Rocketing insurance costs leave Galway businesses feeling the pinch

Galway City Tribune – Insurance costs for city centre retailers have sky-rocketed, according to a business representative group.

The annual insurance premium for McCambridge’s on Shop Street is 10 times higher now than it was a decade ago, according to RGDATA, the Retail Grocery Dairy and Allied Trades Association.

“We believe there is a significant problem for our members with insurance premia which have been increasing for a typical convenience store from less than €10,000 a few years ago to up to €100,000 today . . .

“That particular store is McCambridge’s in Galway. Maybe ten years ago its insurance would have cost less than €10,000 and the insurance now costs €110,000. That has happened in fewer than ten years,” said Tara Buckley, RGDATA spokesperson.

She was speaking at a Joint Oireachtas Committee on Jobs, Enterprise and Innovation, which was discussing ‘Cost of Doing Business in Ireland’.

When asked if the McCambridge’s experience was a common occurrence in the sector, Ms Buckley said: “It might not be that big an increase but when we surveyed our members, they spoke about anything from 30% to 70% increases in premiums over the past number of years.”
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