The Impact of Insurance on the Tourism Sector
03 January 2020
Tourism is a key component of and major contributor to the Irish economy. According to the Department of Transport, Tourism & Sport, tourism supports an estimated 300,000 jobs in communities throughout Ireland; generating earnings of €6bn.
Notwithstanding this positive performance, the sector continues to face several challenges including Brexit, rising costs and maintaining competitiveness in a global market. The increasing costs of insurance and the factors influencing these increases, are a significant issue for the tourism sector, and are currently very much in the public forum.
In 2019, Fáilte Ireland engaged BDO to conduct a review of the insurance market and Irish tourism, with the objective of providing a greater level of understanding of the difficulties faced by a wide range of tourism providers / operators in obtaining insurance and how the cost of insurance is impacting their businesses. The BDO team conducting the review was led by Austin Hickey, Director and Ciaran Brannigan, BDO Consulting team.
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Content adapted from www.failteireland.ie