Insurance rises 71% for Irish businesses

Irish businesses have experienced an average 71% increase in insurance costs in the last year, according to a survey conducted by the Irish Small and Medium Enterprises group.

The survey also shows that one in five companies has had to lay off workers because of hikes in insurance premia.

ISME chief executive Mark Fielding said the Government has promised to establish a personal injuries assessment board, but has failed to deliver.

"Are they afraid of insurance companies?" he asked. "Are they being held over a barrel because insurance companies are saying if you come after us we will leave the market? I think this is one of the concerns that the Government would have, but it’s time that the Government started to govern on this."