- New insurer to add more competition and consumer choice
- Pace and scale of insurance reforms helping to attract new entrants
Jennifer Carroll MacNeill TD, Minister for Financial Services, Credit Unions and Insurance, welcomed news that the Central Bank of Ireland has granted OUTsurance, a new insurance company to the Irish market, a licence to operate here.
Minister of State Carroll MacNeill said:
“OUTsurance entering the Irish market is good news for Irish consumers. Later this year everyone will have a new choice of insurer to explore when taking out home or motor insurance. More competition in the Irish insurance market is good for people in Ireland.
The move by OUTsurance is a vote of confidence in the pace and scale of recent Government changes under the Action Plan for Insurance Reform and the government is working to make sure these benefits stick for consumers in Ireland.
Ireland now offers a more stable and attractive operating environment for international insurers to come here and compete in.
Because of these reforms, I look forward to hearing more about OUTsurance’s plans in the coming months and wish them every success with their planned market launch.”
OUTsurance
- OUTsurance is a major South African insurance group, founded in 1998. It has operations in South Africa and Australia.
- It is based in Centurion, Gauteng Province and listed on the Johannesburg Stock Exchange.
- OUTsurance was granted a licence by the Central Bank of Ireland in December 2023.
- The company plans to launch in Ireland in H1 2024, focusing on home and motor insurance for consumers.
Action Plan for Insurance Reform
Since 2020 the Government has been undertaking a series of reforms under the Action Plan for Insurance Reform, the implementation of which is now largely complete, and includes:
- Rebalancing the duty of care, via amendments to the Occupier’s Liability Act 1995, in line with the Government policy objective of restricting the liability of occupiers.
- Reform of the Personal Injuries Assessment Board (PIAB) via the Personal Injuries Resolution Board Act 2022.
- The introduction of new Personal Injuries Guidelines; PIAB data shows that for 2022 award levels declined by an average of 35% versus awards in 2020.
- Tackling fraud with the establishment of the Insurance Fraud Coordination Office (IFCO) within An Garda Síochána and by placing perjury on a statutory footing for the first time via the Criminal Justice (Perjury and Related Offences) Act 2021.
- The establishment of the Office to Promote Competition in the Insurance Market – chaired by Minister Carroll MacNeill.
