Ireland Life And Non-life Insurance Market Size & Share Analysis - Growth Trends And Forecast (2025 - 2030)

Ireland Life And Non-Life Insurance Market Trends and Insights

Aging Population Driving Life Protection & Pension Demand

The share of citizens aged 65 years and above is set to double to 25% by 2050, pushing long-duration saving and annuity demand higher^{[1]U.S. Social Security Administration, “International Update, August 2024,” ssa.gov}. Pension contributions to Irish Life climbed 14% in 2023 to EUR 1.4 billion. Fewer than 52% of workers now expect to rely only on the State pension. Insurers are steering product design toward capital-efficient guaranteed-income solutions that manage longevity risk within tighter solvency constraints. Rising life expectancy is also lengthening claim duration, prompting intensified asset–liability management.

Government-Backed Auto-Enrolment Pension Scheme Roll-out

Set to debut on 30 September 2025, the scheme requires both employees and employers to make phased contributions, bolstered by a 0.5% top-up from the government. An estimated 750,000 workers, previously outside occupational schemes, are set to join, with projections suggesting an influx of EUR 21 billion in new assets over the next decade. Tata Consultancy Services has established a centralized digital infrastructure for the National Automatic Enrolment Retirement Savings Authority, aiming for cost-effective administration. These scale effects are anticipated to boost pooled-fund offerings and intensify competition in default investment strategies.

Rising Climate-Related Catastrophe Claims Spurring Non-Life Premium Growth

EIOPA included Ireland in its flood-risk standard formula for the first time with a 0.17% factor in January 2025^{[2]European Insurance and Occupational Pensions Authority, “EIOPA recommends new risk factors for flood, windstorm and hail risk insurers' standard formula,” eiopa.europa.eu}. Property carriers have started to re-price flood-prone portfolios and push for higher deductibles. The Central Bank of Ireland notes that 60% of industry natural catastrophe exposure is linked to European windstorms and flood events. Rising reinsurance costs feed through to homeowner premiums, widening the protection gap and prompting calls for a public-private backstop.

Rapid Digitization & Insurtech Adoption Enhancing Distribution Efficiency

Irish Life has already processed one million health claims with straight-through automation. Qover’s July 2024 launch introduced instant policy issuance for motor cover. Digital channels in the Ireland life and non-life insurance market are expanding at an 8% CAGR, though complete end-to-end digital journeys remain in their infancy. Incumbents continue to rebuild core systems and deploy advanced analytics aimed at conversion optimization and fraud detection.

Persistently Low Interest-Rate Legacy Portfolios Pressuring Life Investment Returns

Years of ultra-low rates left life insurers with guaranteed books that now struggle to meet contractual assurances. EIOPA’s 2024 survey shows average solvency coverage dropping to 167% from 188% on the back of IFRS 17 volatility. While rising yields help new money rates, mismatched durations continue to create asset-liability gaps, compelling insurers to retain larger liquidity buffers and dampening returns.

High Motor Claims Frequency Keeping Combined Ratios Elevated

In H1 2024, FBD raised average premiums by 8.3%^{[3]Law Society of Ireland, “FBD’s average premium up 8.3% in H1,” lawsociety.ie}. However, the company grapples with heightened claims severity, influenced by factors such as increased traffic density, rising vehicle repair costs, and escalating injury expenses. This trend reflects broader challenges in the motor insurance market, where inflationary pressures and evolving risk factors are driving up claims costs. Additionally, the newly enacted Motor Insurance Insolvency Compensation Act 2024 introduces an interim cap of EUR 170,000 on payouts. This move delays settlements and also complicates the accuracy of reserving, adding further uncertainty to the market dynamics.

Segment Analysis

By Insurance Type: Life Dominates While Non-Life Accelerates

Life policies generated USD 32.23 billion in premiums in 2024, giving the segment 60% of Ireland's life and non-life insurance market share. Cross-border activity centered in Dublin underpins sizeable inflows, and solvency ratios remain comfortable amid disciplined risk selection. The non-life book, smaller at USD 21.48 billion, is expanding more quickly as stronger pricing in property and liability offsets rising loss costs. Over 2025-2030, non-life premiums are forecast to rise 4.5% a year, gradually trimming life’s dominance. Capital-light protection riders and variable annuities help life carriers navigate interest-rate swings, while casualty lines tighten wording to manage social inflation risk.

The Ireland life and non-life insurance market size for life business is projected to reach USD 36.90 billion by 2030, advancing at a 2.6% CAGR, whereas the non-life portion is expected to approach USD 25.70 billion by the same date. Competitive pressure remains intense as global groups exploit passporting rules to distribute EU-wide from Ireland. Domestic players respond through product differentiation and enlarged investment in data science, aiming to lift underwriting margins without eroding customer value.

Note: Segment shares of all individual segments available upon report purchase

By Life Insurance: Unit-Linked Products Reshape Investment Landscape

Unit-linked contracts held 50% of the 2024 life premium, equal to USD 16.11 billion. Investment-savvy savers favor transparent charging and market-linked upside enabled by rising yields. Pension-oriented annuities, currently 30% of life written premium, are forecast to log a 5.1% CAGR to 2030 as the auto-enrolment feeder pool builds momentum. Protection-only covers retain a loyal base, yet face slower growth given Ireland’s high overall mortality cover penetration.

The Ireland life and non-life insurance market size for annuities is poised to surpass USD 10.30 billion by 2030, helped by guaranteed-income riders that mitigate longevity anxiety. IFRS 17 valuation shifts encourage insurers to refine asset mixes and alter bonus-crediting rates, influencing new-business pricing dynamics. Meanwhile, variable-fee accounting under the new standard lifts reported profit volatility, prompting more granular hedging strategies.

By Non-Life Insurance: Motor Premiums Rise While Health Accelerates

Motor lines delivered USD 9.67 billion of premium in 2024, equal to 45% of non-life revenue. Average rates rose 5.6% in early 2024, yet elevated bodily-injury severity continues to test profitability. Health cover, at USD 3.60 billion, is the fastest-growing sub-class with a 6% CAGR through 2030, as 2.52 million citizens now carry private medical insurance. Homeowners' insurance premiums increased 11.5% after surging materials and labor costs widened the underinsurance gap.

The Ireland life and non-life insurance market share of health lines is set to climb from 17% in 2024 to 20% by 2030. Property carriers intensify risk-based pricing, leveraging granular flood-model data to differentiate coverage. Liability insurers tighten wordings in high-severity occupations to counter social inflation trends that push average claim size higher year on year.

By Distribution Channel: Digital Disruption Reshapes Traditional Models

Brokers and IFAs accounted for 55% of the 2024 written premium on the Ireland life and non-life insurance market. Their advisory strength remains an advantage in complex corporate and life savings business. Digital direct channels, however, recorded an 8% annual growth clip, supported by streamlined onboarding journeys and real-time quotation engines. Bancassurance improves capital returns through low acquisition costs and embedded banking relationships.

The Ireland life and non-life insurance market size attributable to digital distribution is projected to exceed USD 10 billion by 2030, assuming a continued 8% compound growth. Insurers invest in omnichannel service models, integrating chat-based servicing, same-day claims settlement for low-severity events, and AI-enabled fraud detection. Partnerships between OEMs and insurtechs, such as the BMW and MINI umbrella program powered by Qover, underline a shift toward embedded cover that reduces purchase friction.

Note: Segment shares of all individual segments available upon report purchase

By End-User: Individual Coverage Dominates While Corporate Segment Grows

Retail buyers produced 82% of the overall premium in 2024, mirroring the population’s strong demand for health and life protection. Employers, nevertheless, step up benefit funding, driving a 4.4% CAGR for corporate and SME businesses through 2030. Mandatory employer contributions under auto-enrolment will bridge the current gap in workplace pension provision. Mental health, wellness, and financial advice add-ons are now common features of group packages.

Individual lines will still clear USD 50 billion of the Ireland life and non-life insurance market size by 2030, yet corporate accounts will outpace as SMEs seek tailored liability and cyber solutions. Local brokers expand regional branch networks to counsel smaller firms on evolving regulatory obligations, especially in Munster and Connacht, where under-insurance remains prevalent.

Geography Analysis

Leinster generated 46% of the 2024 premium, reflecting Dublin’s concentration of multinationals, higher average incomes, and access to specialist talent. The capital also benefits from the post-Brexit re-domiciliation of European hubs, resulting in a deep pool of underwriters and actuaries. International non-life premium routed through Dublin has more than tripled since 2020, enhancing fee income and ancillary services.

Munster, led by Cork and Limerick, is the fastest-growing region at a 4.2% CAGR. Targeted expansion by Arachas and other national brokers stimulates competition and increases product awareness among SMEs. Infrastructure investment and continued FDI inflows broaden the region’s economic base, lifting disposable income and creating fresh retail-insurance demand.

Connacht and the Republic counties of Ulster remain smaller yet strategically significant. Higher exposure to flood and windstorm events pushes non-life rates above the national average. EIOPA’s inclusion of Ireland in its flood-risk formula facilitates sharper risk-based capital charges that could raise premiums for vulnerable properties. Insurers respond with community-based resilience programs and parametric cover, aligning premiums with measured mitigation steps.