The Junior Minister with responsibility for insurance is to meet with a group headed by a well-known businessman, who are campaigning for a halt to the spiraling costs of business insurance.

The issue was raised in the Dail this week by Galway West TD Noel Grealish, who asked the Government to establish a Financial Conduct Authority to oversee the insurance industry.

He gave an example of McCambridge’s in Galway who saw total insurance bills rocket from €20,000 in 2015 to €102,000 last year.

The Alliance for Insurance Reform is headed up by Supermacs founder Pat McDonagh, who has regularly expressed frustration that personal injury claims are often settled by insurance companies without consultation.

Deputy Noel Grealish says that, while the establishment of a working group on the cost of insurance is welcome, action is not happening fast enough, and he claims many businesses will close before there’s a real reduction in insurance premia.

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