Insurance Company Facing Redundancies Business Insurance
Liberty Insurance is making 70 staff redundant at the company’s commercial and administrative functions in Cavan and Dublin.
The redundancies are as a result of difficult market conditions. The company is targeting higher-performing segments as it expects financial break-even this year. The Company has concluded that market volatility, claims increases and excess capacity for commercial liability insurance which continues to drive pricing irrationality are the causes of the problems. Motor and household have improved over the past year remain difficult.
Chief executive Tom McIlduff said:
“This decision is an unfortunate one but reflects the difficulties in the Irish insurance market. We need to restructure our commercial division to reflect challenging market conditions. We will continue to be focused on our personal and commercial lines of business, and are committed to our broker and direct channels. Making these changes, while difficult will further enable us to strengthen our long term competitive position in Ireland.