LAMA AUTUMN SEMINAR 8TH OCTOBER 2010 - LISTOWEL
GEORGE JONES, MCC, TC CHAIRMAN IRISH PUBLIC BODIES MUTUAL INSURANCES LTD
1926 – 2010
LAMA AUTUMN SEMINAR 2010
ALAN CONNOLLY GENERAL 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 Councils Dublin County Council Louth County Council Offaly County Council Co Sligo Board of Health Tuberculosis Management Committee of Co
Dublin Co Louth Board of Health
IPB clients County councils
Institutes of Technology
City councils
Regional authorities
HSE
Third level institutions
Borough/town councils
Harbour commissioners
Vocational Education
Drainage boards
Committees Enterprise 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!