Fears are mounting that a 'domino effect' will mean even more sectors will follow the childcare and hospitality industries into an insurance crisis.

There are growing concerns that restaurants and cafés may now be faced with soaring premiums after business owners were notified that three leading insurers may not be offering renewals for 2020.

The voluntary sports and community sector is feared to be the next area facing a major crisis.

It comes just days after it emerged up to 1,300 childcare providers were hit by soaring insurance premiums after underwriter Ironshore withdrew from the market. The Government offered a one-off payment averaging between €1,500 and €26,000 - but some crèches say they face closure. "I think the insurance crisis is becoming worse," Fianna Fáil leader Micheál Martin warned.

He told the Irish Independent: "It is hitting different sectors and the Alliance for Insurance Reform have been on about this one for about two years. And there are deep worries in some sectors that people will be priced out of business." But asked if there would be a crèche-style bailout for hospitality, Justice Minister Charlie Flanagan said: "That won't happen, there will be no bailout."

The Government was accused of "falling asleep at the wheel" and endangering thousands of businesses as more sectors look set to be hit by the insurance crisis.

Peter Boland, director of campaign group the Alliance for Insurance Reform, said the current problems are just the tip of the iceberg.

"It shouldn't have been allowed to come to this," he said.

"The Government has had three years to get this sorted and knew what needed to be done and instead they're treating it like an intellectual exercise where process reforms are being prioritised over real reforms."

Mr Boland believes the voluntary sports and community sector is going to be the next area facing a major crisis.

"We've 35 member organisations and all of them are suffering from insurance problems but we are seeing now that the majority of voluntary sporting and community centres are in the process of winding down, with close to 50pc saying they can't continue with insurance the way it is."

Meanwhile, Justice Minister Mr Flanagan acknowledged there is a serious issue now emerging in the insurance sector.

He told the Irish Independent last night that the Government would examine hitting insurance companies which have "handsome profit returns" with a super tax that will be discussed by the Government in the coming months.

However, Mr Flanagan ruled out any crèche-style bailout.

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The minister pledged to have new perjury legislation enacted by late January or early February which, he said, would act "as a deterrent to those people who wish to chance their arm".

Speaking this morning, Finance Minister Paschal Donohoe reiterated that the government have ruled out funding to help with rising insurance costs for areas other than childcare.

Mr Donohoe's said that no government can provide insurance for all areas of the economy after Children’s Minister Katherine Zappone announced yesterday that childcare providers will receive a payment averaging €1,500 to deal with extra insurance and administrative costs.

Speaking at Government Buildings on Wednesday, Paschal Donohoe said that the total cost of the package is €7m.

The Finance Minister said today, however, that the payments, which will range from €1,500 to up to €26,000, are not strictly to cover insurance, and similar payments will not be made available for other sectors.

"We cannot provide insurance cover to our economy, that's not something any government can do," the Fine Gael TD said on RTÉ's Morning Ireland.

"We will not be making additional funding available for other parts of our economy.

"What has happened in childcare is that this is the third such change that has happened in that payment in recent years.

"There is no equivalent payment available for example for those who work in cafés, who work in restaurants. That is a private part of our economy," he continued.

"There is a fundamental difference between the provision of childcare in our country - in which, for example, the government invests over €600m per year in, for make sure that issues of affordability, issues of regulation are dealt with - and then other parts of our economy in which the government does not, and is not required to play a funding role."

Their comments came after the Irish Independent yesterday revealed the looming threat to insurance cover that is facing the hospitality industry.

The Restaurants Association of Ireland was notified on Wednesday that three leading insurers may not be offering renewals next year.

It is understood that AIG will not be offering quotes to coffee shops in the new year, AXIS Speciality Europe has ceased underwriting and may not offer new renewals, and SureStone Insurance has withdrawn from the market completely.

Adrian Cummins, CEO of the Restaurants Association of Ireland (RAI), notified members that this may have a big impact on the cost of insurance.

Mr Cummins accused the Government of "falling asleep at the wheel".

"The Competition Authority needs to start investigating this immediately," he said.

"Thousands of businesses are being affected and are at risk of closing.

"It was crèches this week and now it will be restaurants and bars in January."

Robert Troy, Fianna Fáil's spokesperson on business, said that the hospitality sector was in "huge trouble".

"The situation is appalling," he said.

"The average premium was approximately €700 whereas the market is now quoting in the region of €2,000," he added.

"Restaurants and cafés are the lifeblood of our towns and villages. Potential closures are going to result in huge job losses - this will happen on the Government's watch," he said.

Irish Independent