Download - Alan Connolly
LAMA AUTUMN SEMINAR 8TH OCTOBER 2010 - LISTOWEL
GEORGE JONES, MCC, TCCHAIRMAN
IRISH PUBLIC BODIES MUTUAL INSURANCES LTD
1926 – 2010
LAMA AUTUMN SEMINAR 2010
ALAN CONNOLLYGENERAL MANAGER
1926 – 2010
Irish Public Bodies Mutual Insurances Ltd.
Established in 1926 by an Act of the Oireachtas to provide insurance cover to local authorities
To provide a comprehensive insurance and risk management service
Licensed: – same as Commercial Insurers – supervised by Financial Regulator - same solvency requirement
Initially underwrote only Fire, then Liability (1960s), Motor (1970s)
Client Base Local Authorities – all their activities Health Service and Hospitals Education – second and third level Miscellaneous clients
Formation of the company
General Council of County CouncilsDublin County CouncilLouth County CouncilOffaly County CouncilCo Sligo Board of HealthTuberculosis Management Committee of Co
DublinCo Louth Board of Health
IPB clients
County councils
City councils
HSE
Borough/town councils
Vocational Education Committees
Enterprise Boards
Institutes of Technology
Regional authorities
Third level institutions
Harbour commissioners
Drainage boards
Library committees
Insurer to local, health & education authorities
• Public Liability• Employers Liability• Property – Fire & perils (Money,
Burglary, Storm, etc)• Professional Indemnity• Motor• Computer, Engineering, Travel,
Personal Accident
Services
• Insurance Cover• Claims Handling• Risk Management• Health & Safety• Risk Transfer• Contractors’ Insurance Advisory • Property Valuation
Insurance Sector
2009 Premiums down 6% - Claims up 6%
November Floods – January Freeze Cost of €541m exceeded total cost of all
weather claims in last ten years
Indications of premium increase – Motor & Home
IPB
• Chairman reported in detail to AGM in May
• 2010: 10% premium reduction
• Financial Regulator: Intrusive …
• Stringent requirements: NB high profile issues
• IPB financial strength: Financial Regulator minimum solvency requirements
x 16 times
IPB
EXPENSE RATIO
Axa – 26.8% FBD – 24.8%
RSA – 24.2% Hibernian 17.6%
Allianz – 17% Zurich – 16.9%
IPB – 15.4% Quinn in Admin – 8%
Position in market 2009: data IIF Factfile 30 August 2010
9th largest by GWP
1st in Liability segment by GWP
Members
• Personal Accident Schemes A & B Scheme A: attending official LA functions,
including travel Scheme B: 24 hour cover
• Including Loss of Representational Payments due to serious illness
• Travel insurance under County Council policy
IPB Board proposal
PL Insurance Scheme Cover for Councillors
IPB are willing to offer a public liability policy to elected councillors in respect of their legal liability for third party bodily injury and/or property damage arising out of and in connection with the running of constituency clinics in the Republic of Ireland.
Premium €50 + 3% levy.
Group Life Scheme - Councillors
Scheme proposal: provide life cover for councillors
Only on a compulsory basis
The insurer would require member profile numbers/genders
No medical questions required to be answered provided members are actively at work.
Continuation option could be available when member resigns or loses seat.
Possible Capital Benefit €20,000
Premium €x per annum per member – one payment each year.
Requirements
• Met reps of ACCC, LAMA, AMAI, IVEA
• Positive reaction
• Profile of councillors – age/gender
• Administration: central deductions
LAMA Autumn Conference
THANK YOU!