OUTsurance joins Irish insurance market

Consumers look set to have more choice in the insurance market from today with the formal launch of a new insurer.

South Africa based OUTsurance Group will initially offer home and motor cover to the Irish market, the first new locally authorised personal insurance underwriter in this country for over a decade.

The business is investing €160m in Ireland and aims to grow its workforce at its headquarters in Cherrywood in Dublin from the current level of 70 to 300 over three years.

"We are delighted to bring new competition to the Irish motor and home insurance market as the first new locally authorised personal lines underwriter in over a decade," said OUTsurance Ireland chief executive Peter Broome.

"We are passionate about delivering an awesome and trusted customer experience through our proven track record of servicing over 2 million customers in South Africa and Australia."

As part of its proposition, OUTsurance is offering an OUTbonus, where customers can get 10% of their premiums back in cash when they hold their OUTsurance policy claim-free for 3 years.