OUTsurance enters Irish insurance market

Exciting news for Irish consumers as a new insurance provider enters the market today! OUTsurance Group, originating from South Africa, is launching its home and motor insurance products in Ireland, becoming the first new locally authorised personal insurance underwriter in over a decade. With an impressive investment of €160m in Ireland, OUTsurance aims to expand its workforce from 70 employees to 300 at its Dublin headquarters in Cherrywood over the next three years.

OUTsurance CEO Peter Broome expressed enthusiasm about bringing fresh competition to the Irish insurance sector, drawing on the company’s successful track record in South Africa and Australia. Their unique proposition includes an OUTbonus, offering customers a 10% cashback on premiums for maintaining a claim-free policy for 3 years.

Initially, OUTsurance will sell directly to consumers but plans to collaborate with brokers in the future. Minister Neale Richmond welcomed the new entrant, highlighting the government’s commitment to promoting competition in the insurance market. IDA Ireland also commended the company’s arrival, recognizing the positive impact on Ireland’s business landscape.