Tuam creche owner warns sector in dire straits due to rising insurance premiums

Galway Bay fm newsroom - The owner of two creches in Tuam has warned the sector is in dire straits due to rising insurance premiums.

The cost of insurance for Claire McGrath's two businesses has surged from 3-thousand euro to 10-thousand euro, despite having no previous claims.

Her comments come as Ironshore Europe - one of only two leading childcare insurers in the country - announced it's quitting the Irish market.

Claire McGrath says this has left a monopoly in the market.

The creche owner says she must now either pay the new premium and consider increasing fees or face the prospect of closing down in new year.