South African insurer OUTsurance is aiming to add competitive pressure in the home and motor insurance market here where premiums have risen lately. It is offering discounts of 10pc on premiums in cash for customers that hold their OUTsurance policy claims-free for three years. Chief executive Peter Broome, asked whether the company would compete on price, said: “Yes, 100pc, we will compete on price. The company said it aimed to challenge accepted market norms with the introduction of its ‘OUTbonus’ cash-back scheme. Minister of State with responsibility for Financial Services, Credit Unions and Insurance Neale Richmond welcomed the new rival in the insurance market.

Source: Irish Independent May 13, 2024 16:16 UTC