Our original objective remains the same today as it did in 1926; a mutual insurer owned by Members to underwrite and manage their risk exposures.
The story of the origins and early development of IPB Insurance is inextricably bound up with the challenge of state-building that faced the first government of the Irish Free State in the 1920s.
The Civil War, which followed the foundation of the State, left it with a mountain of debt at central and local Government levels. Budgetary concerns dominated during this period ensuring a strong emphasis on economy and fiscal retrenchment, meanwhile financial pressures bore down heavily on individual councils.
At a meeting of the General Council of County Councils on 9 December 1925 it was decided to correct the imbalance between insurance costs and benefits. It was agreed that public bodies should become their own insurers and control their own affairs. This set in motion the events that ultimately saw the passing of the Local Authorities (Mutual Assurance) Act, 1926 which passed into law in July of that year and was created to facilitate the establishment of mutual insurance companies by local authorities.
Now, over 90 years since IPB’s formation, the ideal remains; that as a nation we can and should support our own interests. The self-sufficient vision of the first post-independence Irish parliamentarians is reflected in the legacy that IPB Insurance shares today. A mutual insurer owned and managed on behalf of its Members.