Irish deputy prime minister briefs Lloyd's executives

Irish deputy prime minister (Tanaiste) Mary Harney said she was "hopeful" following her meeting with leading Lloyd's executives this week.

The Tanaiste visited Lloyd's in an effort to encourage UK insurance companies to quote for business in the Irish market.

"The meeting went very well," the Tanaiste said. "A lot of interest was expressed and I am hopeful that a number of UK insurance companies will invest in the Irish market."

The Tanaiste was attempting to convince leading Lloyd's executives that changes implemented in the Irish market have resulted in fewer road accident and workplace claims as well as a reduction in fraudulent and exaggerated personal injury claims.

"There is much more confidence and stability in the Irish market as a result of the reforms," the Tanaiste said.

Harney, who is also the Progressive Democrats Leader, is aiming to entice more UK insurers into the Irish market in order to increase competition and, consequently, reduce premiums.

Around 100 UK insurance industry representatives, representing around 33 companies, met the Tanaiste at Lloyd's.

Among the new initiatives introduced by the Irish government to tackle problems in the insurance industry was the personal injuries assessment board (PIAB).