Pictured at the launch of OUTsurance’s car and home insurance offer in Ireland are Minister of State with responsibility for Financial Services, Credit Unions and Insurance Neale Richmond and OUTsurance Ireland chief executive Peter Broome and Marthinus Visser group chief executive.
At its formal launch in Dublin on Monday, the head of the group’s new Irish unit Peter Broome said the Johannesburg-listed group, which operates in South Africa and Australia, had chosen Ireland as its third market from a longlist of 40 countries. “The insurance industry in here in Ireland has been relatively profitable since 2015 which makes it attractive ... if there’s profits being made that indicates to me that it’s ready for competition,” he said.
If customers stay with the company for three years and have no claims they will automatically be refunded 10 per cent of their premiums, Mr Broome said. Government levies and taxes will not be part of the refund as the insurer is not allowed to return these. “We’re not going to be the cheapest for everyone but we’re already selling policies as a part of a soft launch and I’ve customers saying they’ve saved anywhere between €200 and €300 on their car policy by coming across to us and on top of that they’re gonna start accruing their out-bonus,” he says.
Commenting on the launch, Minister of State with responsibility for Financial Services, Credit Unions and Insurance Neale Richmond said: “I am delighted that Outsurance have joined the Irish insurance market and will be providing car and home insurance. Increasing competition in the insurance market is a goal under this Government’s Action Plan for Insurance Reform, the implementation of which is largely complete, so Outsurance are very welcome to Ireland.
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OUTsurance joins Irish insurance marketConsumers look set to have more choice in the insurance market from today with the formal launch of a new insurer.
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