Consumers look set to have more choice in the insurance market from today with the formal launch of a new insurer.
South Africa based OUTsurance Group will initially offer home and motor cover to the Irish market, the first new locally authorised personal insurance underwriter in this country for over a decade.
The business is investing €160m in Ireland and aims to grow its workforce at its headquarters in Cherrywood in Dublin from the current level of 70 to 300 over three years.
“We are delighted to bring new competition to the Irish motor and home insurance market as the first new locally authorised personal lines underwriter in over a decade,” said OUTsurance chief executive Peter Broome.
“We are passionate about delivering an awesome and trusted customer experience through our proven track record of servicing over 2 million customers in South Africa and Australia.”
As part of its proposition, OUTsurance is offering an OUTbonus, where customers can get 10% of their premiums back in cash when they hold their OUTsurance policy claim-free for 3 years.
OUTsurance will initially offer its products direct to consumers, but plans to make them available through brokers at a later date.
The Johannesburg listed company has been operating for more than 25 years and employs more than 7,000 people.
The arrival of the new entrant to the market was welcomed by Minister of State with responsibility for Financial Services, Credit Unions and Insurance, Neale Richmond.
“I am delighted that OUTsurance have joined the Irish insurance market and will be providing car and home insurance,” he said.
“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.”
IDA Ireland, which is responsible for attracting new multinationals into Ireland also welcomed the arrival of the company.