Insurance cost

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    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.

  • The rising cost of insurance cover is putting the Galway Community Circus in jeopardy.

    The not-for-profit youth and social circus school in Galway city is the latest organisation to fall victim to Ireland's mounting insurance crisis.

    Failure to secure adequate insurance renewal forced the organisation to cancel all classes last week for their 650 members, while its flagship project for Galway 2020 EU Capital of Culture next year - which would have seen young people tight-wire walking across the River Corrib -  is also in jeopardy.

     

    In a statement, the Galway Community Circus says its school reopened today with restricted insurance cover, but 20% of the school classes and activities are on hold.

    Failure to resolve the situation could result in the loss of up to 20 jobs.

    650 young people from the Galway area come through the doors of the centre weekly, and the Galway Community Circus says that, without national insurance reform, the organisation is in immediate danger of not being able to offer services to the community.

  • New laws are being proposed to give thousands of sports clubs more protection against personal injury claims.

     

    Under the plans, members won't be covered if they're injured on club grounds in non club-related activities.

     

    According to the Irish Independent, it would mean a member who slips at a club function couldn't make a claim.

     

    The move is in response to rising insurance premiums which are leading to many clubs struggling to get cover.