It is anticipated that the new company will start offering private health insurance policies in the second half of 2024, pending regulatory clearance.

According to Aviva, which will own a 50% stake in the business, "a group of senior executives with significant experience in both setting up and running health insurance businesses in Ireland" founded the new company.

Declan O'Rourke, CEO of Aviva Insurance Ireland, called the move "great news for Irish consumers as it will provide greater choice and value".

"This investment expands Aviva’s offering in Ireland to General, Life and Health Insurance and further demonstrates Aviva’s commitment to continue to grow in Ireland as a leading financial services provider," he stated.

Insurance specialist Dermot Goode of commented on the news and concurred that consumers will gain from increased competition in the Irish private health insurance market.

"There’s nothing like extra competition to drive better value for all consumers and employers," he stated.

Mr. Goode continued, "Any new player entering the market will need to swiftly gain scale, which calls for both competitive pricing and improved benefits.

"This in turn will lead to a reaction from the existing insurers which hopefully will lead to better value for all insured and those considering joining."

The planned start date for the new insurer should arrive in time to help the 1.2 million people who are up for renewal during that window, he added, noting that the peak season for health insurance renewals is from December to February.

"Overall, this is good news but will we need to see the details before we know the extent of the impact on health insurance members," said Mr. Goode.