If you've been out for a few late ones in Dublin city over the past few months, you'll notice that it's becoming increasingly difficult to hail a taxi home.

And it looks like the problem is only going to get worse with one Dublin City Councillor warning that the capital could face a taxi shortage due to the rising costs of insurance premiums.

According to The Irish Examiner, Fianna Fáil's Pal McAuliffe said taxi drivers are being forced to leave the industry because they simply can not afford to keep their cabs on the road, or in some cases, because insurance companies won't even quote them.

He went on to say how he has already received a huge amount of complaints from Dublin residents who had been inconvenience by the lack of available taxis.

"Well we've seen increasingly over the past three years the cost of car insurance increase, but those in the taxi industry have been particularly impacted," he said.

"The real issue now is that we're being increasingly getting taxi drivers who are coming to us saying that they can't enter the market because insurance companies will not insure them.

"This week alone, I've had two people contacting me saying that they just cannot get a quote."