As Minister for Business, Enterprise and Innovation, I am very aware of the serious impacts on businesses of public liability insurance costs. It is important that businesses can obtain insurance cover at a reasonable and fair price.
In August I requested that the Competition and Consumer Protection Commission (CCPC) undertake a study into how the public liability insurance market operates, and, in particular how competition works in the market and whether any practice or method of competition affects the pricing levels within that market. This request was made under with Section 10 of the Competition and Consumer Protection Act 2014.
I requested the CCPC to undertake this study as I have concerns about the recently reported increases in the cost of public liability insurance on business, which has the potential to pose a systemic threat to the very existence of some businesses.
The study will focus on how the market for public liability insurance is functioning and will make recommendations as to how any identified issues may be addressed. The CCPC commenced this work in July. They have advised me that the study is a priority.