News
RSA Insurance exits UK private motor market
By John Healy of Healy Insurances
RSA Insurance has announced it will exit the UK personal lines car insurance market over the next year, with a sale arranged to rival insurer, Swinton.
RSA Insurance was formed through the merger of Sun Alliance and Royal Insurance in 1996 and was acquired by Canadian multinational, Intact Financial Corporation in November 2021. RSA said the motor market in the UK remained competitive yet “requires significant scale to drive meaningful outperformance”.
The RSA motor business in the UK represents about £120 million of annual premium but the 'Insurance Times' reported that the RSA’s private motor segment was operating at a loss, meaning the lost premium does not represent an operating loss to the business.
“When we completed the acquisition of RSA, we were clear that we would take necessary actions to drive sustainable outperformance in UK and Ireland," Charles Brindamour, CEO of the Intact Financial Corp, said. "[The] announcement represents a further step in delivering against our strategic roadmap to optimise our footprint around Personal Lines, Home and Pet, and our Commercial and Speciality lines businesses.”
Car premiums in the UK have increased by 21.1% from February 2021 to February 2022. Market sources concluded that inflation and supply chain disruption are pushing up the costs insurers face in fixing and replacing vehicles. The average annual car insurance premium in the UK is £929 which rises considerably in London to £1,419.
At the time of writing, it has just been announced that RSA are also exiting commercial mini fleet insurance in the UK from June 1, 2023.
RSA have not made any comment on their Irish operations. In the Republic of Ireland, RSA Insurance offer car insurance products via Insurance Brokers and Bank of Ireland. RSA also own 123.ie.
FESTIVAL HIT: Local accordion virtuoso Liam O’Connor pictured performing alongside his family band members, daughter Saoirse on vocals and keyboards, and sons Oisín on guitar and Cillian on drums, during their high-energy set on the Salty Dog Stage at Electric Picnic in Stradbally last weekend. Photos: Paul Dargan
Camera Club exhibition opens at Killarney House
Killarney Camera Club’s 25th anniversary exhibition is open to the public at Killarney House until Sunday, October 4.
Mayor of Killarney Councillor John O’Donoghue officially opened the event, which features a wide range of work from local photographers capturing landscapes, people, and moments from home and abroad.
Speaking at the opening, Mayor O’Donoghue highlighted the rich natural surroundings available to local photographers. “We are so fortunate to live in such a beautiful part of the world, with dramatic mountains, lakes, rivers, forests, and a vibrant town centre, as well as beaches and open sea just a short distance away,” he said.
In a lighthearted admission, the Mayor admitted to storing hundreds of photos on his phone, adding that seeing the standard of work on display inspired him “to finally print some of my own photographs for posterity.”
The club was founded in 2001 as the Photographic Society of Killarney at the Park Place Hotel before adopting its current name in 2006. Founding member Seamus Long recalled starting with just eight members, contrasting it with today’s membership of over 30 photographers who meet at the ANAM Arts and Cultural Centre.
“There is nothing better than seeing your images in print, mounted and framed and hanging on a wall,” Mr Long said, referencing the club’s shift from traditional darkrooms to modern digital photography.
To mark the anniversary, the club has published a commemorative booklet featuring 25 select images from members past and present. The limited-edition booklet is available at Eason’s and directly from the club.
The exhibition runs daily at Killarney House until October 4. Admission is free and all are welcome.
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