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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!

Alan Connolly  

Alan Connolly Autumn Seminar

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