South African insurer OUTsurance has been granted a licence by the Central Bank to enter the Irish market, with the group planning to grow an Irish workforce of around 300 over the next three years.

The insurer plans to launch in Ireland in the first half of this year, initially focusing on home and motor insurance.

In a statement on Friday, OUTsurance said it is pleased to have obtained authorisation from the Central Bank to operate as a non-life insurance undertaking in the Irish market.

“We now look forward to commencing operations offering car and home insurance in the first half of 2024 when we will provide competitive prices, deliver amazing service and build trust with Irish consumers for many years to come,” the insurer said.

Founded in 1998, OUTsurance has operations in South Africa as well as Australia. One of the largest insurers in its native market, it is also listed on the Johannesburg Stock Exchange.

Having been granted a licence by the Central Bank in December, the company plans to operate out of offices in Cherrywood Business Campus in Dublin, and is already hiring frontline staff with an aim to grow to a workforce of around 300 over the next three years.

Minister for Financial Services, Credit Unions and Insurance Jennifer Carroll MacNeill welcomed the new player in the insurance market as “good news for Irish consumers”.

“Later this year everyone will have a new choice of insurer to explore when taking out home or motor insurance. More competition in the Irish insurance market is good for people in Ireland,” she said.

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Minister MacNeill said that the move by OUTsurance is a “vote of confidence” in recent Government changes under its action plan for insurance reform.

Published in 2020, the action plan included reforms to personal injuries guidelines and the Personal Injuries Assessment Board (PIAB) as well as rebalancing the legal duty of care, tackling fraud, and introducing the Office to Promote Competition in the Insurance Market.

“Ireland now offers a more stable and attractive operating environment for international insurers to come here and compete in,” said Minister MacNeill.