IRISH CREDIT UNIONS PLAN INSURANCE SALES

The board of the Irish League of Credit Unions is to investigate the feasibility of offering non-life insurance to members through their offices. At the biennial delegate meeting last week, support was strong for the industry as a whole to increase competition in the supply of insurance and to negotiate discounts with providers. Several individual credit unions and some small groups have recently arranged to act as intermediaries, but this would be the first move by the sector as a whole to enter the insurance distribution sector. Cork-based Bishopstown Credit Union announced last week that it would offer Royal Liver Insurance policies. Bishopstown CEO Ray Kenny said that “insurance is far too expensive in this country and the credit unions are in a unique position, because of their scale, to negotiate keen prices”.