Raised insurance rates ‘could force business closures’

BUSINESSES could be forced to close permanently if insurance companies use the flooding crisis as an excuse to raise already high premium rates, it has been claimed.

The Irish Small and Medium Enterprises (ISME) association has warned that despite the problems caused by flood damage in the south and west in recent days, the worst could be yet to come for companies struggling to keep their financial heads above water.

According to ISME, dozens of firms affected by the crisis have already contacted the group raising concerns about how they will be able to afford to restore their properties.