Market Insights Financial Insurances Non-life insurances

General Liability Insurance - Ireland

Ireland

The General Liability Insurance market market in Ireland is expected to reach a projected market size (gross written premium) of US$2.16bn in 2024.
The average spending per capita in the General Liability Insurance market market is estimated to be US$0.43k in 2024.
It is anticipated that the gross written premium will display an annual growth rate (CAGR 2024-2028) of 4.03%, resulting in a market volume of US$2.53bn by 2028.
When compared globally, the United States is projected to generate the highest gross written premium, amounting to US$179.7bn in 2024.
The General Liability Insurance market in Ireland is experiencing a shift towards more comprehensive coverage options to protect businesses from potential litigation risks.

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Analyst Opinion

The General Liability Insurance market in Ireland has been experiencing significant growth and development in recent years. Customer preferences in the General Liability Insurance market in Ireland are shifting towards more comprehensive coverage options that provide protection against a wide range of risks. Customers are increasingly seeking tailored insurance solutions that address their specific needs and offer them peace of mind. Trends in the market indicate a growing demand for General Liability Insurance in Ireland, driven by the increasing awareness among businesses about the importance of mitigating risks and liabilities. As the business landscape becomes more complex and regulations stricter, companies are turning to insurance providers to safeguard their operations and assets. Local special circumstances in Ireland, such as the country's strong focus on industries like technology, pharmaceuticals, and financial services, are also influencing the General Liability Insurance market. These sectors face unique risks and exposures, leading to a higher demand for specialized insurance products to address their specific challenges. Underlying macroeconomic factors, including Ireland's stable economic growth, favorable business environment, and increasing foreign direct investment, are further fueling the development of the General Liability Insurance market. As businesses thrive and expand in Ireland, the need for comprehensive insurance coverage is becoming more pronounced, driving growth in the insurance sector.

Methodology

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.