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Ireland Insurance Report Q1 2016

  • January 2016
  • -
  • Business Monitor International
  • -
  • 60 pages

BMI View: Ireland's insurance market appears well placed for growth over the coming years as the country's robust economy, the fastest growing in Western Europe, provides insurers with opportunities to generate new business. Personal insurance products such as motor vehicle and life insurance should benefit from an expansion in household spending, while an improving business climate should also support demand for general liability and other corporate lines. However, the Irish competitive landscape remains fierce and this will continue to exert downwards pressure on prices and restrict space for new entrants over the coming period.

Latest Updates And Developments

-We have adjusted several of our premium growth forecasts for this quarter in reflection of an increasingly bullish outlook for the Irish economy and for household spending. The outlook for the non-life market appears particularly positive, with gross written premiums forecast to grow by 5.4% year-on-year (y-o-y) in EUR terms over 2015-2019.

-Life insurance sales will also grow at a steady pace, though they will be tempered to an extent by a sluggish European economy. We forecast premiums in this segment to expand by 4.3% a year through to 2019.

-Despite an improving economic backdrop, several of Ireland's domestic insurers have continued to struggle in what is an intensely competitive operating environment. In September 2015, leading Irish non-life insurer FBD announced that it would look to increase revenue and cut costs having suffered a heavily net loss during the H115 period. Among the initiatives are reported plans to simplify the business by focusing on the FBD brand rather than its non-core lines.

Table Of Contents

Ireland Insurance Report Q1 2016
BMI Industry View 7
Table: Headline Insurance Forecasts (Ireland 2012-2019) 7
SWOT 8
Industry Forecast 10
Life Premiums Forecast 10
Table: Life Premiums (Ireland 2012-2019) 13
Table: Life Insurance Claims (Ireland 2007-2014) 14
Non-Life Premiums Forecast 14
Table: Non-Life Premiums (Ireland 2012-2019) 17
Table: Non-Life Insurance Claims (Ireland 2008-2014) 19
Non-Life Sub-Sector Forecast 19
Table: Non-Life Insurance Premiums by Product Line (Ireland 2012-2019) 27
Industry Risk Reward Ratings 28
Developed States Insurance Risk/Reward Index 28
Table: Developed States Insurance Risk/Reward Index 29
Market Overview 30
Life Market Overview 30
The Product Offering 30
The Competitive Landscape 31
Table: Company Performance: Life Insurance Market (USDmn) 2007-2013 33
Table: Company Performance: Life Insurance Market (%) 2007-2013 34
Non-Life Market Overview 35
The Product Offering 35
The Competitive Landscape 36
Table: Company Performance: Non-Life Insurance Market (USDmn) 2007-2013 38
Table: Company Performance: Non-Life Insurance Market (%) 2007-2013 39
Company Profile 41
Aviva 41
AXA 43
FBD 45
Intesa Sanpaolo Life 47
Irish Life 49
RSA Insurance 52
Methodology 54
Industry Forecast Methodology 54
Risk/Reward Index Methodology 57
Table: Indicators 59
Table: Weighting of Indicators 60

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