Non-Life Insurance in Ireland, Key Trends and Opportunities to 2017

Date: 2015-09

Non-life insurance was the second-largest segment in the Irish insurance industry in 2012, representing an industry share of 13.3%. The segment could not escape the repercussions of the financial crisis which resulted in a reduction in sales and increased levels of competition. The segmentโ€™s written premium decreased from EUR4.8 billion (US$7.0 billion) in 2008 to EUR4.3 billion (US$5.5 billion) in 2012, at a review-period (2008โ€“2012) compound annual growth rate (CAGR) of -2.9%. However, factors such as standard corporate tax rates, favorable policies for foreign investors and a network of tax treaties with EU nations are anticipated to attract some of the worldโ€™s largest insurers and reinsurers to Ireland over the forecast period (2012โ€“2017). Moreover, an improvement to insurerโ€™s solvency positions due to new regulations and the implementation of Solvency II Directives are expected to attract more business to the segment. As such, it is expected to rise at a forecast-period CAGR of 4.3%, to value EUR5.3 billion (US$6.7 billion) by 2017.

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