Limerick traders warn jobs will be lost if insurance premiums continue to rise

LIMERICK traders and voluntary organisations are warning they may have to lay people off if insurance premiums continue to increase.

The warning was issued this week following a public meeting which was organised by the Alliance for Insurance Reform.

“We have three key requirements,” said Peter Boland who chaired the meeting which took place at the Strand Hotel in the city.

“We need to prevent exaggerated and misleading claims being pursued and settled. We need to deliver real transparency on how premiums are calculated as well as information on how, when and why claims are settled.

“And finally we need consistency in the calculation of awards,” he explained.

Shane Gleeson, who owns and operates five Spar shops across Limerick says his insurance costs have increased by a third over the last three years.

 He told the meeting that fraudulent and exaggerated claims are a major concern and need to be tackled.

“We have challenged five claims in the courts in the past five years and won four. But we shouldn't have to do this.  Some in the legal profession are taking cases without any attempt to verify them. We have many claimants who are multiple claimants. It has become a career for some,” he said.

Another contributor on the night, Eoin McCambridge, said: “Every day members of the Alliance for Insurance Reform receive an insurance renewal which is inexplicably increased from the year before.

“Every day there are jobs under threat, services reduced, and organisations forced out of existence in response to crippling insurance premiums from an out of control insurance industry.”