Personal Accident and Health Insurance in Ireland, Key Trends and Opportunities to 2020

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Published: May 25, 2017 Report Code: GD-IS1471MR-ST

Report Overview
Key Players
Table of Contents
Table
Figures

GlobalData’s 'Personal Accident and Health Insurance in Ireland, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Irish personal accident and health insurance segment, and a comparison of the Irish insurance industry with its regional counterparts.

It provides 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, 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 personal accident and health insurance segment in Ireland:

• It provides historical values for the Irish personal accident and health 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 personal accident and health insurance segment, and market forecasts to 2020.

• It provides a comparison of the Irish personal accident and health insurance segment with its regional counterparts

• It provides an overview of the various distribution channels for personal accident and health insurance products in Ireland.

• It profiles the top personal accident and health insurance companies in Ireland, and outlines the key regulations affecting them.

Key Highlights

• The personal accident and health segment was dominated by the health category, which accounted for 91.7% of the segment’s gross written premium in 2015.

• In November 2016, the Department of Health announced a 10% rise in health insurance stamp duty, with effect from April 2017.

• Effective from May 1, 2015, new regulations were introduced for private health insurance policy pricing in Ireland.

• Solvency II was implemented on January 1, 2016.

Reasons to Buy

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

• Understand the demand-side dynamics, key market trends and growth opportunities in the Irish personal accident and health insurance segment.

• Assess the competitive dynamics in the personal accident and health 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.

VHI Insurance
Irish Life Health
FBD
Decare
Allianz Plc
RSA Insurance
Axa
Irish Public Bodies

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 and penetration

4.2.2 Claims

4.2.3 Profitability

4.2.4 Assets and investments

5 Outlook by Category

5.1 Personal Accident Insurance

5.1.1 Premium

5.1.2 Claims

5.1.3 Profitability

5.2 Health Insurance

5.2.1 Premium

5.2.2 Claims

5.2.3 Profitability

5.3 Travel Insurance

5.3.1 Premium

5.3.2 Claims

5.3.3 Profitability

6 Distribution Channel Outlook

7 Competitive Landscape

7.1 Company Profiles

7.1.1 VHI Insurance – company overview

7.1.2 Irish Life Health – company overview

7.1.3 FBD Insurance Plc – company overview

8 Governance, Risk and Compliance

8.1 Legislation Overview and Historical Evolution

8.2 Latest Changes in Regulation

8.3 Legislation and Market Practice by Type of Insurance

8.3.1 Life insurance

8.3.2 Property insurance

8.3.3 Motor insurance

8.3.4 Liability insurance

8.3.5 Marine, aviation and transit insurance

8.3.6 Personal accident and health insurance

8.4 Compulsory Insurance

8.4.1 Social security insurance

8.4.2 Motor third-party liability insurance

8.4.3 Air carriers and aircraft operators insurance

8.4.4 Professional indemnity insurance for alternative investment fund managers

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

8.4.6 Passenger liability insurance for railway operators

8.4.7 Professional indemnity insurance for solicitors

8.4.8 Professional indemnity insurance for accountants

8.4.9 Professional indemnity insurance for brokers

8.4.10 Clinical trial liability insurance

8.4.11 Liability for ships with respect to oil pollution

8.5 Supervision and Control

8.5.1 International Association of Insurance Supervisors

8.5.2 European Insurance and Occupational Pensions Authority

8.5.3 Federation of European Risk Management Associations

8.5.4 Central Bank of Ireland

8.6 Non-Admitted Insurance Regulations

8.6.1 Overview

8.6.2 Intermediaries

8.6.3 Market practices

8.6.4 Fines and Penalties

8.7 Company Registration and Operations

8.7.1 Type of insurance organization

8.7.2 Establishing a local company

8.7.3 Foreign ownership

8.7.4 Types of license

8.7.5 Capital requirements

8.7.6 Solvency margin

8.7.7 Reserve requirements

8.7.8 Investment regulations

8.7.9 Statutory return requirements

8.7.10 Fee structure

8.8 Taxation

8.8.1 Insurance premium or policy taxation

8.8.2 Withholding taxes on premium paid overseas

8.8.3 Corporate tax

8.8.4 VAT

8.8.5 Captives

8.9 Legal System

8.9.1 Introduction

8.9.2 Access to court

8.9.3 Alternative dispute resolution

9 Databook

9.1 Policies and Premium

9.1.1 Claims and Expenses

9.1.2 Assets and Investments

9.1.3 Personal Accident Insurance

9.1.4 Health Insurance

9.1.5 Health Insurance by Product

9.1.6 Travel Insurance

10 Definitions and Methodology

10.1 Definitions

10.2 Methodology

11 About GlobalData

11.1 Contact GlobalData

11.2 About GlobalData

11.3 GlobalData’s Services

11.4 Disclaimer

Table

Table 1: Irish Personal Accident and Health Insurance – Key Facts, 2015

Table 2: Irish Personal Accident and Health Insurance – Segment Shares of the Top Insurers, 2015

Table 3: Irish Government Credit Ratings

Table 4: Irish Personal Accident and Health Insurance – Gross Written Premium (EUR Billion and US$ Billion), 2011–2015

Table 5: Irish Personal Accident and Health Insurance – Gross Written Premium (EUR Billion and US$ Billion), 2015–2020

Table 6: Irish Personal Accident and Health Insurance – Paid Claims (EUR Million and US$ Million), 2011–2015

Table 7: Irish Personal Accident and Health Insurance – Paid Claims (EUR Billion and US$ Billion), 2015–2020

Table 8: Irish Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2015

Table 9: Irish Personal Accident and Health Insurance – Profitability Ratio (%), 2015–2020

Table 10: Irish Personal Accident and Health Insurance – Total Assets (EUR Billion and US$ Billion), 2011–2015

Table 11: Irish Personal Accident and Health Insurance – Total Assets (EUR Billion and US$ Billion), 2015–2020

Table 12: Irish Personal Accident and Health Insurance – Total Investment Income (EUR Million and US$ Million), 2011–2015

Table 13: Irish Personal Accident and Health Insurance – Total Investment Income (EUR Million and US$ Million), 2015–2020

Table 14: Irish Personal Accident and Health Insurance – Investment Portfolio (EUR Million), 2011–2015

Table 15: Irish Personal Accident and Health Insurance – Investment Portfolio (EUR Million), 2015–2020

Table 16: Irish Personal Accident and Health Insurance – Direct Written Premium by Category (EUR Million), 2011–2015

Table 17: Irish Personal Accident and Health Insurance – Direct Written Premium by Category (EUR Million), 2015–2020

Table 18: Irish Personal Accident Insurance – Direct Written Premium (EUR Million and US$ Million), 2011–2015

Table 19: Irish Personal Accident Insurance – Direct Written Premium (EUR Million and US$ Million), 2015–2020

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

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

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

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

Table 24: Irish Health Insurance – Direct Written Premium by Sub-Category (EUR Million), 2011–2015

Table 25: Irish Health Insurance – Direct Written Premium by Sub-Category (EUR Million), 2015–2020

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

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

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

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

Table 30: Irish Travel Insurance – Direct Written Premium (EUR Million and US$ Million), 2011–2015

Table 31: Irish Travel Insurance – Direct Written Premium (EUR Million and US$ Million), 2015–2020

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

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

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

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

Table 36: Irish Personal Accident and Health Insurance – Segment Shares of the Leading Insurers (%), 2015

Table 37: VHI Insurance – Key Facts

Table 38: Insurance Company – Key Facts

Table 39: FBD Insurance Plc – Key Facts

Table 40: Ireland – Insurance Regulatory Framework Key Features

Table 41: Ireland – Life Insurance Regulatory Framework

Table 42: Ireland – Property Insurance Regulatory Framework

Table 43: Ireland – Motor Insurance Regulatory Framework

Table 44: Ireland – Liability Insurance Regulatory Framework

Table 45: Ireland – Minimum Cover for Aircraft Third-Party Liability Per Accident Per Aircraft

Table 46: Ireland – Insurance Funding Levy

Table 47: Ireland – Corporate Tax Rates for the Financial Year 2017

Table 48: Irish Personal Accident and Health Insurance Industry – Policies and Premium, 2011–2015

Table 49: Irish Personal Accident and Health Insurance Industry – Policies and Premium, 2015–2020

Table 50: Irish Personal Accident and Health Insurance – Claims and Expenses, 2011–2015

Table 51: Irish Personal Accident and Health Insurance – Claims and Expenses, 2015–2020

Table 52: Irish Personal Accident and Health Insurance – Assets and Investments, 2011–2015

Table 53: Irish Personal Accident and Health Insurance – Assets and Investments, 2015–2020

Table 54: Irish Personal Accident and Health Insurance – Personal Accident Insurance, 2011–2015

Table 55: Irish Personal Accident and Health Insurance – Personal Accident Insurance, 2015–2020

Table 56: Irish Personal Accident and Health Insurance – Health Insurance, 2011–2015

Table 57: Irish Personal Accident and Health Insurance – Health Insurance, 2015–2020

Table 58: Irish Personal Accident and Health Insurance – Health by Product, 2011–2015

Table 59: Irish Personal Accident and Health Insurance – Health by Product, 2015–2020

Table 60: Irish Personal Accident and Health Insurance – Travel Insurance, 2011–2015

Table 61: Irish Personal Accident and Health Insurance – Travel Insurance, 2015–2020

Table 62: 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 Personal Accident and Health Insurance – Gross Written Premium (EUR Billion), 2011–2020

Figure 8: Irish Personal Accident and Health Insurance – Paid Claims (EUR Billion), 2011–2020

Figure 9: Irish Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2020

Figure 10: Irish Personal Accident and Health Insurance – Total Assets (EUR Billion), 2011–2020

Figure 11: Irish Personal Accident and Health Insurance – Total Investment Income (EUR Million), 2011–2020

Figure 12: Irish Personal Accident and Health Insurance – Investment Portfolio (EUR Million), 2011–2020

Figure 13: Irish Personal Accident and Health Insurance – Investment Portfolio Dynamics by Category, 2011–2020

Figure 14: Irish Personal Accident and Health Insurance – Direct Written Premium by Category (EUR Million), 2011–2020

Figure 15: Irish Personal Accident and Health Insurance – Direct Written Premium Dynamics by Category, 2011–2020

Figure 16: Irish Personal Accident Insurance – Direct Written Premium (EUR Million), 2011–2020

Figure 17: Irish Personal Accident Insurance – Paid Claims (EUR Million), 2011–2020

Figure 18: Irish Personal Accident Insurance – Earned Premium, Incurred Loss and Loss Ratio (EUR Million and %), 2011–2020

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

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

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

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

Figure 23: Irish Travel Insurance – Direct Written Premium (EUR Million), 2011–2020

Figure 24: Irish Travel Insurance – Paid Claims (EUR Million), 2011–2020

Figure 25: Irish Travel Insurance – Earned Premium, Incurred Loss and Loss Ratio (EUR Billion and %), 2011–2020

Figure 26: Irish Personal Accident and Health Insurance – Segment Shares of the Leading Insurers (%), 2015

Figure 27: Ireland – Insurance Supervision and Control at Various Levels

Figure 28: Ireland – Insurance Regulatory Frameworks for Company Registration and Operation

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