Insurance costs force hauliers out of business

MORE than 500 people have lost their jobs as a result of spiralling insurance costs the Irish Road Haulage Association (IRHA) warned yesterday.

Four out 10 hauliers questioned in a survey said they believed they would be forced to sell vehicles to cut costs, prompting another round of job losses, IRHA communications director Jimmy Quinn warned.

"This will lead to serious staffing cutbacks as well as reduced profitability while 11% of companies are adamant that a similar price increase in premiums in the next trading year will force them to close altogether," he said.