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ARTICLE · 01 FEBRUARY 2016

Insurance Update: 2015 Review

Mason Hayes & Curran LLP
Mason Hayes & Curran LLP
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Mason Hayes & Curran LLP

Mason Hayes & Curran LLP

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2015 was another challenging year for the Irish insurance industry. The media spotlight fell on increasing premiums, particularly in the area of motor insurance.

IrelandInsurance
Nina Gaston
Nina Gaston
Ailbhe Gilvarry
Ailbhe Gilvarry
Rachel Kavanagh
Rachel Kavanagh
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2015 was another challenging year for the Irish insurance industry. The media spotlight fell on increasing premiums, particularly in the area of motor insurance. Underwriters blamed the increases on higher Court awards and legal costs. 

From a legal perspective, there are three notable decisions that were given in the High Court and Court of Appeal during 2015 which will impact significantly on cost of claims and reserving policies. 

Setanta - Collapse of Malta Registered Insurance Company

The first decision involved the collapse of the Malta registered insurance company named Setanta. Following the liquidation of Setanta on 30 April 2014, about 1,750 claims by and against Setanta policyholders remained in existence. An issue had arisen as to who was liable to cover these claims - the Motor Insurers Bureau of Ireland ("MIBI") or the Insurance Compensation Fund - and the Law Society asked the court to determine the matter.

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