Personal Accident and Health Insurance in Ireland, Key Trends and Opportunities to 2017

Date: 2015-09

“The Irish personal accident and health insurance segment registered the highest growth decline in the Irish insurance industry during the review period (2008โ€“2012). The segment fell from EUR1.3 billion (US$1.9 billion) in 2008 to EUR1.1 billion (US$1.4 billion) in 2012, at a review-period compound annual growth rate (CAGR) of -4.3%. The decline was attributed to the slowdown in health insurance, the largest category in the segment with 78.8% of written premiums in 2012. While travel insurance was the only category to register positive growth during the review period, at a CAGR of 7.4%, its support was limited due to its low segment share.
The anticipated implementation of Solvency II by European countries in 2016 will raise capital requirements for Irish insurance companies. Smaller insurers are expected to find it difficult to meet these requirements, leaving them open to be acquired by larger companies, resulting in further consolidation in the segment over the forecast period (2012โ€“2017).”

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