Jim O'Keeffe
Question:64 Mr. J. O'Keeffe asked the Minister for Industry and Commerce his views on whether high insurance costs are a factor inhibiting job creation; and if so, the reason steps have not been taken to reduce this.
Vol. 423 No. 1
64 Mr. J. O'Keeffe asked the Minister for Industry and Commerce his views on whether high insurance costs are a factor inhibiting job creation; and if so, the reason steps have not been taken to reduce this.
High costs, whether insurance costs or any other costs, have an adverse impact on the traded sector of the economy in terms of output, employment and the ability of firms to compete in the market place.
The cost of insurance is substantially determined by the frequency of claims and the cost of settling those claims. In this country claims and the cost of settling them are abnormally high. Effective risk management by business, including greater attention to safety by employers and employees in the workplace and on the roads, can yield positive results in terms of lower insurance costs.