View this article online: https://www.insurancejournal.com/news/international/2021/07/30/625184.htm
The UK’s Managing General Agents’ Association (MGAA) has expanded its membership into the Republic of Ireland (ROI) following an initiative driven by Chief Executive Mike Keating.
The move to enable MGAs, insurers and suppliers to join the association is designed to help MGAs in the country drive forward on standards, raise their profile with the regulator and attract new underwriting capacity. It also provides an opportunity for UK-based MGAA members to expand their knowledge of and contacts in Ireland.
The MGAA’s initiative has been welcomed by the ROI’s professional body, the Institute of Ireland, the insurer trade body, Insurance Ireland, and broker trade body, Brokers Ireland.
“The Irish MGA market has been challenging in recent years due to a lack of underwriting capacity in the wake of personal injury claims inflation, broker consolidation and a restrictive regulatory environment under the Central Bank of Ireland in the wake of the 2008 financial crash,” said Mike Keating, CEO of MGAA.
“We believe that opening up our membership to MGAs in the ROI will help the MGA sector in its drive for improved standards and regulatory recognition, whilst helping to facilitate and encourage collaboration and new capacity into the country. The move will also enable MGAs, insurers and suppliers based in the ROI – and our UK-wide membership – to benefit from networking, events, educational forums, webinars, and regulatory support,” he added.
Cathie Shannon, director of General Insurance, Brokers Ireland, commented: “We welcome the MGAA into the ROI, which comes at an important time for our market. The MGAA’s drive to improve standards, combined with the opportunities for networking and dialogue its membership brings, can only support our own members’ initiatives aimed at attracting more capacity and specialist underwriters into the country, encouraging the establishment of new brokers, and providing more customer choice.”
Moyagh Murdock, CEO of Insurance Ireland, said the timing of the MGAA moves could not be better because it coincides with recent changes to the personal injury claims landscape in Ireland.
“The introduction of the new injury awards guidelines on 24th April this year is playing its part in making Ireland a more attractive place for insurance providers and although it is still early days, we look forward to the new guidelines being applied consistently across the board,” commented Murdock.
“We believe that the continued implementation of the government’s Action Plan for Insurance Reform will result in a more stable sector and will reduce market volatility and bring more certainty for customers and insurers alike,” he added.
Source: Managing General Agents’ Association (MGAA)