Non-life insurances - Ireland | Statista Market Forecast

The Non-life insurance market in Ireland is expected to witness significant growth in the coming years.
According to projections, the market size, measured by gross written premium, is set to reach US$10.47bn by 2024.
This growth can be attributed to various factors such as increased awareness about insurance coverage and a growing economy.
In terms of per capita spending, individuals in Ireland are estimated to spend an average of US$2.06k on Non-life insurances market in 2024.
This demonstrates the importance of insurance coverage in protecting one's assets and mitigating risks.
Looking ahead, the market is expected to maintain a steady growth rate.
With a projected annual growth rate (CAGR 2024-2029) of 2.95%, the gross written premium is anticipated to reach US$12.10bn by 2029.
This indicates a positive outlook for the Non-life insurance market in Ireland, driven by factors such as increasing disposable income and a growing demand for insurance products.
In a global context, it is worth noting that the United States leads the pack in terms of gross written premium.
In 2024, the United States is projected to generate a staggering US$2.5tn in gross written premium.
This highlights the dominance of the American market and the significant role it plays in the global insurance industry.
Overall, the Non-life insurance market in Ireland is poised for growth, with increasing market size and per capita spending.
As the country continues to develop and individuals recognize the importance of insurance coverage, the market is expected to thrive in the coming years.
Ireland's non-life insurance market is experiencing a surge in demand due to the country's strong economic growth and increasing awareness of the importance of insurance coverage.

Definition:

Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.

Structure:

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, and the loss ratio – calculated as gross claim payments divided by gross written premium.

Health insurances
Motor Vehicle insurances
Property insurances
General Liability insurances
Legal insurances

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

Over the past few years, the Non-life insurances market in Ireland has shown steady growth and development.

Customer preferences: Customers in Ireland are increasingly looking for comprehensive non-life insurance coverage that not only protects their assets but also provides additional benefits such as emergency assistance and digital claims processing. There is a growing demand for customizable insurance plans that cater to specific needs and preferences of individuals and businesses alike.

Trends in the market: One notable trend in the Non-life insurances market in Ireland is the rise of insurtech companies offering innovative digital solutions for purchasing and managing insurance policies. This trend is driven by the tech-savvy population in Ireland that prefers convenient online services. Additionally, there is a growing awareness among consumers about the importance of non-life insurance, leading to an increase in the overall penetration rate in the market.

Local special circumstances: Ireland's unique position as a hub for multinational corporations has also influenced the Non-life insurances market. The presence of numerous international businesses has created a demand for specialized insurance products tailored to the needs of these companies. This has led to the development of niche insurance offerings in areas such as cyber insurance and business interruption insurance.

Underlying macroeconomic factors: The stable economic growth in Ireland has contributed to the expansion of the Non-life insurances market. As the economy continues to grow, individuals and businesses have more disposable income to invest in insurance products, driving the overall market growth. Additionally, the regulatory environment in Ireland is conducive to the insurance industry, providing a stable and secure market for both insurers and policyholders.

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.