UK insurers tradionally averse to underwriting risks in Northern Ireland
Supermarket Asda is looking for an insurance partner to expand its insurance offering into Northern Ireland.
The supermarket, owned by US giant Wal-Mart, currently offers a range of personal lines insurance products to its customers through its stores and online.
But, at present none of its insurers is prepared to cover risks in Northern Ireland.
Gev Lynott, financial services director at Asda, said: “We are actively looking for an insurer for Northern Ireland. It’s not easy, but we are confident we can do it this year.”
Many UK insurers have traditionally been averse to underwriting risks in Northern Ireland. The motor insurance market, for instance, is different and claims payments are a lot higher than on the mainland.
Asda launched in the general insurance market in 2004. It offers home, motor, pet and travel insurance.
Its home and motor products are underwritten by a panel of insurers, its pet cover is provided by Allianz and its travel product is underwritten by Norwich Union.