Qatari insurance firm hopes to shake-up the Irish market

It is reported to be partnering with Chill

The Qatar Insurance Company is to enter the embattle Irish motor insurance market in a new joint venture operation with the owners of Chill Insurance.

According to The Irish Independent, Chill owners, Seamus and Padraig Lynch will own a majority stake in the new business, which will operate separately to Chill, though Chill's website will be the initial channel for the sale of its products in Ireland.

Qatar Insurance Company could use an entity in Malta to passport into Ireland.

The Qatari company has an “A” rating from Standards & Poors, it is quoted on the Qatar Stock Market.

It has strong capital backing and was already established a presence in other European countries.

The report says the new venture should get regulatory approval and begin operations here later this month and that it could start selling before the end of September.

According to the CSO motor insurance premiums leapt by 38.6% in June, when compared to the same month in 2015.