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The Minister of Finance Paschal Donohoe has said that he is aware that current mart insurance costs are an issue for smaller marts, but that he cannot intercede to bring down the price of insurance specifically for the mart sector.
However, in response to a parliamentary question from Sinn Féin’s Pearse Doherty, Minister Donohoe said that he was “hopeful” that the work of the current cost of insurance working group (CIWG) would have a positive impact on stabilising the price of mart insurance.
A broader and more competitive insurance market
“I am hopeful that the cumulative effects of the completion of the two reports’ recommendations will include increased stability in the pricing of insurance for businesses and, of particular relevance to the mart sector, a broader and more competitive insurance market,” Minister Donohoe said.
Health and safety
The minister also noted that health and safety was a major concern when it came to insuring marts.
FBD, which insures up to 50 marts in Ireland, has previously said that there will need to be a radical change to frequency of accidents in marts before insurance premiums will come down.
Lifeblood
The local mart is often the lifeblood of a rural community.
However, many marts have introduced new safety measures after a number of high-cost settlement cases.
The Health and Safety Authority has stated that it intends to ramp up the number of mart inspections it carries out this year.
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