The arrival of a new competitor in the Irish insurance market has been welcomed, as insurance premiums continue to rise for consumers.

South Africa based OUTsurance, operating out of Cherrywood in Dublin, is now offering car insurance and home insurance to Irish consumers.

Minister of State with responsibility for Financial Services, Credit Unions and Insurance, Neale Richmond says, “First and foremost this is going to create hundreds of jobs but it's also going to offer Irish consumers a much needed new option when it comes to Insurance.

“Key to the action plan for insurance reform is competition, we need more providers coming into market and we need more providers providing extra policies.”

The OUTbonus

With OUTsurance consumers will be able to avail of the OUTbonus, something new to the Irish insurance market, where customers can get 10% of their premiums back in cash (less taxes and levies) into their bank accounts when they hold their OUTsurance policy claim-free for 3 years.

OUTsurance Ireland Chief Executive Peter Broome says, “We will change the way people think about car and home insurance, why shouldn’t they get something out of their insurance when they have not made a claim?”

€160 million is set to be invested in Ireland by OUTsurance and the business aims to grow its workforce from 70 to 300 over three years.

OUTsurance, the new car insurance and home insurance provider in Ireland, has launched its first marketing campaign. The creative platform 'Insurance Therapy' resolves around the understanding of consumers’ one-sided relationship with insurance and a perceived lack of fairness, highlighting the ‘OUTbonus’, a fundamentally new concept for Irish insurance customers, where customers will be able to get 10% of their insurance premiums (less taxes and levies) back in cash into their bank account when they hold their policy with OUTsurance claim-free for 3 years.