Kerry business says compensation culture is having huge effect on insurance premiums

A Kerry business says the compensation culture is having a huge effect on insurance premiums.

The Aquadome in Tralee says just two claims per year can affect costs; its insurance premiums have increased by €30,000 and its excess has increased from €75,000 to €125,000 over the past year.

CEO of Aquadome Kieran Ruttledge says compensation awards in Ireland are multiples of those awarded in mainland Europe and, in many cases, insurance companies find it’s cheaper to settle cases outside of the courts.

He says costs have never been awarded to the Aquadome for cases they’ve won, while claimants are often on no-win-no-fee arrangements.

Mr Ruttledge adds insurance costs have to be passed on.