Insurances

The Insurances market in Ireland is projected to reach a gross written premium of US$51.99bn in 2024.
Life insurances dominates the market with a projected market volume of US$41.52bn in 2024.
The average spending per capita in the Insurances market amounts to US$10.21k in 2024.
From a global comparison perspective, the highest nominal value is reached the United States with US$3.8tn in 2024.
The gross written premium is expected to show an annual growth rate (CAGR 2024-2029) of 3.12%, resulting in a market volume of US$60.60bn by 2029.
In global comparison, the United States will generate the most gross written premium with US$3.8tn in 2024.
Ireland's insurance market is experiencing a surge in demand for cyber insurance due to the country's increasing reliance on technology and data-driven industries.

Definition:

Insurance is a financial arrangement that provides individuals or businesses with protection against unexpected financial losses. In exchange for regular payments, known as premiums, an insurance policyholder is covered in case of specific events, such as accidents, illnesses, or damage to property. When a covered event occurs, the insurance company compensates the policyholder, helping them recover from the financial impact of the loss or damage. Gross written premium (GWP) is the main indicator of the insurance market. It is the total amount of money that an insurance company collects from policyholders for their insurance coverage before deducting expenses or commissions.

Structure:

The insurance market comprises life and non-life insurances. The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, loss ratio – calculated as gross claim payments divided by gross written premium, for selected European countries the distribution channels of insurance bookings, and the share of insureds in the total population for over 50 countries for live, health, motor vehicle, property, general liability, and legal insurances.

Life insurances
Non-life insurances

Some non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

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.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.