The Licensed Vintners Association yesterday told the Oireachtas Finance Committee that "exorbitant" insurance hikes are threatening the viability of some pubs in the capital.
A recent survey by the LVA - which represents Dublin publicans – found that average premiums have increased from €17K in 2014 to €25K this year, an increase of 47%.
Publicans operating late night bars have experienced even higher increases with one member reporting that his insurance premium jumped from €80K to €145K over the same two year period, an increase of 81%.
The LVA says the Government must commission an independent report as soon as possible into what is driving these unsustainable premium increases.
The CEO of the LVA, Donall O’Keeffe described the lack of industry information and transparency on how claims are settled as "outrageous." He said the main reason this information wasn’t available was because 70 to 75% of claims are settled directly between insurers and claimants.
Donall O’Keeffe commented, "There is absolutely no information available about the majority of public liability settlements. This is simply unacceptable in a modern economy and is a real deterrent for new entrants to the Irish insurance market. This issue is putting the livelihood of some of our members and the jobs of their employees at risk. It cannot be allowed to continue."
Source: www.businessworld.ie
