View more on these topics

Bupa withdraws from Irish market over court judgment

Bupa has pulled out of the Irish market in a move that could see 300 job losses following a High Court judgment that would have forced it to pay out an estimated 20m.

The judgment in November ruled that Bupa would have to make risk-equalisation payments to the state-owned insurer VHI over a three-year period which would be more than double Bupa Ireland’s estimated surpluses over the same period.

Bupa Ireland has around 300 staff and 475,000 customers. It is not known what will happen to the staff but the company says it will try to minimise the impact.

It will no longer accept new business and current members’ policies will not be renewed.

The Irish government imposed the risk-equalisation scheme in December last year. It means that insurers with a higher number of elderly customers who claim more are compensated by insurers with fewer elderly customers.

Bupa estimates the cost of withdrawing from the Irish market, including legal fees, will be 13m.

Bupa Ireland chief executive Val Gooding says: “In all our discussions with the government, we have emphasised consistently that the level of payments being proposed would make our Irish business unviable. We have been left with no choice but to close.”


In the out door

The wrangle over contracting-out advice is coming to the fore.

BM revamps BTL and self-cert ranges

BM Solutions has today launched a number of new products across its buy-to-let, self-cert and mainstream ranges.Its BTL range includes a two-year product, which tracks the base rate at -0.01 per cent for two years, with a £599 arrangement fee. Other BTL products include a two-year tracker at base rate +0.09 per cent which comes […]

In denial

Two current industry issues prove the adage that you get what you pay for.

Women take cover

Helen Pow says women’s protection premiums are higher than for men as the statistics show that females claim earlier but the increased rates are not putting off women from taking out insurance.

Rayner Spencer Mills: Why we rate the Artemis Global Growth Fund

Ken Rayner and Graham O’Neill from RSM explain why they rate the fund, its investment process and how it can be used in a portfolio. The Artemis Global Growth Fund became a RSM ‘rated’ fund earlier this year. In this video, Ken Rayner and Graham O’Neill explain the fund’s investment approach, why they rate it, […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm