IBEC warns insurance crisis is deepening
The employer’s group IBEC is warning that the insurance crisis is deepening. A survey has found the cost of employer and public liability cover has doubled over the last two years and is still rising.
According to IBEC, personal injury compensation now costs more than €2bn a year, €600m of which goes toward legal costs.
Up to 91% of companies surveyed say the cost of insurance is affecting profits, while nearly 50% say it is having a huge negative impact.
Almost 60% say they have had trouble even getting quotes from insurers.
The problem is not confined to employer and public liability, but also affects motors and property.
IBEC says the proposed personal injuries assessment board "cannot come quickly enough" and wants effective penalties for anyone making false or exaggerated claims.
It is also promoting judicial guidelines on general damages for certain injuries. The business community says it has now reached the limit on the cost of insurance.
