Ireland’s hospitality sector could benefit from increased competition in the insurance market, according to CFM Group.
The insurance specialist noted that 2023 has seen, and will continue to see, much more activity from insurance providers when quoting and competing for the business of hotels, pubs and restaurants throughout the country.
‘Change In Fortune’
“For the first time in a while, there’s good news for the people behind Ireland’s hospitality sector,” said Jonathan Hehir, MD of CFM Group.
“In recent years, a dearth of competition and a lack of legislative controls around personal injury claim costs have resulted in an insurance nightmare for many of the hotels, pubs and restaurants which are the lifeblood of Ireland’s tourism industry, but recent developments could see a change in the fortune of these businesses, which employ north of 200,000 people in this country.”
CFM Group is reporting anecdotal evidence of recent cases on which it has worked, showing that even businesses that have suffered a claim previously are no longer being treated as ‘insurance pariahs’.
The insurers are urging those in the sector who are looking to renew to be aware that although there is more value currently available, not all brokers have access to all insurers, so doing some research before making a final decision is key.
“New government personal injury guidelines and a growing reluctance amongst people to make spurious claims are encouraging insurers that were already in operation here, but not hugely active, to up their game and provide competitive quotes to win more business,” said Hehir.
“Twelve months ago, a pub owner might only have been able to get one or two quotes – neither of which would have been considered competitive.
“Now many can expect to be able to choose between three or four quotes – and sometimes as many as six.”