Cost of Pub Insurance | Pub Insurance
Another grouping has come out about the rising cost of Insurance. As we all know the recent news has been dominated by huge rises in Motor Insurance costs. According to the latest Central Statistics Office data in August costs jumped at an annual rate of 28 per cent or total inflation in the last three years to almost 70 per cent.
However it is not just Motor Insurance which is under pressure. Publicans, particularly in Dublin are facing increases in premiums in their Pub Insurance.
Donall O’Keeffe, chief executive of the LVA in an article with the Irish Times said
The [Oireachtas] Joint Committee on Finance, Public Expenditure and Reform recently announced it would be investigating the motor insurance industry. We are calling on the Government to expand the work of that committee to include business insurance. Action must be taken immediately before these outrageous increases force businesses to the brink, putting jobs at risk in the process,
The current regime in Ireland where injured parties have two years to make a claim is “completely excessive” and that the majority of claims are bypassing the Personal Injuries Assessment Board (PIAB) process.
Dublin publicans have been hit by “crippling” 20 per cent insurance hikes in each of the past two years, threatening the viability of pubs in the capital, according to the Licensed Vintners Association (LVA).
Insurance costs for Dublin publicans are a very serious expense, typically ranging from €15,000 to €25,000 per annum, however, many larger LVA members, especially in the late bar scene, are facing premiums of €50,000 to €100,000 per annum. Such increases are simply not sustainable.