Insurers criticised for 52% premium hike

INSURANCE costs have jumped by 52% this year and by an average of 290% since 2000, a survey of Irish Small and Medium Enterprises Association (ISME) members has found.

Publishing the results of the survey yesterday, ISME said the insurance industry must be held liable for mismanagement of the sector and called for the establishment of an Independent Committee to monitor insurance industry pricing.

The survey, which was conducted over the last week, outlined that since the start of the year, insurance costs have increased by 52% on average, for SME businesses.