Ireland needs zero-tolerance stance to tackle ‘monster’ business insurance costs and claims via IrishTimesBiz
Large payouts may be justified when a significant injury is involved and where a business is negligent or reckless. However, all too often, the payouts are awarded against a business without establishing their negligence or recklessness.
The plan contained 66 measures which, it was hoped, would lead to greater competition in the insurance market and lower premiums for customers and businesses. So far, that plan has for the most part delivered for motor insurance consumers, but has been less effective in driving down business insurance claims costs.
The insurance that puts most financial strain on businesses is public liability and employer liability cover. PL insurance covers the business in the event that a member of the public becomes injured on the premises; EL provides cover in the event that an employee is injured while working for the company.
Recently, a Dáil question was put to then minister for finance Paschal Donohoe asking him to explain why the Action Plan for Insurance Reform had been so successful in reducing motor insurance premiums while premiums for business insurance, such as EL and PL, continue to rise.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'I could have gone on a downward spiral. Sport saved my life'Ireland international Brittany Hogan opens up about childhood trauma, and her pride in representing Ireland.
Read more »
EU-UK deal will guarantee constitutional status of Northern IrelandIrish Government officials briefed on the talks say the DUP ‘won’t get all they want’ from deal
Read more »
Gerry Thornley’s Six Nations midterm report: Ireland excellent, Wales uninspiredThis is shaping up to be one of the great Six Nations, and perhaps with a grand ending too
Read more »
EU-UK protocol deal will recognise status of Northern IrelandIrish Government officials briefed on the talks say the DUP ‘won’t get all they want’ from deal
Read more »
Advice for new Ireland recruits, Ukraine blow to Hampden history, and YouTube funRuesha Littlejohn is chasing the World Cup dream.
Read more »
EU and UK leaders to discuss Northern Ireland Protocol today ahead of possible dealBritish Prime Minister Rishi Sunak is expected to meet with European Commission President Ursula von der Leyen on the fringes of the Munich Security Conference today to try to get an agreement over the line
Read more »