Non-Life Insurance in Ireland, Key Trends and Opportunities to 2020

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Published: May 25, 2017 Report Code: GD-IS1470MR-ST

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GlobalData’s 'Non-Life Insurance in Ireland, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Irish non-life insurance segment, and a comparison of the Irish insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Irish economy and demographics, explains the various types of natural hazard and their impact on the Irish insurance industry, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and 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.

Scope

This report provides a comprehensive analysis of the non-life insurance segment in Ireland:

• It provides historical values for the Irish non-life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

• It offers a detailed analysis of the key categories in the Irish non-life insurance segment, and market forecasts to 2020.

• It provides a comparison of the Irish non-life insurance segment with its regional counterparts

• It analyzes the various distribution channels for non-life insurance products in Ireland.

• It analyzes various natural hazards and their impact on the Irish insurance industry

• It profiles the top non-life insurance companies in Ireland, and outlines the key regulations affecting them.

Key Highlights

• The Irish non-life segment is moderately concentrated, with the 10 leading insurers accounting for 73.0% of the segment’s gross written premium in 2015.

• Solvency ll was implemented on January 1, 2016.

• On September 4, 2014, the European Court of Justice delivered a judgment stating that motor insurance should cover accidents on private land.

• In 2015, brokers accounted for 58.9% of the segment’s direct written premium, while direct marketing accounted for 41.1%.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Irish non-life insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Irish non-life insurance segment.

• Assess the competitive dynamics in the non-life insurance segment.

• Identify growth opportunities and market dynamics in key product categories.

• Gain insights into key regulations governing the Irish insurance industry, and their impact on companies and the industry's future.

Axa
Allianz Plc
FBD
CNP Santander Insurance Europe
CACI Non-Life
ENI Insurance
Euro Insurances
Zurich Insurance plc
Aetna Health
Irish Public Bodies

Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Gross written premium

4.2.2 Claims

4.2.3 Profitability

4.2.4 Assets and investments

5 Outlook by Category

5.1 Property Insurance

5.1.1 Product overview

5.1.2 Premium

5.1.3 Claims

5.1.4 Profitability

5.2 Motor Insurance

5.2.1 Product overview

5.2.2 Premium

5.2.3 Claims

5.2.4 Profitability

5.3 Liability Insurance

5.3.1 Product overview

5.3.2 Premium

5.3.3 Claims

5.3.4 Profitability

5.4 Marine, Aviation and Transit Insurance

5.4.1 Product overview

5.4.2 Premium

5.4.3 Claims

5.4.4 Profitability

6 Distribution Channel Outlook

6.1 Analysis by Distribution Channel

7 Natural and Man-Made Hazards

7.1 Flooding

7.2 Storms

7.3 Earthquakes

7.4 Extreme Temperature

7.5 Exposure

8 Competitive Landscape

8.1 Company Profiles

8.1.1 Axa Insurance Ltd – company overview

8.1.2 Allianz Plc – company overview

8.1.3 FBD Insurance Plc – company overview

8.1.4 CNP Santander Insurance Europe – company overview

8.1.5 CACI Non-Life – company overview

9 Governance, Risk and Compliance

9.1 Legislation Overview and Historical Evolution

9.2 Latest Changes in Regulation

9.3 Legislation and Market Practice by Type of Insurance

9.3.1 Life insurance

9.3.2 Property insurance

9.3.3 Motor insurance

9.3.4 Liability insurance

9.3.5 Marine, aviation and transit insurance

9.3.6 Personal accident and health insurance

9.4 Compulsory Insurance

9.4.1 Social security insurance

9.4.2 Motor third-party liability insurance

9.4.3 Air carriers and aircraft operators insurance

9.4.4 Professional indemnity insurance for alternative investment fund managers

9.4.5 Public liability for vessels licensed to carry more than 12 passengers

9.4.6 Passenger liability insurance for railway operators

9.4.7 Professional indemnity insurance for solicitors

9.4.8 Professional indemnity insurance for accountants

9.4.9 Professional indemnity insurance for brokers

9.4.10 Clinical trial liability insurance

9.4.11 Liability for ships with respect to oil pollution

9.5 Supervision and Control

9.5.1 International Association of Insurance Supervisors

9.5.2 European Insurance and Occupational Pensions Authority

9.5.3 Federation of European Risk Management Associations

9.5.4 Central Bank of Ireland

9.6 Non-Admitted Insurance Regulations

9.6.1 Overview

9.6.2 Intermediaries

9.6.3 Market practices

9.6.4 Fines and Penalties

9.7 Company Registration and Operations

9.7.1 Type of insurance organization

9.7.2 Establishing a local company

9.7.3 Foreign ownership

9.7.4 Types of license

9.7.5 Capital requirements

9.7.6 Solvency margin

9.7.7 Reserve requirements

9.7.8 Investment regulations

9.7.9 Statutory return requirements

9.7.10 Fee structure

9.8 Taxation

9.8.1 Insurance premium or policy taxation

9.8.2 Withholding taxes on premium paid overseas

9.8.3 Corporate tax

9.8.4 VAT

9.8.5 Captives

9.9 Legal System

9.9.1 Introduction

9.9.2 Access to court

9.9.3 Alternative dispute resolution

10 Databook

10.1 Policies and Premium

10.2 Claims and Expenses

10.3 Assets and Investments

10.4 Direct Marketing and E-Commerce

10.5 Insurance Brokers and Agencies

10.6 Property Insurance

10.7 Property Insurance by Product

10.8 Motor Insurance

10.9 Liability Insurance

10.1 Marine, Aviation and Transit Insurance

11 Definitions and Methodology

11.1 Definitions

11.2 Methodology

12 About GlobalData

12.1 Contact GlobalData

12.2 About GlobalData

12.3 GlobalData’s Services

12.4 Disclaimer

Table

Table 1: Irish Non-Life Insurance – Key Facts, 2015

Table 2: Irish Non-Life Insurance – Segment Shares of the Top Insurers, 2015

Table 3: Irish Government Credit Ratings

Table 4: Irish Non-Life Insurance – Gross Written Premium (EUR Billion and US$ Billion), 2011–2015

Table 5: Irish Non-Life Insurance – Gross Written Premium (EUR Billion and US$ Billion), 2015–2020

Table 6: Irish Non-Life Insurance – Paid Claims (EUR Billion and US$ Billion), 2011–2015

Table 7: Irish Non-Life Insurance – Paid Claims (EUR Billion and US$ Billion), 2015–2020

Table 8: Irish Non-Life Insurance – Profitability Ratio (%), 2011–2015

Table 9: Irish Non-Life Insurance – Profitability Ratio (%), 2015–2020

Table 10: Irish Non-Life Insurance – Total Assets (EUR Billion and US$ Billion), 2011–2015

Table 11: Irish Non-Life Insurance – Total Assets (EUR Billion and US$ Billion), 2015–2020

Table 12: Irish Non-Life Insurance – Total Investment Income (EUR Million and US$ Million), 2011–2015

Table 13: Irish Non-Life Insurance – Total Investment Income (EUR Million and US$ Million), 2015–2020

Table 14: Irish Non-Life Insurance – Investment Portfolio (EUR Billion), 2011–2015

Table 15: Irish Non-Life Insurance – Investment Portfolio (EUR Billion), 2015–2020

Table 16: Irish Non-Life Insurance – Direct Written Premium by Category (EUR Million),2011–2015

Table 17: Irish Non-Life Insurance – Direct Written Premium by Category (EUR Million), 2015–2020

Table 18: Irish Property Insurance – Direct Written Premium by Sub-Category (EUR Million), 2011–2015

Table 19: Irish Property Insurance – Direct Written Premium by Sub-Category (EUR Million), 2015–2020

Table 20: Irish Property Insurance – Paid Claims (EUR Million and US$ Million), 2011–2015

Table 21: Irish Property Insurance – Paid Claims (EUR Million and US$ Million), 2015–2020

Table 22: Irish Property Insurance – Loss Ratio (%), 2011–2015

Table 23: Irish Property Insurance – Loss Ratio (%), 2015–2020

Table 24: Irish Motor Insurance – Direct Written Premium (EUR Billion), 2011–2015

Table 25: Irish Motor Insurance – Direct Written Premium (EUR Billion), 2015–2020

Table 26: Irish Motor Insurance – Paid Claims (EUR Billion and US$ Billion), 2011–2015

Table 27: Irish Motor Insurance – Paid Claims (EUR Billion and US$ Billion), 2015–2020

Table 28: Irish Motor Insurance – Loss Ratio (%), 2011–2015

Table 29: Irish Motor Insurance – Loss Ratio (%), 2015–2020

Table 30: Irish Liability Insurance – Direct Written Premium (EUR Million), 2011–2015

Table 31: Irish Liability Insurance – Direct Written Premium (EUR Million), 2015–2020

Table 32: Irish Liability Insurance – Paid Claims (EUR Million and US$ Million), 2011–2015

Table 33: Irish Liability Insurance – Paid Claims (EUR Million and US$ Million), 2015–2020

Table 34: Irish Liability Insurance – Loss Ratio (%), 2011–2015

Table 35: Irish Liability Insurance – Loss Ratio (%), 2015–2020

Table 36: Irish Marine, Aviation and Transit Insurance – Direct Written Premium (EUR Million), 2011–2015

Table 37: Irish Marine, Aviation and Transit Insurance – Direct Written Premium (EUR Million), 2015–2020

Table 38: Irish Marine, Aviation and Transit Insurance – Paid Claims (EUR Million and US$ Million), 2011–2015

Table 39: Irish Marine, Aviation and Transit Insurance – Paid Claims (EUR Million and US$ Million), 2015–2020

Table 40: Irish Marine, Aviation and Transit Insurance – Loss Ratio (%), 2011–2015

Table 41: Irish Marine, Aviation and Transit Insurance – Loss Ratio (%), 2015–2020

Table 42: Irish Non-Life Insurance – Direct Written Premium by Distribution Channel (EUR Billion), 2011–2015

Table 43: Irish Non-Life Insurance – Direct Written Premium by Distribution Channel (EUR Billion), 2015–2020

Table 44: Irish Non-Life Insurance – Percentage of Direct Written Premium Ceded, by Distribution Channel, 2011–2020

Table 45: Claim Breakdown for December 2013 – January 2014 Floods and Storms

Table 46: Irish Non-Life Insurance – Segment Shares of the Leading Insurers (%), 2015

Table 47: Axa Insurance Ltd – Key Facts

Table 48: Axa Insurance Ltd – Key Financials (EUR Million), 2011–2015

Table 49: Allianz Plc – Key Facts

Table 50: Allianz Plc – Key Financials (EUR Million), 2011–2015

Table 51: FBD Insurance Plc – Key Facts

Table 52: FBD Insurance Plc – Key Financials (EUR Million), 2011–2015

Table 53: Axa Insurance Ltd – Key Facts

Table 54: Axa Insurance Ltd – Key Financials (EUR Million), 2011–2015

Table 55: CACI Non-Life – Key Facts

Table 56: CACI Non-Life – Key Financials (EUR Million), 2011–2015

Table 57: Ireland – Insurance Regulatory Framework Key Features

Table 58: Ireland – Life Insurance Regulatory Framework

Table 59: Ireland – Property Insurance Regulatory Framework

Table 60: Ireland – Motor Insurance Regulatory Framework

Table 61: Ireland – Liability Insurance Regulatory Framework

Table 62: Ireland – Minimum Cover for Aircraft Third-Party Liability Per Accident Per Aircraft

Table 63: Ireland – Insurance Funding Levy

Table 64: Ireland – Corporate Tax Rates for the Financial Year 2017

Table 65: Irish Insurance Industry – Policies and Premium, 2011–2015

Table 66: Irish Insurance Industry – Policies and Premium, 2015–2020

Table 67: Irish Non-Life Insurance – Claims and Expenses, 2011–2015

Table 68: Irish Non-Life Insurance – Claims and Expenses, 2015–2020

Table 69: Irish Non-Life Insurance – Assets and Investments, 2011–2015

Table 70: Irish Non-Life Insurance – Assets and Investments, 2015–2020

Table 71: Irish Non-Life Insurance – Direct Marketing, 2011–2015

Table 72: Irish Non-Life Insurance – Direct Marketing, 2015–2020

Table 73: Irish Non-Life Insurance – Insurance Brokers and Agencies, 2011–2015

Table 74: Irish Non-Life Insurance – Insurance Brokers and Agencies, 2015–2020

Table 75: Irish Non-Life Insurance – Property Insurance, 2011–2015

Table 76: Irish Non-Life Insurance – Property Insurance, 2015–2020

Table 77: Irish Non-Life Insurance – Property Insurance by Product, 2011–2015

Table 78: Irish Non-Life Insurance – Property Insurance by Product, 2015–2020

Table 79: Irish Non-Life Insurance – Motor Insurance, 2011–2015

Table 80: Irish Non-Life Insurance – Motor Insurance, 2015–2020

Table 81: Irish Non-Life Insurance – Liability Insurance, 2011–2015

Table 82: Irish Non-Life Insurance – Liability Insurance, 2015–2020

Table 83: Irish Non-Life Insurance – Marine, Aviation and Transit Insurance, 2011–2015

Table 84: Irish Non-Life Insurance – Marine, Aviation and Transit Insurance, 2015–2020

Table 85: Insurance Industry Definitions

Figures

Figure 1: Irish Real GDP (EUR Billion), 2011–2020

Figure 2: Irish Consumer Price Inflation, 2011–2020

Figure 3: Irish Current Account Balance, 2011–2015

Figure 4: Irish Unemployment Rate, 2011–2020

Figure 5: Irish Population by Age Group, 1996–2025

Figure 6: Irish Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015

Figure 7: Irish Non-Life Insurance – Gross Written Premium (EUR Billion), 2011–2020

Figure 8: Irish Non-Life Insurance – Paid Claims (EUR Billion), 2011–2020

Figure 9: Irish Non-Life Insurance – Profitability Ratio (%), 2011–2020

Figure 10: Irish Non-Life Insurance – Total Assets (EUR Billion), 2011–2020

Figure 11: Irish Non-Life Insurance – Total Investment Income (EUR Million), 2011–2020

Figure 12: Irish Non-Life Insurance – Investment Portfolio (EUR Billion), 2011–2020

Figure 13: Irish Non-Life Insurance – Investment Portfolio Dynamics by Category, 2011–2020

Figure 14: Irish Non-Life Insurance – Direct Written Premium by Category (EUR Million), 2011–2020

Figure 15: Irish Non-Life Insurance – Direct Written Premium Dynamics by Category, 2011–2020

Figure 16: Irish Property Insurance – Construction Value Output by Category (EUR Billion), 2011–2020

Figure 17: Irish Housing Units with Construction Permission Granted, 2008–2016

Figure 18: Irish Burglary Incidents, 2008–2015

Figure 19: Irish Property Insurance – Direct Written Premium by Sub-Category (EUR Million), 2011–2020

Figure 20: Irish Property Insurance – Direct Written Premium Dynamics by Sub-Category, 2011–2020

Figure 21: Irish Property Insurance – Paid Claims (EUR Million), 2011–2020

Figure 22: Irish Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (EUR Million and %), 2011–2020

Figure 23: Irish New Vehicle Registrations, 2011–2016

Figure 24: Irish Motor Insurance – Direct Written Premium by Sub-Category (EUR Billion), 2011–2020

Figure 25: Irish Motor Insurance – Paid Claims (EUR Billion), 2011–2020

Figure 26: Irish Motor Insurance – Earned Premium, Incurred Loss and Loss Ratio (EUR Billion and %), 2011–2020

Figure 27: Irish Liability Insurance – Direct Written Premium (EUR Million), 2011–2020

Figure 28: Irish Liability Insurance – Paid Claims (EUR Million), 2011–2020

Figure 29: Irish Liability Insurance – Earned Premium, Incurred Loss and Loss Ratio (EUR Million and %), 2011–2020

Figure 30: Irish Merchandise Exports and Imports, 2011–2016

Figure 31: Irish Marine, Aviation and Transit Insurance – Direct Written Premium (EUR Million), 2011–2020

Figure 32: Irish Marine, Aviation and Transit Insurance – Paid Claims (EUR Million), 2011–2020

Figure 33: Irish Marine, Aviation and Transit Insurance – Earned Premium, Incurred Loss and Loss Ratio (EUR Million and %), 2011–2020

Figure 34: Irish Non-Life Insurance – Direct Written Premium by Distribution Channel (%), 2011, 2015 and 2020

Figure 35: Irish – Frequency of Hazards by Type, 1990–2014

Figure 36: Irish Mortality by Hazards Type, 1990–2014

Figure 37: Irish Economic Loss by Hazards Type, 1990–2014

Figure 38: Irish Non-Life Insurance – Segment Shares of the Leading Insurers (%), 2015

Figure 39: Ireland – Insurance Supervision and Control at Various Levels

Figure 40: Ireland – Insurance Regulatory Frameworks for Company Registration and Operation

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