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UK insurance crowd putting toe in water.

  • 03-03-2020 8:51pm
    #1
    cavan shooter
    Registered Users, Registered Users 2 Posts: 3,070 ✭✭✭


    https://www.ccc3.co.uk/home?exref=3991

    New crowd offering insurance, popped up on FB. You can download the policy and have a look. Never heard of them. Death cover seems small 10Kfor standard insurance


Comments

  • #2
    LONG DRAG
    Registered Users, Registered Users 2 Posts: 122 ✭✭LONG DRAG


    cavan shooter wrote: »
    https://www.ccc3.co.uk/home?exref=3991

    New crowd offering insurance, popped up on FB. You can download the policy and have a look. Never heard of them. Death cover seems small 10Kfor standard insurance

    They are a very good company, well known in UK.


  • #3
    LIFFY FISHING
    Registered Users, Registered Users 2 Posts: 1,791 ✭✭✭LIFFY FISHING


    Stunning how these companies can pick and choose who and what they will insure ...yet try and get a UK broker or based company to insure your car & you will be told no they cant...
    CAI were a UK based company..took the money while it was handy got and now f.ed off and called it Brexit issues.
    Wonder how long it will be or when the Brexit excuse will come into play with these boys...


  • #4
    Cass
    Moderators, Sports Moderators Posts: 28,696 Mod ✭✭✭✭Cass


    I'm always a bit dubious about "pop up" groups regardless of their reputation in other countries. Be akin to paying money for car insurance with a useless policy just to have the disc on the window.
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  • #5
    Bogwoppit
    Registered Users, Registered Users 2 Posts: 2,943 ✭✭✭Bogwoppit


    A big problem for the UK insurers will be the cost of doing business in the EU as a result of brexit.

    Effectively they are not licensed to do business here unless they set up a European company to conduct the business, a designated acting company or DAC.

    I work for a UK specialist insurance company and the cost has been astronomical, in the millions. On top of that we’ve had to move a huge amount of capital to comply with the rules, it’s an eye watering sum of capital and most definitely not worth it for a hunting/shooting policy.


  • #6
    Cass
    Moderators, Sports Moderators Posts: 28,696 Mod ✭✭✭✭Cass


    So what does that mean for companies that "pop up" and claim to offer insurance. Would they be in a position of offer proper cover given the details above about the cost and hassle of complying?
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  • #7
    Bogwoppit
    Registered Users, Registered Users 2 Posts: 2,943 ✭✭✭Bogwoppit


    Cass wrote: »
    So what does that mean for companies that "pop up" and claim to offer insurance. Would they be in a position of offer proper cover given the details above about the cost and hassle of complying?

    It depends on how they are set up outside of the UK, a lot of UK insurers will have a European DAC already set up so they are good to go. Effectively a dac will take in the premium and just pass it on to the uk parent company, claims go the opposite way.
    The dac has to have approval from the central bank of the eu country it is based in and this is where it gets expensive. To get approval you have to have assets in the country, the amount you have is dependent on the amount of insurance they are underwriting. They also have to prove that they are a legitimate, stable company which can be pretty onerous.
    Since the 2008 crash, the Irish central bank regulator have become over cautious, not a bad thing I suppose considering what went before, but it makes it very hard for a company to get approval.
    Other countries are not so strict and once you have approval in one eu country then you’re allowed operate eu wide. Hence we have the problems with dodgy insurers based in other countries going bust and leaving us out of pocket.


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