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Ireland Insurance Market Intelligence
Koncept Analytics, Jan 2010, Pages: 23
Ireland is one of the top countries in Europe in terms of insurance density. Despite a fall in density in 2008, it was higher than most other European countries, including Italy, Germany, Sweden and France and lower only to the UK, Switzerland and Denmark. In 2003, the responsibility for the authorization and supervision of insurance undertakings was transferred to the new Irish Financial Services Regulatory Authority (IFSRA). The Irish insurance industry is composed of a wide variety of business lines, which include life, non-life or general, captive, reinsurance and special purpose sectors.
The profitability of the Irish insurance industry fell sharply in 2008 on account of global financial crisis. The domestic new life and pension business, excluding the investment only business, registered a decline in the first half of 2009. Individual assurances and annuities and pension scheme business continue to be the two main segments in life insurance sector. Motor insurance was the largest segment within the non-life business. The accident & health, and the fire and other damage to property were the two segments that recorded a positive growth in 2008. Non-life premium penetration has been low as compared to life penetration, and has been on a decline since 2003. Irish Life is the largest life insurer, whereas Hibernian Aviva is the market leader in general insurance. Due to the projected rise in unemployment, falling private consumption and lower international and domestic demand, the insurance premiums will experience a decline in future years.
The present report gives an overview of Ireland’s insurance market along with an analysis of Ireland’s political structure and economic growth. The report provides an insight into the market size and trends in insurance premiums of life and non-life insurance sectors. Insurance premiums are discussed in terms of life and non-life segments and the density and penetration levels. The various developments and drivers are also discussed and finally the projections regarding premium growth are given.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
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