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    #62
    Eggs For Dinner
    Registered Users Posts: 2,944 ✭✭✭Eggs For Dinner


    troyzer wrote: »
    Is it really the case that SO many insurers are leaving Ireland?

    The ones who are leaving are the more recent entrants to the Irish market, the ones who had a successful business model in other jurisdictions and thought they could replicate it here and trade profitably. When faced with the conditions here, they either went bankrupt or ran for the hills.

    The ones that remain do so because their infrastructure is so entrenched here, it would be difficult to pull out . These would include your Aviva, AXa, Liberty, Royal Sunalliance, AIG, Zurich etc. They are hoping things will improve and their parent companies can back them in the meantime. Some years profit is made, some years its losses. Most are big enough to weather the turbulence but its not sustainable long term


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    #63
    clevtrev
    Registered Users Posts: 629 ✭✭✭clevtrev


    troyzer wrote: »
    Is it really the case that SO many insurers are leaving Ireland?

    more a case that a lot of the London based insurers are no longer quoting for work in the Irish market. I don't think Irish based insurers are leaving Ireland


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    #64
    Eggs For Dinner
    Registered Users Posts: 2,944 ✭✭✭Eggs For Dinner


    clevtrev wrote: »
    more a case that a lot of the London based insurers are no longer quoting for work in the Irish market. I don't think Irish based insurers are leaving Ireland

    A lot of those who set up underwriting agencies here are leaving. Very few set up a base here as it's not the current business model for overseas insurers


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    #65
    troyzer
    Registered Users Posts: 6,199 ✭✭✭troyzer


    I know this is car insurance, but still.....

    https://www.irishtimes.com/business/financial-services/motor-insurance-premiums-up-42-even-though-claims-fall-central-bank-report-finds-1.4116735


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    #66
    sydthebeat
    Subscribers Posts: 41,074 ✭✭✭✭sydthebeat


    troyzer wrote: »
    I know this is car insurance, but still.....

    https://www.irishtimes.com/business/financial-services/motor-insurance-premiums-up-42-even-though-claims-fall-central-bank-report-finds-1.4116735

    legal costs more than 50% of the pay out in court

    legal costs 3% with PIAB

    there, my friends, is the singular biggest reason we have a fcuked up insurance industry.

    spurious claims paid out of court. Fraudulent claims not alerted to gardai.

    sure the gobsh!tes who pay the premiums will pick up the tab.


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    #67
    kippy
    Registered Users Posts: 18,429 ✭✭✭✭kippy


    sydthebeat wrote: »
    legal costs more than 50% of the pay out in court

    legal costs 3% with PIAB

    there, my friends, is the singular biggest reason we have a fcuked up insurance industry.

    spurious claims paid out of court. Fraudulent claims not alerted to gardai.

    sure the gobsh!tes who pay the premiums will pick up the tab.

    It's an eye opener of a report - there has to be some action out of it!


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    #68
    errlloyd
    Registered Users Posts: 12,601 ✭✭✭✭errlloyd


    The bank’s report showed the average loss ratio - the amount collected in premiums over and above the amount paid in claims - for the sector during 2009-2018 was 75 per cent. However, this rose to 90 per cent in 2015, effectively squeezing earnings.

    Loss ratio is

    Premium minus claims. It does not include customer aquisition costs or admin costs. If the loss ratio is 90% the business is almost definitely loss making for the insurer once they pay brokers, advertisers and their own backend.


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    #69
    Zzippy
    Moderators, Sports Moderators Posts: 14,166 Mod ✭✭✭✭Zzippy


    errlloyd wrote: »
    Loss ratio is

    Premium minus claims. It does not include customer aquisition costs or admin costs. If the loss ratio is 90% the business is almost definitely loss making for the insurer once they pay brokers, advertisers and their own backend.

    The long-term average was 75% though. And what consumers see is the constant spin by the industry of rising claims and fraud being responsible for the huge increase in premiums, while the stats give the lie to this.

    Over the period the average profit for firms here was 9%. In the UK it was 5%. Anyone telling us that firms are leaving the Irish market because it's not profitable can stop repeating the industry spin and cop themselves on.


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