Ireland's newest health insurer could see customers save up to €500, according to its CEO.

Level Health, which is backed by Aviva, launches today, and its CEO has said it will "shake up" the health insurance market in Ireland.

On Newstalk Breakfast, Level Health CEO Jim Dowdall said the arrival of a new health insurer is a "good news" story for Irish insurance customers.

"With Level Health, there are significant savings to be made," he said.

"For example, a family moving from VHI or Irish Life can save €500 if they move to our Plan C.

"They can save more if they’re coming from Laya Healthcare."

Plans

The plans vary in cost from €556.80 per year to €2,535.72 per year and children under three are not charged.

Mr Dowdall said confusion in the market is a major issue for health insurance customers, and Level Health aims to address this.

"We’ve just got a simple range of four plans and they’re called plans A, B, C and D; it doesn’t get easier than that," he said.

Mr Dowdall said health insurance customers have been "underserved" and he hopes the launch of Level Health will be a "real injection of innovation, value and competition" into the Irish market.

Rising premiums

The arrival of a new health insurance provider could see health insurance premiums lower.

Recent figures from the CSO suggest that health insurance premiums are increasing at rate of 10%, though costs could be higher depending on the insurer.

On The Pat Kenny Show last week, Irish Independent Personal Finance Editor Charlie Weston said a new insurer entering the market could force a reaction from VHI, Laya Health and Irish Life.

"They’ll either discount their plans or bring out newer, cheaper plans," Mr Weston said.

He said the arrival of Level Health could be "good news" for insurance customers.

Feature image shows Level Health CFO Stephen Loughman, CMO Ruth Bailey, CEO Jim Dowdall and Chair Oliver Tattan, via Level Health.