Insurers ‘maximise profits at expense of SMEs’

Insurance companies have been accused of making hundreds of millions of euro while putting small businesses at risk of closure. Junior finance minister Michael D’Arcy claims he is “not afraid to take on” the insurance companies, suggesting that they are taking advantage of customers.

Speaking during a Dáil debate on a Fianna Fáil motion, Mr D’Arcy, who holds special responsibility for insurance and financial services, said companies can no longer justify the level of hikes on premiums. He acknowledged the State does have a role to play, especially in ensuring excessively high payouts are not the norm, but he told the Dáil that the insurance industry “needs to reflect” on its current position.