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Motor Vehicle Insurance - Ireland

Ireland

The Motor Vehicle Insurance market 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$2.51bn by the year 2024.
This indicates a positive trajectory for the industry.
Furthermore, the average spending per capita in the Motor Vehicle Insurance market market is estimated to be US$0.49k in 2024.
This figure provides insight into the individual financial commitment towards insurance coverage for motor vehicles.
Looking ahead, the market is anticipated to experience a compound annual growth rate (CAGR 2024-2028) of 1.17%.
This growth rate is expected to propel the market volume to US$2.63bn by the year 2028.
These numbers highlight the potential for expansion and development within the Motor Vehicle Insurance market sector in Ireland.
In comparison to other countries, the United States is projected to generate the highest gross written premium in the Motor Vehicle Insurance market market.
In 2024, it is estimated to reach an impressive US$1,338.0bn.
This demonstrates the significant size and influence of the market the United States.
Overall, these statistics showcase the importance and potential of the Motor Vehicle Insurance market market in Ireland.
With projected growth and favorable indicators, the sector is poised for further advancements in the coming years.
Despite the overall decrease in motor vehicle insurance rates in Ireland, there has been a rise in demand for comprehensive coverage due to an increase in car thefts.

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Analyst Opinion

The Motor Vehicle Insurance market in Ireland is experiencing significant growth and evolution.

Customer preferences: Customers in Ireland are increasingly looking for comprehensive motor vehicle insurance coverage that not only protects their vehicles but also offers additional benefits such as roadside assistance and coverage for personal belongings. This shift towards more inclusive insurance packages is driven by the desire for greater convenience and peace of mind.

Trends in the market: One notable trend in the Irish Motor Vehicle Insurance market is the increasing adoption of telematics technology. Insurers are leveraging telematics devices to track driver behavior and offer personalized insurance premiums based on individual driving habits. This trend is not only reshaping the way insurance policies are priced but also promoting safer driving practices among policyholders.

Local special circumstances: In Ireland, the high rate of uninsured drivers on the roads is a unique challenge that is influencing the Motor Vehicle Insurance market. Insurers are implementing stricter measures to combat uninsured driving, such as collaborating with law enforcement agencies to identify and penalize offenders. This focus on reducing the number of uninsured drivers is driving the demand for motor vehicle insurance in the country.

Underlying macroeconomic factors: The improving economic conditions in Ireland, coupled with a growing number of vehicles on the roads, are contributing to the expansion of the Motor Vehicle Insurance market. As disposable incomes rise and car ownership becomes more widespread, the demand for insurance coverage is expected to continue its upward trajectory. Additionally, regulatory changes and advancements in technology are shaping the competitive landscape of the market, prompting insurers to innovate and offer more tailored products to meet the evolving needs of customers.

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.