Motor rates have been a cause of concern in the market in recent years… can you comment on this?
There has been much discussion on this subject over the last couple of years. In our view, the core issue of claims costs must be addressed as soon as possible. More than a year has passed since the Cost of Insurance Working Group report, and the cost of claims remains a challenge for Irish customers, brokers and insurers. It’s important that the Government follows through with legislation to provide a lower cost, sustainable claims environment for the benefit of all insurance customers. High claims awards and significant premiums go hand in hand, and in an environment where whiplash claims by comparison are a multiple of awards in the UK and other countries, this will continue to have a significant impact on premiums.
What do you see as the main challenges facing brokers and insurers in the current climate?
The regulatory agenda is currently packed with GDPR, IID etc. We were out of the blocks early with GDPR and took some great feedback from Brokers Ireland on behalf of their members on our revised delegated authority agreements – a great example of how working together gets the job done.
As an industry post the financial crisis we’ve made great progress on the prudential front in strengthening our balance sheets, and now we need to focus even more on the consumer agenda. It’s the right thing to do for all our customers, and