ironclaw wrote: » 50,000 Employees and 38.3 billion USD in revenue in 2016. They are doing very well. People really need to understand that insurance companies are not your friends. They are businesses. They are out to make money. The nicest office in any city you visit will be the insurance firm and their associated banks.
UsBus wrote: » Was in Ashford Castle today. When we went to go in around the castle we were told it was off limits. Liberty insurance had booked the place out for 4 days. They must have stumped up some amount well in advance to book up the castle for the June bank holiday weekend...!! So how's your car insurance premium these days...???
jimmynokia wrote: » Lots of corporate events on this weekend and to rub it in they can write off the cost of the event..
Johnny Dogs wrote: » It's a lucrative business to get into, especially if your greatest salesman is the govt. The law states that vehicles must be insured if you wish to use them on public road after all. I'd be in favour of the state offering some insurance policies for motors, like they do in Australia for example. Would definitely put some manners on the insurance cartels.
bazz26 wrote: » I'm usually the last one to defend the likes of insurance companies but it does makes you wonder if the insurance game is so lucrative here then why aren't the other thousands of insurance companies around the world not queueing up to enter the "lucrative" Irish insurance market?
Johnny Dogs wrote: » I'd be in favour of the state offering some insurance policies for motors, like they do in Australia for example.
bazz26 wrote: » I'm usually the last one to defend the likes of insurance companies but it does makes you wonder if the insurance game is so lucrative here then why aren't the other thousands of insurance companies around the world not queueing up to enter the "lucrative" Irish insurance market? Between the compensation culture capitalising on ridiculous levels of injury payouts being handed out by the injury claim board, the ambulance chasing legal profession who stand to benefit more from higher payouts and insurance companies who just settle rather than risk losing more money in court I'd doubt verify much the Irish insurance market is as lucrative as is generally perceived.
Fr_Dougal wrote: » Because it’s a closed shop in Ireland, they make it practically impossible for new entrants.https://www.thetimes.co.uk/article/insurance-market-raises-barriers-to-new-entrants-ksmvmbjd2
CeilingFly wrote: » No barrier whatsoever for entry. Any European insurer can underwrite here and many do via brokers. Don't believe the sh1te in the media. If you got rid of scammers, egged on by a select group of solicitors, you'd have far cheaper insurance.
Berserker wrote: » No, it's not. Can't read the full article but I'm guessing that they are talking about the regulatory requirements that new operators need to fulfill. Plenty of people in Ireland have insurance via brokers who act on behalf of insurers outside of the RoI. You may recall hearing about an insurer called Zenith who pulled out of the Irish market a year or two back because they were losing money, as a result of the cost of claims. They are based in Gibraltar.
A major investigation by the European Commission into motor insurance in Ireland is focusing on allegations that the industry has created obstacles for new players to enter the market.
Fr_Dougal wrote: » Major investigation is ongoing.
dr.fuzzenstein wrote: » Solicitors will be along now to very pointedly point out that award levels have nothing whatsoever to do with insurance levels, well, no one likes having their soup pissed into.
bazz26 wrote: » I'm usually the last one to defend the likes of insurance companies but it does makes you wonder if the insurance game is so lucrative here then why aren't the other thousands of insurance companies around the world not queueing up to enter the "lucrative" Irish insurance market?.
