The 10 Leading Life Insurers in Ireland Accounted for 72.6% of the Retained Premium in 2013

Date: 2015-09-07

“• Life insurance accounted for 86.0% of the Irish insurance industry’s gross written premium in 2013.

• The 10 leading life insurers in Ireland accounted for 72.6% of the retained premium in 2013. 

• Mandatory regulatory approval or a license to conduct business is not required for foreign insurers wishing to operate in Ireland.

• New legislation such as the Corporate Governance Code for Credit Institutions and Insurance Undertakings in 2013, the Consumer Protection Code in 2012 and the Minimum Competency Code 2011 introduced by the Central Bank of Ireland also supported growth of the segment. 

• The number of acquisitions in the segment increased during the review period, involving both foreign insurers and also leading Irish life insurers acquiring smaller firms. 

• Direct marketing was the largest distribution channel, with 36.9% of the segment’s direct written premium in 2013. “

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