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New insurance player, w00t!/English Insurance Companys merged thread

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    #32
    Merrion
    Registered Users Posts: 1,421 ✭✭✭Merrion


    I believe that Tesco are going to be acting as an insurance broker rather than as an insurance underwriter. This means that they will buy underwriting from one of the other companies (I'd imagine AIG would be in the frame for that one as they were for the AA when it started brokerage here) and will compete with the other brokerages on the commission side.

    Since commission rates are too high in this country (>30% is not unusual) this is a good thing and if they are able to build this into a big business they might even get better rates from the risk underwriter.


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    #33
    Tommy Vercetti
    Closed Accounts Posts: 1,105 ✭✭✭Tommy Vercetti


    I believe Tesco will be underwritten by Hibernian, so it's the same ****, different name :rolleyes:


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    #34
    big man
    Closed Accounts Posts: 4 ✭big man


    You'd be incorrect. Tescos will come in on the basis of being a tied-agent and only offering insurance with one company/underwriter. It would be too much hassle for them to offer a number of companies - they do their life cover the same way with Hibernian. However, am led to believe the underwriter they are using is UKI (Ultra Keen Insurances). This underwriter has never been in the irish market for motor so they wont have had any historical claims data, and you should expect relatively low premiums for the first three years until they see how claims are panning out!!

    And for those who doubt the dodgy name of the company, they are reputable and are tied in with Churchhill and Direct Line in the UK, and are subisdiaries of Royal Bank of Scotland aka Ulster Bank.


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