The Irish Small and Medium Enterprises (ISME) Association is exploring the development of specialist group insurance schemes, in order to tackle the cost and availability of insurance.
The ISME Association explained that in time this could lead to the formation of a captive insurer in one or more sectors.
The association has launched a survey for those interested.
The association suggested that although the formation of captives will not resolve the issue of high insurance costs, where there are sufficient numbers of well-managed members in transparent insurance pools, captives can reduce underwriting margins and costs, increase the bargaining power of the underwritten members, and reduce pricing volatility over time.
According to the ISME Association, if there is “sufficient interest” in the formation of captive insurers, ISME will issue a formal request for proposals to the brokerage community in Q1 2020.
You can access the survey here.
