Insurance hikes ‘cost 3,000 jobs’

THE 290% hike in insurance premiums over the last four years has cost 3,000 Irish workers their jobs and closed 100 companies, ISME claimed yesterday.

Speaking at the Marsh Conference entitled ‘From Factory Floor to Courtroom Door’, ISME Chief Executive, Mark Fielding, castigated the insurance industry for what he described as their irresponsible mismanagement, hypocrisy and arrogance in attempting to stifle the benefits of reforms introduced to address the out of control insurance premium increases being suffered by business customers. He accused the industry of profiteering on the backs of the small business community.

Mr Fielding said an owner/manager who was paying €10,000 for insurance in 2000 is currently being asked to pay in excess of €39,000 for the same or, in some cases less, cover.