South African insurance group Outsurance has initiated a soft launch of Irish motor and home coverage offering ahead of the local unit’s planned official opening for business next month.
“We have been quoting customers and have welcomed our first Outsurance Ireland policy holders who saved money on their insurance,” he said.Hugh Wallace: ‘I lost a lot of money during the financial crisis. Once you get badly burned, the fear never leaves you’The insurer is currently distributing car and home insurance directly to consumers online and through its call centre, he said. However, it is expected that the company will also use the broker channel in time.
Italian insurance giant Generali entered the market in January through the completion of the purchase of Liberty Mutual’s businesses in Ireland, Spain and Portugal in a deal worth €2.3 billion. This marked a return by the Italian group to the Irish general insurance market some 22 years after it closed its Dublin office, which had been writing small amounts of property and casualty business as well as commercial insurance at the time.
The Supreme Court ruled earlier this month that the judicial guidelines have legal effect, in a landmark judgment after a test case had challenged their validity. Government Ministers and business lobby groups have put fresh pressure on insurers, following the ruling, to cut premiums.