A new health insurer has entered the Irish market today.

GloHealth is being set up by three former Aviva executives and Oliver Tattan, the former VHI chief executive and one of the founders of Vivas Health Insurance which is now part of Aviva. The company has backing from Irish Life.

The new company is expected to create 150 jobs within three to four years as the business expands, with 45 of these positions already filled.

Its policies are being underwritten by Great Lakes Reinsurance, a subsidiary of Munich Re, one of the world's biggest reinsurers which has an annual premium of about €50 billion.

One of the company's innovations is the introduction of hospital cash plans. These provide cash back towards a variety of daily health expenses - including GP, dental and optical - as well as cash to cover some hospital expenses.

GloHealth said these plans will appeal both to those who already have health insurance but want more cover for daily expenses as well as to those who do not have health insurance or can no longer afford it.