Menu
04/06/2003
Government has failed to heed warnings on insurance
The Government’s failure to recognise the difficulties threatening many small businesses with closure has been criticised by a former member of the Assembly’s Enterprise, Trade and Investment Committee.
East Londonderry UUP representative David McClarty, who worked in the insurance industry in the North West before becoming an MLA, claimed it was "a damning indictment on the Government’s obvious lack of concern for small business enterprise that the warning signals have not been heeded".
“It is not only small businesses which are feeling the pain of high insurance premiums particularly in the field of employers liability but yet no-one at Westminister seems to be listening," said Mr McClarty.
“Lack of competition within the insurance market is one cause of the high premiums, with the number of Insurance underwriters falling from 26 to five since 1996.
“What is worrying is the fact that the liability insurance market has failed and a significant number of small firms continue to find it impossible to secure Employers Liability Insurance at any cost. As a result they are facing the stark choice of making staff redundant or operating illegally.
“The Treasury must give serious consideration to using the revenue generated by Insurance Premium Tax to avert a growing crisis in the small business sector. The Chancellor should now move to demonstrate his commitment to smaller firms."
The UUP member claimed the current problem is a global one, which is forcing premiums up and resulting in a reduced level of competitiveness.
“Several clubs in the sporting arena expressed difficulty even obtaining a quote which in one or two instances actually ran them close to closure.
“The events of September the eleventh in America have changed the face of the insurance market in a profound way.
Mr McClarty said it was imperative that Government realised the huge implications, and warned that thousands of livelihoods were at stake not only here in Northern Ireland but across the UK.
(MB)
East Londonderry UUP representative David McClarty, who worked in the insurance industry in the North West before becoming an MLA, claimed it was "a damning indictment on the Government’s obvious lack of concern for small business enterprise that the warning signals have not been heeded".
“It is not only small businesses which are feeling the pain of high insurance premiums particularly in the field of employers liability but yet no-one at Westminister seems to be listening," said Mr McClarty.
“Lack of competition within the insurance market is one cause of the high premiums, with the number of Insurance underwriters falling from 26 to five since 1996.
“What is worrying is the fact that the liability insurance market has failed and a significant number of small firms continue to find it impossible to secure Employers Liability Insurance at any cost. As a result they are facing the stark choice of making staff redundant or operating illegally.
“The Treasury must give serious consideration to using the revenue generated by Insurance Premium Tax to avert a growing crisis in the small business sector. The Chancellor should now move to demonstrate his commitment to smaller firms."
The UUP member claimed the current problem is a global one, which is forcing premiums up and resulting in a reduced level of competitiveness.
“Several clubs in the sporting arena expressed difficulty even obtaining a quote which in one or two instances actually ran them close to closure.
“The events of September the eleventh in America have changed the face of the insurance market in a profound way.
Mr McClarty said it was imperative that Government realised the huge implications, and warned that thousands of livelihoods were at stake not only here in Northern Ireland but across the UK.
(MB)
Related Northern Ireland News Stories
Click here for the latest headlines.
17 February 2003
Neeson calls for NI insurance investigation
Alliance Assembly member Sean Neeson has called for an independent investigation into the role of insurance companies in Northern Ireland. Mr Neeson was speaking ahead of the launch of the Federation of Small Businesses Insurance Survey on high insurance premiums affecting Northern Ireland small businesses.
Neeson calls for NI insurance investigation
Alliance Assembly member Sean Neeson has called for an independent investigation into the role of insurance companies in Northern Ireland. Mr Neeson was speaking ahead of the launch of the Federation of Small Businesses Insurance Survey on high insurance premiums affecting Northern Ireland small businesses.
27 January 2004
'Economic wasteland' warning on insurance costs
Northern Ireland risks become an economic wasteland if the Government continues to refuse help to small businesses struggling for survival, an MLA warned today.
'Economic wasteland' warning on insurance costs
Northern Ireland risks become an economic wasteland if the Government continues to refuse help to small businesses struggling for survival, an MLA warned today.
28 February 2017
Car Insurance Premiums Set To Soar
The Ministry of Justice has announced a new way of calculating compensation payments which could see average car insurance premiums soar by up to £75 a year. Lord Chancellor Liz Truss announced plans to cut the discount rate to -0.75% from 2.5%.
Car Insurance Premiums Set To Soar
The Ministry of Justice has announced a new way of calculating compensation payments which could see average car insurance premiums soar by up to £75 a year. Lord Chancellor Liz Truss announced plans to cut the discount rate to -0.75% from 2.5%.
27 February 2004
Beggs calls for government action on insurance premiums
Ulster Unionist Chief Whip, Roy Beggs, has called on the Government to tackle increasing insurance premiums for small businesses in Northern Ireland. It follows findings by the Department of Enterprise, Trade and Investment which reveal that average insurance increases for local small businesses have risen by 62% in recent times.
Beggs calls for government action on insurance premiums
Ulster Unionist Chief Whip, Roy Beggs, has called on the Government to tackle increasing insurance premiums for small businesses in Northern Ireland. It follows findings by the Department of Enterprise, Trade and Investment which reveal that average insurance increases for local small businesses have risen by 62% in recent times.
15 September 2003
Business insurance crisis talks to take place in Belfast
The Federation of Small Businesses (FSB) is to meet with the Northern Ireland Affairs Select Committee on its visit to Belfast tomorrow to discuss, what it believes, is a growing insurance crisis in the province.
Business insurance crisis talks to take place in Belfast
The Federation of Small Businesses (FSB) is to meet with the Northern Ireland Affairs Select Committee on its visit to Belfast tomorrow to discuss, what it believes, is a growing insurance crisis in the province.
-
Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
