The Central Bank has granted OUTsurance, a new insurance company to the Irish market, a licence to operate here.
OUTsurance is based in South Africa and was founded in 1998. It has operations in South Africa and Australia and is listed on the Johannesburg Stock Exchange.
The company plans to launch in Ireland in the second half of this year and will focus on home and motor insurance for consumers here.
Minister for Financial Services, Credit Unions and Insurance Jennifer Carroll MacNeill said the news that OUTsurance is entering the market here is good news for Irish consumers.
"Later this year everyone will have a new choice of insurer to explore when taking out home or motor insurance. More competition in the Irish insurance market is good for people in Ireland," the Minister of State said.
"The move by OUTsurance is a vote of confidence in the pace and scale of recent Government changes under the Action Plan for Insurance Reform and the government is working to make sure these benefits stick for consumers in Ireland," she said.
"Ireland now offers a more stable and attractive operating environment for international insurers to come here and compete in," she added.
