Reinsurance in Ireland, Key Trends and Opportunities to 2017

Date: 2015-09

“Ireland has a developed international insurance and reinsurance industry, with many of the world’s leading insurers and reinsurers operating in the country. Ireland’s double taxation treaties with many leading industrialized nations, as well as its favorable tax environment, have made it a leading global destination for captive insurance. During the review period (2008–2012) the country’s reinsurance segment registered varying annual growth rates due to the adverse impact of the global financial and European debt crises.
However, the premium ceded to reinsurance recorded an overall compound annual growth rate (CAGR) of 14.7% during the review period. Irish reinsurance revenues are primarily generated from the non-life and personal accident and health segments, with Irish non-life insurers ceding 22.35% of their written premium and personal accident and health insurers ceding 38.0% to reinsurers in 2012. This was due to increased regulatory compliances and the forthcoming Solvency II Directives which are expected to be implemented by 2016. The regulatory compliances brought increased capital requirements leading to high demand for reinsurance services.”

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