A new probe into the public liability insurance market will bring greater transparency to the sector, Cork North West Fine Gael General Election candidate Councillor John Paul O’Shea has said.
Cllr. O’Shea said the study will focus on how the market operates, how competition works in that market and whether any practice or method of competition affects the pricing levels of public liability insurance within that market.
Cllr. O’Shea said: “I very much welcome this study, initiated by my Fine Gael colleague Minister Heather Humphreys.
“The study will be carried out by the Competition and Consumer Protection Commission (CCPC) and will bring greater transparency to the market by shining a light on the practices of insurance firms and intermediaries including brokers.
“The issue of insurance for businesses, and its impact on their ability to operate, is a growing concern here in County Cork. In particular, the issue of increases in public liability premia for businesses is being raised with me as Minister as posing a potential systemic threat to the very existence of many businesses.”
Cllr. O’Shea said: “Concerns have been expressed directly to both the Minister and myself on the roles of insurance firms and intermediaries (including brokers) in what, at times, appear to be very sharply increasing levels of public liability insurance premia.
“The study forms part of the Government-wide response to tackling the cost of insurance. There is no silver-bullet solution to this issue but we are committed to ensuring that we are using every lever available to us to ease the pressure on businesses and consumers.”