Cafés face soaring premiums as four major insurers set to leave the market
Restaurants and cafés face soaring premiums in the new year as a number of leading insurers are set to leave the market.
The Restaurants Association of Ireland was notified of the news that four insurance companies would be pulling out of the Irish café and hospitality market by a broker on Wednesday, according to a spokesperson.
The RAI notified its members that AIG, Axis, Contessa and Surestone are exiting the hospitality and leisure sector.
Adrian Cummins, chief executive of the Restaurants Association of Ireland, has called for the creation of a "insurance reform unit" adding that small business are not in a position to wait for change as premiums continue to rise.
“The Government need to take action on insurance reform" Mr Cummins said.
Businesses, particularly small employers, cannot wait for reform.
"Creches received support yesterday from the Government despite Taoiseach Leo Varadkar saying yesterday morning that the Government could not support a for-profit sector.”
A spokesperson for the RAI added that they believe 30% of the market will be affected by the move.
