“Urgent action” is needed to address the serious issue of “spiralling” insurance costs, according to Labour city councillor Niall McNelis, who is calling for the setting up of group insurance schemes.
The councillor’s comments follow publication of a new survey from the State’s Public Participation Networks, which shows nearly half of community and voluntary groups around Ireland have had to cut back on activities and events due to the rising costs.
Cllr McNelis said the figures highlighted that the “soaring cost of insurance” in the State is “threatening the viability” of hundreds of community events and activities. He noted that numerous community and voluntary groups have warned that they will be forced to “shut down completely” if this issue is not addressed.
As a result, Cllr McNelis is calling for an “industry wide review” of the insurance costs which impact such organisations, including an investigation of “how much profit” insurance companies are making. “We also need to look at the development of pooled or group insurance schemes,” he said, “by tasking the insurance sector to come up with new products.”