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Economy
Insurers: still no confidence to spend
Is the recession really over?
IRISH INSURERS believe the recession is over but there’s no willingness to spend. New research from Friends First and Millward Brown shows that insurers are finding it difficult to secure new business.
The survey finds that half of insurance businesses in the state believe the recession is over, while 94% say its difficult for businesses to get finance from the banks. 87% also said the public did not have confidence to spend in the current climate.
The survey sampled 100 insurance brokers on their attitude to the sector and the economy as a whole.
Brokers said that over half of their clients were reducing their contributions to investments and pensions.
Eamonn Twomey of Friends First said: “While there are some signs that a recovery is underway, it is clear that consumers are finding it very difficult to save for their futures.
Meanwhile there has been more bad news on the economic front from the ESRI.
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