Know about the top 5 Business Insurance in Ireland
Ireland is among the top 6 insurance markets in the European Union. It is also among the European Union's top three reinsurance markets. Insurance indemnifies against risks. The value of business insurance policies such as business interruption insurance can be understood in a crisis situation such as the one created by Covid 19. A European Insurance brochure 2020 was published by Insurance Ireland in March 2020. The brochure enumerated the key priorities of the Irish insurance industry. It clearly stated that the value proposition offered insurers is much greater wider than the settlement of claims.
Insurance Ireland is the Voice of Insurance in Ireland and represents the Irish insurance industry in totality. Insurance Ireland has grown significantly and is comprised of 130 companies which provide insurance cover to over 24 million policyholders in over 110 countries. The members of Insurance Ireland has paid out over 13 billion Euros in claims and benefits to the people of Ireland in the last year.
This insurance fraternity has paid over 1.5 billion Euros in tax to the Irish Government annually. The Irish insurance industry employs approximately 7000 people. Ireland's insurance industry generates over 60 billion Euros in premiums in the past year. The Irish insurance industry collectively invest over 350 billion Euros per year. The insurance industry is an important driver of the Irish economy.
Here is our list of top 5 insurers in Ireland, including both insurance companies and insurance brokers or intermediaries.
1. Axa Insurance
Axa Insurance Ireland is one of the top three general insurers in Ireland .
Axa Insurance Ireland established its presence in Ireland in the year 1999 with the acquisition of Guardian Royal Exchange, which had previously acquired Private Motorists Protection Association
Private Motorists Protection Association was at the time one of Ireland's biggest insurance companies.
This series of events made the general public of Ireland take notice of Axa Insurance Ireland.
Axa Insurance Ireland is part of the French multinational Axa. AXA started with the name as Mutuelle de L'assurance contre L'incendie in the year 1816.
Axa Insurance Ireland runs an extensive community engagement program called Axa community.
In the year 2011, Axa, the French multinational, emerged as one of the top two most powerful transnational corporations in terms of corporate control over global finanacial stability. This position was enabled by a series of acquisitions since its inception in 1816.Axa Insurance Ireland is part of this French multinational group.
A unique feature of Axa Insurance Ireland's small business insurance Ireland is that there is a 30 percent increase in stock sum insured over Christmas and Easter.
Axa Insurance Ireland's, Axa community program includes an awareness program called Risk research and education. It also runs an internal volunteer program called Hearts in action.
Axa insurance Ireland also runs programs on cultural philanthropy to further improve ties with the general public.
Major acquisitions and extensive community engagement programs have always part of AXA's culture which is over 200 years old.
2. Britton Insurance
Britton Insurance was founded in 1972 and has emerged as a leading insurance broker in Ireland.
Britton Insurance partners with the leading business insurance in Ireland.
Britton Insurance has a team of experts to advice the customer about the policy that suits his needs the best.
Britton insurance regularly scans the insurance market to provide the best insurance policies for shops, boutiques, offices etc. They also provide a wide array of choices for landlord insurance.
Britton insurance's utilizes their expertise as brokers to customize a cover for trade contents, business income or business interruption, equipment, building, product liability, money cover, cover for fire brigade charges etc.
The USP of Britton Insurance is their almost 40 year experience as brokers and the team of insurance experts who continuously scan the insurance market for the best policies.
3. Aviva Insurance
Aviva Group Ireland is a leading insurance company in Ireland and has its headquarter in the capital city of Dublin.
It is part of the British multinational, Aviva Plc.
According to a report by American market research firm, D & B Hoover, Aviva was the leading general insurance company in Ireland at the time of publication of the report.
Aviva Insurance Ireland not only offers a full spectrum of business insurance policies but also uses its experience to provide services to maintain expensive engineering equipment and mechanical plants.
The Aviva Stadium in the capital city of Ireland is an example of Aviva's extensive marketing campaign. Aviva Group Ireland had signed a 10 year deal with the authorities for the naming rights to the stadium in the year 2009.
The stadium is considered to be the home of both Irish national football and rugby team.
Aviva's marketing campaigns are usually centered around sports and health.
4. FBD Insurance
FBD Insurance was established in the year 1969.
This company starred with farm and agricultural insurance and later expanded to a broader role as consultant, a life insurance broker and a corporate insurance broker.
In the late 1980's, the holding company was formed after merging the various entities.
The company was enlisted in the Irish Stock Exchange.
FBD insurance has car insurance, home insurance, farm insurance and business insurance in its portfolio.
FBD Insurance is Ireland's leading agriculture sector insurer
It is also one of the top two insurers in Ireland's non-health general insurance sector.
Of late, FBD has been in the news for refusing to pay claims on its business interruption policies for the Covid-19 pandemic.
The company is facing a legal battle with publicans over its business interruption coverage during the pandemic.
The verdict of this court battle is being closely watched as this judgment will also decide if FBD Insurance is liable to business interruption policy claims for over 1,200 policy holders who had to shut down their business temporarily for the Covid-19 pandemic.
5. Chill Insurance
Chill Insurance started its operations under the name insureme.ie in 2007.
Chill insurance aims differentiate itself by adding a dash of humor and by putting a cool quotient in insurance selling and buying. According to Fergal Lynch, Head of marketing at Chill Insurance, their aim is the creation of campaigns that are different from those used in the insurance industry. The Chill Insurance television ads use humor to put their point across. The Chill insurance focuses on the message that they take hassle out of insurance.
Chill insurance is a relatively young and leading online insurance intermediary of Ireland and its tagline focuses on being trendy and youthful.
The Chill insurance tagline is we will take it from here.
According to Insurance Corporations Statistics, the total assets under management increased by 12 billion Euros in the second quarter of 2020. The holdings of investment fund shares increased by €12 billion during the aforementioned period.
Comments
Post a Comment