Spiralling insurance costs putting smaller marts' future viability at risk
A delegation from ICOS National Marts has met with Minister of State Michael D’Arcy T.D. to seek Government intervention on the spiralling cost of insurance for marts
Chairman of ICOS National Marts Committee Michael Spellman said the cost of insurance for marts has more than doubled in the past 18 months but there hasn’t been any parallel increase in incidents or claims from the marts.
Mr. D’Arcy is Minister of State at the Department of Finance and the Department of Public Expenditure and Reform with special responsibility for Financial Services and Insurance.
"The marts have become an unwitting victim of ‘risk profiling’ by the insurance industry who are seeking to minimise their exposure and spread their costs across multiple sectors of the economy.
"Reducing risk is of course in everyone’s interests, as one accident or injury is one too many, but we don’t see any legitimate basis for the scale of costs now being heaped onto the marts sector.”
The delegation shared with the Minister specific details of marts where insurance costs have increased inordinately, in spite of risk reduction measures also being implemented.
New mart rules
It was recently revealed that Mart Co-Op boards are considering a series of recommendations drawn up to help reduce accident risk levels and lower insurance premiums.