The Insurances market in Ireland has been experiencing notable developments in recent years.
Customer preferences: Irish customers are increasingly seeking insurance products that provide comprehensive coverage and innovative solutions to meet their evolving needs. There is a growing demand for personalized insurance packages that offer flexibility and competitive pricing. Customers are also placing a high value on digital services and online platforms that make it convenient to purchase and manage insurance policies.
Trends in the market: One prominent trend in the Irish insurance market is the rise of Insurtech companies that are leveraging technology to streamline processes, enhance customer experience, and offer new types of insurance products. These Insurtech firms are reshaping the traditional insurance landscape and driving competition in the market. Additionally, there is a noticeable trend towards sustainable and environmentally friendly insurance options as customers become more conscious of climate change and environmental issues.
Local special circumstances: Ireland's insurance market is influenced by its unique regulatory environment and close ties to the European Union. The country's strong regulatory framework ensures consumer protection and financial stability within the insurance sector. Moreover, Ireland's position as a global financial hub attracts international insurers to establish a presence in the country, contributing to a diverse and competitive insurance market.
Underlying macroeconomic factors: The growth of the insurance market in Ireland is also supported by favorable macroeconomic conditions such as steady economic growth, low unemployment rates, and increasing disposable income levels. As the economy continues to expand, there is a greater willingness among consumers to invest in insurance products for protection and risk management. Additionally, the country's demographic trends, including an aging population and changing lifestyle patterns, are driving demand for insurance products tailored to specific life stages and needs.
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.Modeling approach / Market size:
Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.
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