McSharry: many firms underinsured

THE president of the Irish Brokers has warned that many individuals and companies were now underinsured and could find that their policies were worthless in the event of a claim.

Donagh McSharry said the problem of underinsurance had increased significantly in recent years as more and more insurance companies focussed on their “direct channels”, channels which deal with customers directly over the phone or by internet rather than through intermediaries or brokers.

He said: “There is growing evidence that the focus on providing cheap cover is dissuading people from ensuring through proper advice that they have the right cover for their needs.”