1. Irish Sector - Consumer market
Irish Political and parliamentary oversight 'Cost of Insurance
Working Group' maintaining spotlight on insurers, focusing on
the consumer and impact on pricing to the consumer. There is also a
pressure to keep premiums down and under review. This is to be
balanced with the need to maintain supply in the market and not
seeking to limit the insurer players in the market.
2. Irish Sector - Regulatory oversight
CBI/Brexit
With limited budgets and profits challenged, the clear focus of
insurers and brokers will have to be regulatory compliance and
reporting. Keeping abreast of anticipated Brexit preparedness will
be key. Our all-island Irish offering will become a key
differentiator.
3. Insurers - links to Corporates
We see a huge shift to commercial and 'balanced'
negotiations encompassing premium, rebates and claims. Corporate
clients have sought our advice in preparing for these negotiations
eg the Windward Project 20+ hotel portfolio. The delays in hearing
of Irish test cases regarding Business Interruption, and noted
delays in impact, has diluted any appetite for litigation at this
time.
4. Insurance defense - Claims management
The lack of ready access to a functioning court service continues
to negatively impact the defense and insurer strategy, effectively
a barrier to pressing matters on. We did not see the annual uplift
in settlements in July. We anticipate uptake in October to
December. The business drivers for solicitors, barristers, insurers
(balance sheet) and of course plaintiffs themselves, will drive
this.
We have as yet not seen an uptick in 'COVID' claims. We see
health and 'essential services' in terms of employers'
liability claims as the initial and first wave likely Q2/3
2021.
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