Michael McGrath: Insurance crippling business

Michael McGrath: Insurance crippling business
Fianna Fail Finance Spokesperson Michael McGrath TD. Photo: Gareth Chaney Collins

SKY-high insurance costs have led to a developing crisis for businesses, sporting clubs and community organisations, according to Fianna Fáil’s Spokesperson on Finance Michael McGrath TD.

Deputy McGrath said: “Businesses with a significant public footfall such as play centres, pubs and nightclubs, hotels and leisure centres, are facing an insurance crisis.

“To give just one example, a children’s play centre I am familiar with had an insurance bill of €3,500 in early 2016," he said. "This increased to €5,500 in 2017 and to just under €10,000 in early 2018. The renewal quote for the next twelve months is almost €18,500.

“This play centre has had no claims since it opened a decade ago. It is now facing closure with the loss of jobs and a valuable local amenity.

“The government needs to understand that failure to tackle the insurance crisis facing certain sectors is costing jobs. 

"Fianna Fáil has offered full parliamentary support to the government to tackle high insurance costs. It is well past time they started to deliver in a meaningful way.”

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