Minister for Financial Services and Insurance Michael D’Arcy met with Galway business leaders about the cost of insurance on Monday.
The Minister was in town to update local businesses, interest groups, and public representatives about the work the government is doing to address rising insurance prices.
Minister D’Arcy said some insurance prices faced by businesses are difficult to justify,
“I am aware of the considerable impact that the cost of insurance has on businesses and acknowledge that some premiums are very difficult to justify.”
According to the Minister the benefits of government action to stabilise the insurance market will become apparent to businesses.
“The Government has prioritised work to address rising costs for individuals and businesses, and as Chair of the Cost of Insurance Working Group, I can confirm that significant efforts are being made to address many of the issues in the sector which will ultimately lead to a more stable insurance market.”
Met with Galway businesses today @portershed to update on the Government’s work on the cost of insurance #Insurance pic.twitter.com/UENExncXAz
— Michael D'Arcy (@michaeldarcy) May 21, 2018
The round table meeting between the Minister and the local business community to discuss insurance prices took place at the PorterShed in Eyre Square.
Galwat TDs Séan Kyne and Hildegarde Naughton also attended the meeting as well as city councillor Pádraig Conneely.
While he was in Galway met with International Financial Services based in the western region to discuss the government’s five year strategy for the sector.
