Property Insurance - Ireland | Statista Market Forecast

The Property Insurance market market in Ireland is expected to reach a market size (gross written premium) of US$2.36bn in 2024.
This indicates a significant growth potential for the industry in the country.
In terms of average spending per capita, individuals are projected to spend US$463.70 on Property Insurance market in 2024.
This demonstrates the importance placed on protecting property assets in Ireland.
Looking ahead, the market is anticipated to experience steady growth, with an annual growth rate (CAGR 2024-2029) of 4.93%.
This is expected to result in a market volume of US$3.00bn by 2029.
In a global context, it is noteworthy that the United States is predicted to generate the highest gross written premium in 2024, amounting to US$240.4bn.
This highlights the dominance of the US market in the Property Insurance market sector.
The property insurance market in Ireland is experiencing a surge in demand due to the increasing number of homeowners seeking protection against unpredictable weather conditions.

Definition:

The property insurance market encompasses insurance products that protect individuals and businesses from financial losses related to damage or loss of property, such as homes, commercial buildings, or personal belongings. Policyholders pay regular premiums to insurance providers, and in return, these insurers offer coverage for events like fire, theft, natural disasters, and other property-related risks. Property insurance is crucial for safeguarding assets and providing financial assistance to repair or replace property damaged or lost due to covered incidents.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Insurance for all damage or loss of property caused by fire and natural forces
Insurance for all damage or loss of property caused by crime

All other insurance types, such as life insurance and health insurance
Reinsurance

In Ireland, the Property Insurance market is experiencing significant growth and evolution. Customer preferences in the Property Insurance market in Ireland are shifting towards more comprehensive coverage options that provide protection against a wide range of risks. Customers are increasingly looking for policies that not only cover traditional perils like fire and theft but also offer additional benefits such as liability protection and coverage for natural disasters. Trends in the market indicate a rise in demand for property insurance due to increasing awareness among homeowners and businesses about the importance of protecting their assets. The growing number of property developments, both residential and commercial, is also driving the need for insurance coverage in Ireland. Additionally, advancements in technology have made it easier for customers to compare different insurance products and choose the one that best suits their needs. Local special circumstances in Ireland, such as the country's unique weather patterns and exposure to natural disasters like storms and flooding, play a significant role in shaping the Property Insurance market. These factors contribute to the high demand for insurance coverage against weather-related damages, prompting insurers to offer specialized products to meet the specific needs of Irish customers. Underlying macroeconomic factors, including a stable economy and a growing real estate market, are also influencing the development of the Property Insurance market in Ireland. As the country's economy continues to expand, more individuals and businesses are investing in properties, leading to an increased demand for insurance to protect these valuable assets. Additionally, favorable government regulations and initiatives aimed at promoting insurance coverage further support the growth of the market in Ireland.

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.

Berkshire Hathaway, State Farm, and Progressive Corp are just some of the biggest property and casualty insurance companies in the world - all of which hail from the United States. Property and casualty insurance is a type of insurance which covers risks related to loss or damage of property. This type of insurance has two major areas: protection of physical objects and protection against legal liability. In total, the value of gross premiums written by the U.S. property and casualty insurance sector exceeded 850 billion U.S. dollars in 2022. In the same year, 35 percent of the U.S. P&C premiums were written by private passenger auto insurance companies.