If you thought the UK insurance industry had problems post-Brexit, then spare a thought for our neighbours across the Irish Sea.
Zenith Insurance, the largest Gibraltar-based insurer that offers motor coverage in Ireland, has decided to hasten its retreat from the market amid soaring rates.
According to a report at
Irish Times, Zenith, which had a 5% stake in the Irish car insurance market, stopped writing motor insurance through one of its four underwriting agencies in the country one month ago. Now, it has reportedly decided to further withdraw its capacity despite its business covering up to €50 million in premiums.
The company is owned by UK-based Markerstudy, and the company’s group underwriting manager Gary Humphreys told the publication that: “We continually monitor performance and rates in all areas of our business and respond accordingly. We are not completely withdrawing from the Irish market.”
The move is reported to be “proactive and strategic”, according to the publication, based on the state of the Irish market. All existing Zenith policies will continue to be honoured.
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