Tag Archives: Insurance

New Reforms pave the way for less costly Motor Insurance

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For those returning home to Ireland and overseas professionals taking up new roles the cost of motor insurance is one strong deterrent .

At yesterday’s Cabinet meeting the Government presented the Cost of Insurance Working Group Report on the cost of motor insurance .

The report has advised the Government to make many reforms and has devised an action plan to be implemented over the next 2 years .

The report sets out 71 actions across a number key objectives as follows ,

1 Protecting the Customer

2.Improving data availability

3 Improving the personal injuries claims environment

4 Reducung the costs in the claim process

5 Reducing insurance fraud and uninsured drivers

6 Promoting road safety and reducing collisions

It is hoped that after full implementation of the recommendations that more  fair and less expensive premiums for consumers will be available and that the huge annual increases in premiums will be a thing of the past .

However most consumers are less than satisfied with the timeframe for implementation and do not anticipate any real reduction is premiums until towards the end of 2018 .

There is a strong demand for legislation that will enforce price freezes on Insurers until such time as the 71 recommendations are implemented.

So hold off on buying that 3litre BMW just yet .

Government concern at Central Bank Skills Shortages

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Finance Minister Michael Noonan has admitted that the Central Bank of Ireland who want to recruit an extra 170 staff in 2017 are already struggling to compete with the private sector for the talent it needs .

Insurance companies in the private sector are also struggling to find talent in key areas and this situation will only get worst as UK and Global Insurers are considering moving their Headquarters from London to Dublin .

There is a shortage of general insurance actuaries today and this shortage will become critical post Brexit.

With salaries rising,the annual survey of actuarial pay for 2015 showed the first year of consistent pay inflation .

Minister Noonan told the Irish Parliament that the Irish Central Bank want to increase staff numbers by by nearly 10% next year with at least 28 of those new hires working directly on Brexit with additional staff drafted in for Brexit work as required .

However the Minister admitted that the Central Bank had experienced difficulties in hiring and retaining staff due to the acute skills shortage in the Financial and Legal sectors .

The Minister failed to confirm if the Government would lift the pay caps introduced during the financial crisis which are now an impediment to recruitment .Central Bank staff can expect to earn between 10 and 30 per cent less than they would in the private sector .

These staff shortages are resulting in a slow down in processing licence applications .It can now take up to 2 years for the le ensign process and a back log will develop should the anticipated increase in licence applications take place as a result of Brexit .

If you are interested in working in the Central Bank of Ireland or have an interest in working in the Insurance industry register with Bavk 4 Good today we have many partners in this sector looking to talk to you .