Insurance Broker News Updates

Tue Jan 12 2021

CCPC REPORT ON PUBLIC LIABILITY – IMPORTANCE OF BROKERS IN MARKET ACKNOWLEDGED  – 07 January 2021

The Competition and Consumer Protection Commission (CCPC) published its market study on the public liability insurance market which commenced following a request from the then Minister for Enterprise, Trade and Employment, Heather Humphreys in July 2019.

The CCPC’s report examines the public liability market from a competition perspective. Brokers Ireland is cognisant of the importance of this market for Brokers. Hence, we engaged with the CCPC, including providing a Submission to the Public Consultation and meeting with groups of Brokers in order to prepare the Submission.

The substance of this Market Study is positive from the point of view of Insurance Brokers.  The importance of Insurance Brokers in this market and the work done is clearly acknowledged. Moreover, the three recommendations made do not suggest that the PL market in itself is being rendered dysfunctional by Insurance Brokers, although it is being negatively impacted by factors including lack of data and the personal injuries claims environment READ REVIEW 

CBI INTERIM REPORT ON DIFFERENTIAL PRICING – 15th December 2020 

On 14 December 2020, the Central Bank of Ireland (CBI) published its Interim Report forming part of its review of differential pricing in the home and motor insurance markets which can be accessed here.  Brokers Ireland has engaged with the CBI in relation to its investigation of differential pricing and will continue this engagement in 2021.  The Report found that the majority of insurers apply some form of differential pricing  VIEW REPORT SUMMARY 

BILATERAL AGREEMENT ON EXCHANGE OF DRIVING LICENCES WITH UK 

The Minister for Transport, Mr Eamonn Ryan TD, has signed an agreement with the United Kingdom that will allow for the exchange of UK driving licences for an Irish licence, for holders of UK licences resident here. At the end of the transition period at 11pm on 31 December, the mechanism that has allowed for the recognition and exchange of UK licences for an Irish one will expire.

The agreement signed by Minister Ryan means that persons resident in Ireland with a UK licence will be able to continue to swap their licenses for Irish licenses. This agreement will be of particular benefit to anyone planning to live in Ireland as it will allow them to exchange their UK licence for an Irish driving licence. It will also allow anyone who has not exchanged their UK licence in time, before the deadline of 11pm on the 31 December, to exchange it under this new agreement. For anyone in this situation who didn’t exchange their UK licence by the deadline, their UK licence will no longer be valid to drive here in Ireland, it is only valid for exchange purposes. It is imperative that it be exchanged immediately READ MORE

INSURANCEBROKER.IE – ARE YOU MAKING THE MOST OF YOUR ONLINE PRESENCE  – December 2020 

The newly launched insurancebroker.ie website and Broker resource centre is a dynamic ‘go to’ platform for Irish consumers to seek advice from their Insurance Brokers which offers fresh modern site design with user friendly functionality . The Broker Dashboard enables Insurance Brokers to optimise their online presence by directly updating their profile, logo and accessing marketing materials that can be customised for individual customer campaigns.

Brokers Ireland will be focusing over the coming months on the adoption of the brand and encouraging Brokers to ‘get behind’ it by actively participating in the programme. The success of the brand will depend on buy-in from members and we ask Brokers to be part of this new vision.  We are confident of the positive impact that the brand will have on Insurance Broker members who can adopt it to complement their own marketing strategies by incorporating it into their customer collateral and communications.

ACTION PLAN FOR INSURANCE REFORM – WHOLE GOVERNMENT APPROACH POSITIVE – 08 December 2020

Commenting on the Government’s Action Plan for Insurance Reform , Brokers Ireland said while there is a long way to go with insurance reform the most hopeful development on the issue to date has been the adoption of a whole-of-Government approach to the issue, involving a cross section of Ministers and Departments READ MORE

BROKERS IRELAND ISSUE WEATHER WARNING TO CONSUMERS  – 15th December 2020 

As Met Éireann issued wind warnings for much of the country, along with warnings of coastal flooding, Brokers Ireland advised motorists to be extra careful to protect themselves and other road users.  Cathie Shannon, Director of General Insurance Services at the organization, which represents 1,225 Broker firms, said there are particular distractions this time of year that can momentarily blind people to the risks. READ MORE


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