Insurance | Business Post

Liberty considering selling its Irish insurance business as part of wider deal

US insurance giant Liberty Mutual is looking at offloading its entire European operations

Refund mechanisms to be built into new legislation to protect taxpayers’ money

Insurers used taxpayers’ money to subsidise costs when paying out for pandemic losses by deducting value of state supports such as wage schemes from awards

Nine out of ten planes in lawsuit re-registered in Russia, says AerCap

Lessor is suing its insurers over the loss of 116 planes and 23 spare aircraft engines

Hospitality businesses are struggling to access insurance cover, publican says

Ciarán Hanley, a Galway publican, says cost of insurance policy has increased by 70 per cent and only one underwriter was willing to provide cover

Insurer forced to pay out after unproven claim medical treatment was 'experimental'

The company had to meet the cost of the woman’s claim following a decision from the Financial Services Ombudsman

Relief is ‘magic’ for publican who took FBD to High Court

Noel Anderson, the co-owner of Lemon & Duke was one of four pub groups whose landmark cases against the insurer were finally settled on the issue of claims last Friday

Climate & Environment

John Gibbons: Could insurers be the ones to make fossil fuel giants listen on climate risk?

The insurance sector, dubbed the Achilles heel of the fossil fuel industry, is in crisis due to the increasing frequency of climate-fuelled extreme weather events – something energy giants may no longer be able to ignore

A risky business: the aircraft lessor, its missing Russian planes and the $3.5bn insurance battle

A large portion of the 515 leased aircraft operating in Russia are owned by Irish leasing companies, but many have been re-registered there. One company, AerCap, has filed a $3.5 billion lawsuit against two groups of insurers for the loss of its planes, and more cases are expected to follow

Insurance probe finds lobby group made it ‘difficult, if not impossible’ to enter Irish market

Margrethe Vestager, EC competition chief, says her official’s probe into how Insurance Ireland operated a claims database effectively kept competition from entering the market

Today's headlines

Inflation puts ‘vital’ gas-fired power plants at risk; College Green to close to cars

The top stories from business and politics in today’s Business Post

Policy holders still waiting to feel benefits of insurance reforms

Eighteen months on from the Judicial Council report, little progress has been made on the cost of business insurance, while motorists are waiting for greater cuts to their premiums

New levy will push up insurance costs for motorists and businesses

Central Bank’s new regulations will allow it to recoup some of the money used for running the National Claims Information Database from insurers, who will pass the levy on to customers

Zurich to shift part of business out of Ireland

Firm says decision was on foot of Brexit, but sources say move came after engaging with Central Bank on regulatory requirements in Ireland

Warren Buffett’s Berkshire Hathaway to underwrite Irish leisure providers

US financial services giant will insure a group scheme for SMEs in play and leisure sector, which have struggled to get cover in recent years

Government may cut health insurance rule for international study visas

Critics have warned that the requirement, on top of fees and accommodation costs, may put international students off coming to Ireland

Company Watch: FBD hoping for business as usual in wake of pub claims controversy

Last week’s half-year results show the insurer in robust health, with underwriting profits up 165 per cent, a 6 per cent rise in premiums, and claims costs down thanks to new personal injury guidelines

Profits from writing insurance more than double for FBD

New personal injury guidelines and an improvement in the underlying claims environment saw FBD’s insurance profits increase to just under €35 million in the first half of 2022

Insolvency expert urges support in budget for embattled hospitality sector

Declan Taite, managing director at consulting firm Kroll Ireland, warned that there would be an increase in insolvencies due to inflationary pressures

Insurance Ireland facing heavy fines over claims data access

Lobby group must meet commitments that would allow new entrants to the sector to access to a key claims information database

Varadkar predicts insurance premiums will fall in next 18 months

The Tánaiste said that reforms of the insurance sector would eventually filter through to consumers and businesses