Ch 1 The Irish Insurance Market Flashcards
What are the four main groups in the Irish insurance market?
Insurance buyers
Insurance providers
Distribution channels
Reinsurers
What is the largest class of non-life insurance in Ireland?
Motor is the largest non-life insurance in Ireland. From year to year exact figures vary, but approximately 50% of all premiums collected by non-life insurance is motor premiums.
What is an affinity group?
A group of people with a common interest or connection, who work together to achieve a common goal. E.g to obtain discounted premium rates or exclusive insurance schemes.
What are the four main groups of insurance buyers?
Private individuals
Commercial concerns
Public bodies
Associations and clubs
What is a specialist insurer
An insurer that offers a specific type(s) on insurance business not commonly offered in the wider insurance market. Eg DeCare, irelands only specialist dental insurer.
What is a composite insurer?
Insurer that accepts several types of insurance business.
They usually accept:
Accident and health
Motor vehicle
Marine, aviation and transit
Fire and other damage
What is a captive insurance company
?
a captive insurance company only insure the risks of that particular organization.They are usually formed by large, multinational organizations.
What two main types can distribution channels be divided into?
Insurance purchased directly from the insurer.
Insurance purchased via an insurance intermediary (commonly known as an insurance broker)
Describe reinsurance
Reinsurance is a form of insurance for insurance companies.
It is the transfer to a reinsurer of all or part of a risk underwritten by an insurer.
In regards to private health insurance what is an open membership undertaking?
A private health insurer that must accept any Customer who seeks to take out cover. Eg Irish life health, Laya healthcare, chi healthcare and HSF health plan Ltd.
What is an employee benefits consultants?
Employee benefits consultants are normally hired by large corporations, they work on a fee-for-service basis that arrange health insurance for their employees as a fully or partially subsidized benefit.
What is the role of Insurance Ireland.
Insurance irelands role is to represent and advocate on behalf of its members to government, state agencies, regulatory bodies, representatives, other national intrest groups, the media and the general public.
What does DCA stand for?
Declined cases agreement
What is declined cases agreement?
An agreement operated by insurance Ireland;that ensures a designated insurer will provide cover to a motorist seeking insurance if the Costumer has approached and been declined by at least three insurers.
What is the MIBI?
The MIBI stands for the Motor Insurers’ Bureau of Ireland. It is a body set up between motor insurers and the government that aims to ensure that innocent victims of road accidents are properly compensated in circumstances where no effective motor insurance is in force.
