Tuesday 22 September 2020

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Cork Independent

Business & Professional

Insuring your future is bright

Wednesday, 11th March, 2020 3:56pm

A new season of Cork’s first business podcast began recently and ‘RedBusiness with Jonathan Healy’ on RedFM is now sponsored by one of Ireland’s premier insurance brokers.

The new sponsors McCarthy Insurance Group (MIG) are a long-standing company who plan to expand to 18 offices this year. They currently have 12 offices.

The company featured on the first podcast of the new season and Paul Kavanagh, Managing Director of MIG spoke about at the challenges facing the insurance industry including coronavirus and rising costs.

MIG say they are putting businesses first in Cork. MIG operate in a host of markets and say they are experts in the hospitality sector, as well as the hair and beauty sector, the motortrade, builders, tradesmen, construction, roofers and scaffolders and many other areas that have been hit by insurers pulling out.

MIG have built up over 120 markets in EU regulated countries over the years, and so can place the most complex risks in most sectors.

So what do MIG do differently to other insurers or brokerages?

Firstly MIG represents over 120 insurers. Ireland has lost Lloyd’s and some other UK insurers, due mainly to Brexit and what MIG describe as the ‘claims culture’ in Ireland. Recently Ironshore, Surestone and Axis have all stopped taking new and renewal business, MIG say.

In recent years the collapse of high-profile insurers such as Quinn and Setanta, have affected Irish consumers and brokers. Also, large insurers like AIG and Liberty have decided to no longer write certain lines of commercial property and liability.

However, there has been some positive news recently with regards to capping claims and prosecuting those who lie or exaggerate their claim. Coupled with other proposed legal and policing reforms, MIG say they would be confident of attracting more insurers back into the Irish market.

McCarthy Insurance Group in 2020 are putting business first in Cork.

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