“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 Keating.
“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, while 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.”
The move has been backed by Brokers Ireland, with director Cathie Shannon stating that the MGAA’s efforts to improve standards “can only support our own members’ initiatives.”
Meanwhile, Moyagh Murdock, CEO of Insurance Ireland, believes the association can play a “key role” in bringing capacity to the market.
“The timing could not be better as it coincides with the recent changes to the personal injury claims landscape in Ireland,” said Murdock.
“The introduction of the new injury awards guidelines on April 24 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. 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. We look forward to working with the MGAA and their team in the future.”