Three top insurers suffer from Irish downgrade
Aviva, RSA and Allianz have all been restricted from providing cover for Irish state companies due to the country’s demotion by credit rating agencies.
According to the Irish Independent, the three insurers represent up to 40% of the general insurance market and as the country has been downgraded, the companies which are capitalised in Ireland have also been demoted, even though they meet solvency requirements of the Central Bank.
The Irish Insurance Federation has written to the Minister claiming the development has resulted in serious consequences for their business with one of the effects being that the insurers no longer meet the
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