The Alliance for Insurance Reform welcomes the news today that Outsurance is to invest €160 million in its new Irish operation, creating 230 jobs over the next three years. We also want to positively acknowledge the Government and other’s role in attracting Outsurance to the Irish market.

At a time when motor premiums are increasing month on month, the added competition Outsurance brings to this and the home insurance market is very welcome. The liability sector in urgent need of greater competition as premiums continue to spiral.

Ireland has become a much more attractive destination in which to provide insurance thanks to the range of Governmental reforms that have been introduced. Increasing competition is a key means by which these reforms translate into lower premiums and greater access to cover, particularly in the liability sector, which urgently needs new market entrants.

Despite the significant reduction in the volume of claims and size of awards, liability premiums continue to spiral for businesses, sports, arts, community and voluntary groups. It is impossible to justify these increased costs placed on struggling businesses and other organisations, at a time when a recent Central Bank Report (NCID, 2022) showed that insurer profits increased by 55% in 12 months. New competition in the liability market is urgently needed to help arrest this gross unfairness.

The Alliance for Insurance Reform brings together 46 civic and business organisations from across Ireland, representing over 55,000 members, 700,000 employees, 614,000 volunteers and 374,000 students in highlighting the negative impact of persistently high premiums and calling for real reforms that will quickly reduce liability and motor insurance premiums to affordable levels and keep them that way.

FOR FURTHER INFORMATION CONTACT: or Alliance CEO, Brian Hanley at 086 8620 974.