Ireland Insurance Industry – Key Trends and Opportunities to 2028
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Ireland Insurance Market Report Overview
The gross written premium of the Ireland insurance market was EUR26.2 billion ($26.8 billion) in 2023. The market will achieve a CAGR of more than 6% during 2024-2028. The Ireland insurance market research report provides in-depth market analysis, information, and insights into the Ireland insurance industry. It provides a detailed outlook by product category as well as values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review and forecast periods.
Ireland Insurance Market Outlook, 2023-2028 (EUR Billion)
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The Ireland insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of Ireland economy and demographics. It further evaluates the competitive landscape, which entails information on segment dynamics, competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations and recent changes in the regulatory structure.
Market Size (2023) | EUR26.2 billion ($26.8 billion) |
CAGR (2024-2028) | >6% |
Forecast Period | 2024-2028 |
Historical Period | 2019-2023 |
Key Segments | · General Insurance
· Life Insurance |
Key Companies | · Irish Life Assurance
· Zurich Life Assurance · New Ireland Assurance · Aviva Life & Pensions Ireland · Standard Life International |
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Ireland Insurance Market Trends
The key trends impacting the Ireland insurance market are ESG and Insurtech. CBI guidance, amended in August 2022, mandates insurance firms to integrate climate risks comprehensively across governance, strategy, and daily operations. The CBI emphasized insurers’ pivotal role in sustainability and demanded a thorough review of existing frameworks to align with climate change concerns.
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Ireland Insurance Market by Segments
The key segments in the Ireland insurance market are life insurance and general insurance. The life insurance segment dominated the Ireland insurance market in 2023 and is expected to register significant growth over 2024-2028.
Ireland Insurance Market Analysis by Segments, 2023 (%)
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Ireland Insurance Market – Competitive Landscape
In 2022, Irish Life Assurance accounted for the highest market share in the Ireland life insurance market
A few of the key companies in the Ireland insurance market are:
- Irish Life Assurance
- Zurich Life Assurance
- New Ireland Assurance
- Aviva Life & Pensions Ireland
- Standard Life International
Ireland Life Insurance Market Analysis by Companies, 2022(%)
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Ireland Insurance Market – Latest Developments
- On December 23, 2023, Statutory Instruments No. 658 of 2023, stipulating the European Union (Motor Insurance) (Exclusion of Certain Contributions to the Insurance Compensation Fund and the Motor Insurers Insolvency Compensation Fund) Regulations 2023, came into effect.
- On November 16, 2023, the CBI issued regulations and guidance to firms on the Individual Accountability Framework to enhance governance, performance, and accountability in financial services, including the insurance sector.
Ireland Insurance Market Segments Outlook (Value, BAM Million, 2019-2028)
- Life Insurance
- General Insurance
Scope
This report provides a comprehensive analysis of the Ireland insurance industry. It also offers:
- Historical values for the Ireland insurance industry for the review period, 2019-2023, and projected figures for the forecast period, 2024-2028.
- A detailed analysis of the key categories in the Ireland insurance industry and market forecasts up to 2028.
- Insights on key regulations affecting the market.
- Analysis of distribution channels operating in the segment, an overview of the Ireland economy and demographics, and detailed information on the competitive landscape in the country.
- Profiles of the top life insurance companies in Ireland and Herzegovina and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the Ireland and Herzegovina insurance industry.
- A comprehensive overview of the Ireland and Herzegovina economy, government initiatives, and investment opportunities.
- The Ireland and Herzegovina insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- The Ireland and Herzegovina insurance industry’s market structure giving details of lines of business.
- Ireland and Herzegovina’s reinsurance business’s market structure giving details of premium ceded along with cession rates.
Reasons to Buy
- Make strategic business decisions using in-depth historical and forecast market data related to the Ireland insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Ireland insurance industry.
- Assess the competitive dynamics in the Ireland insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
Zurich Life Assurance
VHI Insurance
Standard Life International
New Ireland Assurance
AXA Insurance
Aviva Life & Pensions Ireland
XL Insurance Company
Table of Contents
Frequently asked questions
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What was the Ireland insurance market gross written premium in 2023?
The gross written premium of the Ireland insurance market was EUR26.2 billion ($26.8 billion) in 2023.
-
What will the growth rate of the Ireland insurance market be during the forecast period?
The insurance market in Ireland is expected to achieve a CAGR of more than 6% during 2024-2028.
-
Which segment dominated the Ireland insurance market in 2023?
The life insurance segment dominated the Ireland insurance market in 2023.
-
Which are the major companies operating in the Ireland insurance market?
A few of the key companies in the Ireland insurance market are Irish Life Assurance, Zurich Life Assurance, New Ireland Assurance, Aviva Life & Pensions Ireland and Standard Life International among others.
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