Axa abandons insurers’ trade body

Axa will quit the Irish Insurance Federation (IIF) after claiming it can no longer afford the membership cost due to the economic climate.

The insurer told the Irish Independent it will save €100,000 by quitting the organisation in February, leaving other businesses to cover the lobby group's costs.

Mike Kemp, the chief executive of the IIF, said the group delivers value for money for insurers by lobbying on their behalf, supplying regulatory information and providing a fraud database.

IIF chief executive Mike Kemp insisted his organisation delivered "value for money" by lobbying on key issues in Ireland and abroad, keeping members updated on regulatory affairs and providing services like a fraud data base.

Kemp said Axa would no longer be allowed to access the fraud database or have any influence on the lobbying position the IIF will take in future, but admitted the insurer will still benefit indirectly from some of the IIF's work.

Other major insurers, including Aviva, MetLife, Canada Life, Prudential, Royal London, Standard Life and Zurich remain in the IIF.