Covering Ireland. Completely.
When we launched iSure, we did so with the knowledge that understanding the Irish Insurance market was critical to our success. Today, we are pleased to announce the introduction of index linking on our property policies. This decision aims to protect policyholders from inflation and ensure policies maintain the intended level of cover.
Understanding the Irish Broker Market
Here at iSure we also recognise the importance of understanding and meeting the needs of our broker partners. Our dedicated people are available from our strategic hubs of Cavan in the north and Cork in the south. With a focus on putting brokers in control, iSure has doubled its headcount in the last two years, keeping up with the growing demand for our services.
Introducing Index Linking
Inflation is currently at record levels and there is a significant risk that policyholders could be left grossly underinsured, exposing them to tens of thousands of unforeseen costs in the event of a claim. To address this issue, iSure introduced index linking on our property policies.
What is Index Linking?
Index linking is essentially a process of linking sums insured to the most relevant Consumer Price Index to ensure insurance policies maintain the level of cover intended at the commencement of the policy.
While inflation figures offer a blanket index to rising costs, it fails to take into account the costing relevant to policyholders’ assets. iSure’s index linking provides a much more relevant assessment of inflationary impacts on the various risks covered in our insurance policies.
We review the Society of Chartered Surveyors Ireland (SCSI) Tender Price Index and the results from the Central Statistics Office and then apply the required percentage upload to sums insured at renewal.
Implementation and Benefits
Index linking has been implemented across our property owners, unoccupied property owners and commercial combined products, including contents. As an additional protection, we also offer day one uplift at 15% as standard. This move is aimed at preventing underinsurance and reducing the risk of unexpected costs in the event of a claim.
With our proven, deep understanding of the Irish broker market, iSure is constantly thinking of ways to improve its products to benefit policyholders. The introduction of index linking is a significant step towards this goal, providing much needed protection for policyholders in these challenging times.