Retail sector says high Insurance cost is limiting ability to grow, create jobs and damaging competitiveness

Retail Ireland, the Ibec group that represents the retail sector, recently launched a new policy paper entitled ‘Tackling rising insurance costs’.

There is huge concern amongst retailers that cost increases of 5-10% in Employer and Public Liability insurance are seriously limiting the sector’s ability to grow, create jobs and also deliver value and choice to Irish consumers.

Thomas Burke, Director of Retail Ireland, stated: “Rising insurance premiums, fraudulent claims and general inefficiencies in our insurance market have become a major competitiveness issue for retailers in recent years. Irish retailers are reporting increases in Employer and Public Liability insurance of between 5 and 10 percent in the previous five years, in addition to rising costs across a range of other inputs such as labour, rent and utilities. This is leading to a general erosion of the retail sector’s competitiveness.