Tesco to pull out of insurance market here
Tesco is pulling out of the highly competitive Irish insurance market as it focuses on its core retail business.
"Following a recent review of our insurance offering, Tesco Bank will cease to market home, pet and motor insurance products in Ireland," said a spokeswoman.
"Tesco Insurance is currently underwritten and provided by RSA Ireland who will take over the direct servicing of these policies from August 1, 2014.
"We are currently writing to all customers to inform them that their policy will continue on a like-for-like basis until renewal."
Tesco's exit from the insurance market comes as bitter rival Musgrave – which operates the SuperValu and Centra businesses – is working on its own plans to enter the financial services space, with the launch of its own insurance products in coming months.
The supermarket giant is fighting an increasingly bitter battle for customers in the €12bn Irish grocery market.
Tesco has seen its Irish earnings hit by the strength of Aldi and Lidl but it is continuing to invest here.
Sunday Indo Business