In contrast, there are 20 different general insurers in the market. And a new operator will in turn push rivals VHI, Aviva and Quinn -- now renamed Laya -- to drop their premium prices. Health premiums have shot up by 50pc in the past 18 months, putting a huge squeeze on household budgets. Some 6,000 people a month are being forced to give up private medical insurance. But a new player would bring fresh competition into the market, try to pick up some of these customers, and force the existing players to react. It is understood the new group will not need a licence from the Central Bank as it will operate here under a "passporting" rule that allows companies with licences in EU countries to operate across borders. The new health insurer is set to use Munich Re's Great Lakes health insurance licence from Britain to operate here. Investors in the new health insurer include Irish Life and Munich Re, along with the original founders of Vivas, which was bought in 2004 by Aviva.