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Insurance Costs

Dáil Éireann Debate, Thursday - 6 March 2014

Thursday, 6 March 2014

Questions (92)

Terence Flanagan

Question:

92. Deputy Terence Flanagan asked the Minister for Jobs, Enterprise and Innovation his views on whether the current cost of public liability insurance is having a negative impact on tradespeople as they are having difficulty meeting the cost; and if he will make a statement on the matter. [11450/14]

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Written answers

The Government is keen to see all costs related to doing business in Ireland being as competitive as possible, to allow enterprises to start-up, grow and create jobs.

The Minister for Finance, Michael Noonan, T.D., has responsibility for the development of the legal framework governing financial regulation. However, I understand that insurance companies are required under law to price in accordance with risk.

Public liability insurance and the price at which it is offered is based on the assessment an insurer makes of the risks involved and a need to ensure adequate provisioning for future losses.

The Government cannot interfere in the pricing of insurance products, but I would encourage all consumers, including tradespeople, to shop around in order to get the best price available on the market.

This year's Action Plan for Jobs was published by the Government on 27th February and it places a strong emphasis on improving our competitiveness, including cost competitiveness. The Government will focus on competitiveness across all areas of economic activity in 2014 and will receive a report on competitiveness issues on a quarterly basis.

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