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Why are insurance costs so high if profits are up 1300%?

The big story on the front of the Irish Independent today was that insurance profits have gone up...

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17.56 13 Jun 2019


Why are insurance costs so high if profits are up 1300%?


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17.56 13 Jun 2019


The big story on the front of the Irish Independent today was that insurance profits have gone up 1300% - with the most recent figures showing that 2017’s profits of 2017 dwarf 2016’s profits of €16m.

This reaches everyone facet of society - from homes, to drivers, to businesses.

Peter Boland, the Director of the Alliance for Insurance Reform has a lot to say to Susan Keogh on this.  But first to a specific case with a school.

St. Teresa’s Special Needs School in Ballinasloe saw its insurance premium dramatically increase from €3000 two years ago to €27,000 this year.  This was beyond the capacity of the school and could have resulted in the school closing. The Department of Education and Skills has made a special provision by releasing emergency funding.

So what next for the school? Will it face further problems in the future?  

Gerry Haslam, Chairman of the Board of Management of St. Teresa’s Special Needs School, in Ballinasloe also joined Susan to plead his case.


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