Fourth health insurer to enter market

A significant jobs announcement will be made later by a new health insurer coming into the market.

Glo Health will be officially launched as Ireland's fourth health-insurance provider in Dublin, where details of its products will also be unveiled.

It is understood there will be just five health insurance products at launch, but customers will be able to tailor their policies.

Insurance company Irish Life is to take a 30% stake in the new company.

The move is likely to spark a price war amongst health insurers.

It is understood the new firm, set up by former Aviva Healthcare boss Jim Dowdall, will target families and will offer free cover to children under three years of age.

The VHI, Laya and Aviva are expected to reduce their prices and offer better benefits in reaction to the new player.

Health premiums have shot up by 50% in the last 18 months, causing many to cancel their medical insurance.

It is estimated 1,000 people are dropping their health insurance each week in a bid to save money.