Ireland Life & Non-Life Insurance Market - Growth, Trends (2022- 2027)

The Ireland Life & Non-Life Insurance Market is segmented by Type (Life (Individual and Group), and Non-Life (Home, Motor, and Other on Life Insurances)), and Distribution Channel (Direct, Agency, Banks, and Other Distribution Channels)

Market Snapshot

 Ireland Life Non Life Insurance Market Size
Study Period: 2018-2027
Base Year: 2021
CAGR: >5 %

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Market Overview

COVID-19 had low impact on the overall insurance industry in Ireland in 2020. According to Central Bank of Ireland insurance technical reserve for country for unit linked life insurance decreased from EUR 2,21,903 million in Q4 of 2019 to EUR 1,96,010 million Q1 of 2020. For non-unit linked life insurance the insurance technical reserve decreased from EUR 54,406 million in Q4 of 2019 to EUR 54,273 million Q1 of 2020 and for non-life insurance the insurance technical reserve increased from EUR 31,469 million in Q4 of 2019 to EUR 37,004 million Q1 of 2020

Online insurance buying expected to provide new growth avenue to Ireland life and non-life insurance market Ireland. Owing dual advantage of securing future uncertain labilities due to accidental event and the investment opportunity unit linked insurance plans getting huge popularity among people in Ireland insurance market.

Moreover, InsurTech sector is witnessing much technological innovation and investment development over the past few years. Traditional insurance business lines, such as health, auto, and commercial, are being revolutionized by new digital-centric startups. New technologies, such as AI and IoT, have been re-architecting insurance data, the foundation of the insurance industry.

Scope of the report

This report aims to provide a detailed analysis of the life and non-life insurance market in Ireland. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights into the various product and application types. It also analyzes the key players and the competitive landscape in the life and non-life insurance market in Ireland. The market is segmented by type (life and non-life) and distribution channel (direct, agency, banks, and other distribution channels).

By Insurance type
Life Insurance
Individual
Group
Non-life Insurance
Home
Motor
Others
By Channel of Distribution
Direct
Agency
Banks
Other Channels of Distribution

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Key Market Trends

Growing Online Sale of Insurance Policy

In past few years consumers inclination towards buying online insurance increasing rapidly. Significant growth has been observed in the purchase of life and non-life insurance through online channel. Growing internet penetration in Ireland is supporting growth in online sale of insurance policies. Share of internet user in Ireland increased from 75.29% in 20116 to 79.31% in 2021. Consumers can compare plans of different company on aggregators website and chose best suitable plan for them. Due this convenient feature, adoption of online insurance purchasing increasing. Major players in life & non-life insurance market in Ireland are providing and working on improvement of online infrastructure to cater the demand of online consumer of insurance. Many insurance companies in Ireland are enabling e-KYC for convenience of insurance buyer.

 Ireland Life Non Life Insurance Market Trends

Unit Linked Life Insurance Registered Highest Growth Rate in Ireland

A unit linked insurance plan is a product that offers a combination of insurance and investment payout. Due to its dual benefit of securing future uncertain lability due to accidental event and the investment opportunity unit linked insurance plans getting huge attraction of people. In past few years unit linked life insurance plan registered the highest growth rate and expected to continue its trend during forecast period. According to Central Bank of Ireland insurance technical reserve for country for unit linked life insurance increased from EUR 1,85,966 million in Q3 of 2016 to EUR 2,72,670 million Q4 of 2021. For non-unit linked life insurance the insurance technical reserve increased from EUR 40,526 million in Q3 of 2016 to EUR 54,850 million Q4 of 2021 and for non-life insurance the insurance technical reserve increased from EUR 26,957 million in Q3 of 2016 to EUR 37,004 million Q4 of 2021. The high growth of insurance technical reserve for unit linked life insurance supported by highest number sales of unit linked life insurance plan. Major operating player in market are providing unique product mix for unit linked life insurance to attract the consumer.

 Ireland Life Non Life Insurance Market Analysis

Competitive Landscape

Ireland Life & Non-Life Insurance Market is highly competitive with presence of local and global players. The market is fairly consolidated. The report covers the major players operating in the Life and Non-Life insurance market in Ireland. Bank of Ireland, AIB, Irish Life, Intesa SanPaolo Life, Standard Life International, Zurich Life Assurance, Zurich Insurance, Darta Saving Life Assurance, XL Insurance, New Ireland Assurance, Utmost Paneurope, Partner Reinsurance Europe are some of the key players operating in Life & Non-Life Insurance Market in Ireland.

Recent Development

On May 23, 2022, FINEOS partnered with EY Ireland to accelerate smart digital transformation for insurance carriers in the life, accident and health industry, it will bring positive impact across employee benefits value chain, from insurers and employers to employees, while also achieving tangible operational efficiencies.

On April 18, 2022, Assured Partners entered Irish market, by acquiring Gallivan Murphy Insurance Brokers Limited. Gallivan will continue in the business in a non-executive capacity and will be involved in identifying further opportunities for expansion in the Irish marketplace.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definitions

    2. 1.2 Scope of Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXCEUTIVE SUMMARY

  4. 4. MARKET INSIGHTS AND DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

    5. 4.5 Impact of COVID-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Insurance type

      1. 5.1.1 Life Insurance

        1. 5.1.1.1 Individual

        2. 5.1.1.2 Group

      2. 5.1.2 Non-life Insurance

        1. 5.1.2.1 Home

        2. 5.1.2.2 Motor

        3. 5.1.2.3 Others

    2. 5.2 By Channel of Distribution

      1. 5.2.1 Direct

      2. 5.2.2 Agency

      3. 5.2.3 Banks

      4. 5.2.4 Other Channels of Distribution

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concentration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 Bank of Ireland

      2. 6.2.2 Allied Irish Banks, p.l.c.

      3. 6.2.3 Irish Life

      4. 6.2.4 Intesa SanPaolo Life

      5. 6.2.5 Standard Life International

      6. 6.2.6 Zurich Insurance Group

      7. 6.2.7 Darta Saving Life Assurance

      8. 6.2.8 XL Insurance

      9. 6.2.9 New Ireland Assurance

      10. 6.2.10 Utmost Paneurope

      11. 6.2.11 Partner Reinsurance Europe*

    3. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. DISCLAIMER & ABOUT US

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Frequently Asked Questions

The Ireland Life & Non-Life Insurance Market market is studied from 2018 - 2027.

The Ireland Life & Non-Life Insurance Market is growing at a CAGR of >5% over the next 5 years.

Bank of Ireland, AIB, Irish Life, Intesa SanPaolo Life, Standard Life International are the major companies operating in Ireland Life & Non-Life Insurance Market.

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