Sinn Féin TD for Louth Gerry Adams has written to the Minister for Finance regarding the recent decision by AXA XL, the underwriter of Leisure Insure, not to offer cover to Irish companies.
Gerry Adams said;
“The owners of Pelican Promotions in Dundalk have been in contact with my Sinn Féin colleague Councillor Ruairí Ó Murchú, to say that they will be unable to renew their public liability insurance when it expires on 13th August.
“The reason for this is a decision which has been made by Axa XL, the underwriter of Leisure Insure which announced it was ending cover this week.
“The majority of Irish operators of inflatables are insured with Leisure Insure and at present there is no alternative provider.
“Pelican Promotions have contacted alternative insurance providers in this jurisdiction and in the north, but none are willing to provide insurance cover.
“This will potentially affect other businesses such as paintball, airsoft sites, pet farms, athletic and dance clubs and outdoor adventure centres.
“It is a huge issue which has the potential to jeopardise hundreds of jobs across the sector.
“I have requested a meeting with the Minister for Finance and I hope to press him to deliver a solution to this issue.”
Councillor Ruairí Ó Murchú added,
“Sinn Féin has long been critical of the Government’s failure to regulate the insurance industry.
“Axa XL have stated that following a “strategic review” they have concluded that “current, well-documented market dynamics, mean this business does not fit our business plan going forward”.
“This is proof that the Government needs to support Pearse Doherty’s Consumer Insurance Contracts Bill which will radically reform insurance contracts.
“It is also further evidence of the need to address truly fraudulent claims to ensure that genuine businesses are not collateral damage to the prevalent ‘claim culture’.
“I hope that a resolution can be found for Pelican Promotions and all of the other leisure providers.”