim saw its premium shoot up from €4’000 two years ago to a massive €21,000 this year. This poses a major problem for schools, which are completely reliant on Government funding – these insurance hikes are eating into the already squeezed budgets that schools are operating on.”

“The Government promised to take action on rising insurance costs by setting up the working group to examine the sector and look at ways to reduce costs. However, it’s disappointing that the report, which was earmarked to be published this year, has now been pushed out to 2018.”

“We cannot continue to delay in addressing this issue. Soaring insurance costs are crippling small businesses, and now they’re having an impact on public services as well. The Government needs to ensure that the working group’s report is published without delay so that the recommendations can be implemented to address these out of control costs”.

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