ISME call for push ahead with premia reduction

ISME, the independent business organisation represeneting small and medium enterprise, has welcomed the call by the Joint Oireachtas Committee for Enterprise and small Business for insurance premiums to be reduced to 1999 levels.

ISME, the independent business organisation representing small and medium enterprise, has welcomed the call by the Joint Oireachtas Committee for Enterprise and small Business for insurance premiums to be reduced to 1999 levels.

This would result in an approximate reduction of 220% on average to small business owners, ISME said today.

ISME chairman Robert Berney said it was vitally important that recommendations were introduced: "While there is evidence that insurance premiums have been falling over the last 12 months the level of reduction is miserly in comparison to the exorbitant increases faced by small businesses over the last five years".

"The facts remain that insurance companies are reporting profits of up to 332% in some cases without the comparable reductions in premiums. This is an issue that needs to be urgently addressed."