Insurance crisis escalates as main leisure insurer pulls out

first_imgThe insurance crisis has escalated after one of the last firms covering the leisure sector pulled out of the market.According to the Irish Independent, the move puts thousands of jobs at risk.UK operator LeisureInsure said it will not quote for new business from this week, and from the end of the month will cease all renewals. It was one of the last few insurers covering event companies, bouncy castle operators, leisure centres, yoga classes, soccer teachers, drama classes, some play centres and a large number of leisure companies.Operators in the leisure sector largely rely on British insurers as Irish-based insurers are reluctant to provide cover in this area, citing large losses on what is called liability insurance.Some estimates put the number of jobs at risk as high as 4,500, although some cover is being provided to the sector by brokers with access to a specialist division of Allianz.Head of the Irish Inflatable Hirers’ Federation Gerry Frawley revealed the 220 members of the organisation were insured through LeisureInsure and now cannot get cover. Keith Gill, of leading insurance broker First Ireland, said the withdrawal of LeisureInsure has left a major gap in the market.He said: “The amount, frequency, severity and uncertainty around compensation is the issue.“There is no insurer in Ireland writing business for leisure centres or play centres or for the likes of paintballing,” Mr Gill added. Insurance crisis escalates as main leisure insurer pulls out was last modified: July 20th, 2019 by Staff WriterShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)last_img