Poor sales for gadget insurance company Protect Your Bubble have forced it to stop selling products into the Irish market.
Protect Your Bubble, one of the most-recognised specialist insurers in the UK, launched in Ireland six years ago. It began by offering iPhone insurance at €7.99 a month in 2013.
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In response to a query from the Sunday Independent, Protect Your Bubble director James Brown said that the company had “paused” its Irish offering.
“Protect Your Bubble is committed to providing a fresh and simple approach to insurance,” he said.
“When reviewing sales volumes in Ireland, we made the decision to pause new sales activity in the first quarter. This decision was not a consequence of Brexit.”
The company confirmed that it would continue to process claims from existing Irish customers.
Protect Your Bubble operates from offices in Windsor, while it had a call centre based in Cork up until 2014. It launched in America in 2012.
Speaking at the launch, former product head Stephen Ebbett said the Irish market was “similar to the UK” and that it was a “logical step” for the company.
The company’s insurance policies are underwritten by UK-based Assurant General Insurance (AGIL).
AGIL has said that it is “fully committed” to its policyholders in Europe, despite Britain’s looming exit from the EU.
Assurant is looking to ensure a “seamless transition” and it is currently working to establish a new insurance company in the Netherlands to underwrite policies going forward.
Protect Your Bubble said that it was “closely monitoring” the status of the Brexit negotiations.
A no-deal Brexit, where Assurant will struggle to sell into Europe, is looking increasingly likely.
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