December 2, 2023
Business News

Skyrocketing insurance premiums crippling Kilkenny businesses – TD

THE rising cost of insurance is crippling many local businesses, Kilkenny TD Bobby Aylward has said.

Deputy Aylward made the claim as he tackled Junior Finance Minister Michael D’Arcy, who has responsibility for the insurance sector, on the issue in the Dáil.

The Kilkenny TD said the Government must intervene as motorists, home owners and businesses are hit with skyrocketing insurance premiums.

Deputy Aylward said: “The cost of insurance is simply unsustainable, I would go so far as to call it daylight robbery of our citizens. Sole traders and small and medium-sized business are being pushed to the pins of their collars at a time when more people are out spending. They should be experiencing an increase in business but instead many are contemplating reducing their staff numbers or closing altogether.

“In terms of motor insurance, people are being left with very little choice. People can’t get by in rural Ireland without a car. In addition to NCT costs, the cost of driving lessons and taxes on fuel, they are expected to pay a small fortune on motor insurance.

“This is not something which is confined to young people. The cost of insurance also affects working families and older people who, in many cases, have never made a claim previously but nevertheless experience massive hikes.”

Deputy Aylward called on Minister D’Arcy to take “definitive action” on the issue.

The Fianna Fáil TD (pictured below) added: “He must examine the possibility of opening up the insurance market to new providers and increasing competitiveness. Fianna Fáil is the only party which is pushing the insurance reform agenda and has brought forward the majority of legislation relating to insurance during this Dáil term. We need the Minister to step up too,” he added.

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