Charities hit by huge hikes in insurance
Irish charities and sporting organisations are seeing insurance premium hikes of as much as 60pc, according to broker JLT Ireland.
"We're seeing a surge in organisations coming to us looking for new quotations on the basis that they're seeing very substantial increases in premiums from their existing providers, of anywhere up to about 60pc," JLT partner Amanda Harton told the Sunday Independent.
She said the highest increases were coming in the areas of employer's liability, public liability, property, and business interruption insurance.
Harton said reasons for the increases were likely to include re-evaluation by insurers of reserves on foot of new regulatory requirements known as Solvency II. "There seems over the last few years to have been a substantial increase in claims, both in frequency and in terms of the payouts," she added.
JLT provides insurance to some of Ireland's largest and smallest charities and sporting bodies.
News of the premium hikes follows controversy around increases in motor premiums. Last week regulators were accused by an Oireachtas Committee of abandoning drivers facing the hikes.
Sunday Indo Business