Life Insurance in Ireland, Key Trends and Opportunities to 2017

Date: 2015-09

“The Irish life insurance segment showed signs of recovery and grew by 2.83% in 2012 compared to the previous year. The recovery was due to increases in pension and retirement products, and regulatory upgrades aimed at dealing with the financial crises faced by the country. Insurers also had to prepare for the implementation of Solvency II. The life segment also leads the Irish insurance industry, accounting for 83.2% of the total gross written premiums in 2012. The Irish life segment is highly concentrated with the 10 leading companies accounting for 98.2% of the total segmentโ€™s written premiums. Insurance brokers led the Irish life segment in terms of distribution during the review period, and accounted for 46.1% of new written premium business in 2012.
Factors such as reforms in pension law, insurersโ€™ efforts to reduce costs and enhance efficiency in terms of writing new business along with product innovations are all expected to drive growth in the Irish life insurance segment over the forecast period (2012โ€“2017). ”

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