Wednesday 21 March 2018

Axa Insurance set to shake up farm insurance market

Ellie Donnelly

Ellie Donnelly

Axa Insurance may be set to shake up the farm insurance market in Ireland as the company considers setting up a farm insurance division.

It is believed that the division will employ some high profile former FBD Insurance employees.

To-date the farm insurance market has been largely dominated by FBD Insurance, with members of the Irish Farmers Association (IFA) entitled to exclusive discounts with the Dublin-headquartered insurer.

Read more: Bright idea gives SMEs free energy-efficient lighting

Axa Insurance, which has over 50 branches in Ireland, currently offers a large range of insurance products to consumers including car, home, travel, and small business insurance.

The company claims to offer the highest no claims discount rate for car insurance in the county.

AXA Insurance Ireland said it has made a number of staff appointments recently "including the appointment of senior executives with extensive experience of the farm insurance market who will spearhead the new initiative". 

"The company has also commenced a recruitment exercise with a view to creating a dedicated service team for the farm market."

A spokesman said that the company believed it could bring overdue competition to the farm insurance market. 

"Traditionally there has been very little competition in the farm insurance market and we believe there is scope to create a compelling and competitive offering for farmers and their families.  We are looking at a range of insurance products designed for the real needs of farmers and their families in terms of price, service and innovation," he said.

The spokesman said that AXA Insurance Ireland was optimistic that it would have a proposition to launch to the market in the first half of this year but declined to give details at this stage.

Online Editors

Business Newsletter

Read the leading stories from the world of Business.

Also in Business