A FOURTH COMPANY has entered the health insurance market in Ireland.
Set up with financial backing from Irish Life, GloHealth was launched this morning by its chief executive Jim Dowdall.
The company has filled 45 new positions but plans to create over 100 more within three to four years.
Speaking at the launch, Dowdall said that consumers in Ireland have been “crying out” for better cover.
“GloHealth brings a much needed injection of innovation, customer focus and competition which will be welcomed by over two million health insurance customers,” he added.
Its three core plans – entitled Good, Better and Best – have already been included on the Health Insurance Authority’s comparison tool.
A report earlier this year by the HIA found that up to 1,000 people per week are dropping their private health insurance policies to save money. Less than half of Ireland’s population is now covered by private health insurance.
The company has announced details of its Hospital Cash Plans which will provide money back to customers for daily health expenses, such as dentist and GP visits.
Starting from €15 per month for individuals and €20 per month for families, GloHealth says the plans will appeal to those who do not have health insurance or can no longer afford it.
Insurance expert Dermot Goode says it will be interesting to see how the other providers respond to the new player. “We could see a price and benefits war over the coming months which is all good news for consumers who are considering reducing or opting out of health insurance altogether.”
However, he warned that consumers still need to be cautious about changing their cover as they may be locked into contracts, making them liable for financial penalties.
GloHealth’s policies are underwritten by Great Lakes Reinsurance, a subsidiary of Munich Re, which has an annual premium income of about €50 billion.