Starting July, QBE Insurance Group will stop writing standalone Ireland-domiciled risks including liability, motor, and property.
A report by The Times quoted the Australia-headquartered insurer as stating: “Following a strategic review of our portfolio, we have taken the decision to cease underwriting all Republic of Ireland-domiciled direct insurance business.
“This change will be effective from July 01, 2022, from which point we will no longer write standalone Republic of Ireland-domiciled risks.”
The global provider, however, will continue to service “incidental” Irish business written within broader UK policies. Additionally, QBE Europe’s branch in Ireland will remain operational. The group’s Dublin-based reinsurance unit is also said to not be impacted.
Further details, including the reason for the departure, were not outlined.
Insurance Business has reached out to QBE, which has not issued a response as of this writing.
