It is a well known fact that when insurance companies have financial problems with share prices plunging and profits falling, they transfer the pain and suffering directly to their customers and policyholders in the form of insurance premium increases and more stringent and difficult claims settlement policies and conditions.
The latest headlines in the Irish Independent confirm that RSA shares plunge again as Zurich abandons takeover bid, after forecasting a third quarter loss of €129 million largely due to the devastating explosions in the Chinese port of Tianjin.
The ripple effect of RSA’s discovery of €274 million hole in the accounts of its Irish unit in 2013 continues to effect Irish customers with the imposition of increased insurance premiums and more complex and onerous methods of claim handling and settlement terms.
Similarly the recent troubles with FBD management changes along with lack of dividend payouts and reduced profitability is another issue which sees greater attempts to extract more money from over stressed Irish consumers and policy holders in particular.
To avoid being ripped off the Irish homeowner and property owner need to be more proactive and vigilant than ever in finding good value, fit for purpose property insurance and property claims advice.