Ireland Life & Non-Life Insurance Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Ireland Life & Non-Life Insurance Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

In Ireland, Life Unit-linked Insurance Technical Reserves (*ITRs) fell to EUR 262 billion in Q1 2022, while Non-life ITRs rose to EUR 40 billion. Total Premiums written by Irish Insurance Corporations were EUR 99 billion in 2021, with the majority (69%) written domestically.

COVID-19 had a low impact on the overall insurance industry in Ireland in 2020. According to the Central Bank of Ireland, the insurance technical reserve for the country for unit-linked life insurance decreased from EUR 2,21,903 million in Q4 of 2019 to EUR 1,96,010 million in Q1 of 2020. For non-unit linked life insurance the insurance technical reserve decreased from EUR 54,406 million in Q4 of 2019 to EUR 54,273 million in Q1 of 2020 and for non-life insurance, the insurance technical reserve increased from EUR 31,469 million in Q4 of 2019 to EUR 37,004 million Q1 of 2020.

Online insurance buying is expected to provide a new growth avenue to Ireland's life and non-life insurance market Ireland. Owing dual advantage of securing future uncertain labilities due to accidental events and the investment opportunity unit linked insurance plans getting huge popularity among people in Ireland insurance market.

Moreover, the InsurTech sector is witnessing much technological innovation and investment development over the past few years. Traditional insurance business lines, such as health, auto, and commercial, are being revolutionized by new digital-centric startups. New technologies, such as AI and IoT, have been re-architecting insurance data, the foundation of the insurance industry.

Ireland Life & Non Life Insurance Market TrendsGrowing Online Sale of Insurance Policy

In the past few years consumers' inclination toward buying online insurance increasing rapidly. Significant growth has been observed in the purchase of life and non-life insurance through the online channel. Growing internet penetration in Ireland is supporting growth in the online sale of insurance policies.

The share of internet users in Ireland increased from 75.29% in 2016 to 79.31% in 2021. Consumers can compare plans of the different companies on aggregators' websites and choose the best suitable plan for them. Due to this convenient feature, the adoption of online insurance purchasing increasing. Major players in the life & non-life insurance market in Ireland are providing and working on the improvement of online infrastructure to cater to the demand of online consumers of insurance. Many insurance companies in Ireland are enabling e-KYC for the convenience of insurance buyers.

Unit Linked Life Insurance Registered Highest Growth Rate in Ireland

A unit-linked insurance plan is a product that offers a combination of insurance and investment payout. Due to its dual benefit of securing future uncertain liability due to accidental events and the investment opportunity unit linked insurance plans getting huge attraction of people. In the past few years, unit-linked life insurance plans registered the highest growth rate and are expected to continue their trend during the forecast period.

According to the Central Bank of Ireland, the insurance technical reserve for the country for unit-linked life insurance increased from EUR 185 billion in Q3 of 2016 to EUR 262 billion in Q1 of 2022. For non-unit linked life insurance the insurance technical reserve increased from EUR 40 billion in Q3 of 2016 to EUR 54 billion in Q4 of 2021 and for non-life insurance, the insurance technical reserve increased from EUR 26,957 million in Q3 of 2016 to EUR 37,004 million in Q4 of 2021.

The high growth of insurance technical reserve for unit-linked life insurance is supported by the highest number of sales of unit-linked life insurance plans. The major operating players in the market are providing a unique product mix for unit-linked life insurance to attract the consumer.

Ireland Life & Non Life Insurance Market Competitive Analysis

Ireland Life & Non-Life Insurance Market is highly competitive with the presence of local and global players. The market is fairly consolidated. The report covers the major players operating in the Life and Non-Life insurance market in Ireland. Bank of Ireland, AIB, Irish Life, Intesa SanPaolo Life, Standard Life International, Zurich Life Assurance, Zurich Insurance, Darta Saving Life Assurance, XL Insurance, New Ireland Assurance, Utmost Paneurope, Partner Reinsurance Europe are some of the key players operating in Life & Non-Life Insurance Market in Ireland.

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• The market estimate (ME) sheet in Excel format
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