The Central Bank of Ireland has published the National Claims Information Database (NCID) report on Employers’ Liability, Public Liability and Commercial Buildings Insurance.
This is the first ever report produced in relation to business insurance in Ireland.
And according to Laois TD Sean Fleming, it will help to reduce the cost of business insurance.
The report has found that 62% of all businesses in Ireland have an annual premium of less than €1,000.
94% of businesses in Ireland pay less than €5,000 while 1% of all businesses are paying over €25,000 in insurance.
Mr Fleming said: “I know that some businesses in Ireland across all sectors can face difficulty securing insurance.
“This report increases transparency which in turn will help increase competition in the market and bring down the cost of insurance to businesses.
“This is good news and I will continue to consider further measures to improve transparency and competition in the insurance industry.
“I would also encourage all businesses to shop around for insurance as much as possible to ensure they are getting the right product that suits them for the lowest price.”
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