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Ireland Insurance Report Q3 2016

  • July 2016
  • -
  • Business Monitor International
  • -
  • 58 pages

BMI View:

Rising incomes are helping to support growth in the insurance market, although there are weak points, with motor vehicle premiums set to peak in 2016. General liability will be the strongest performer in the non-life sector. While growth is expected in euro terms in the life sector, the decline in the value of the euro means the market will contract in 2016 before rebounding in following years and it will increase its share of total premiums. The Irish competitive landscape remains fierce and this will continue. Competition will remain robust, placing downward pressure on premiums.

Latest Updates And Developments
- In the non-life sector, general liability and health and personal accident insurance will rise in importance, boosting its market share from 19.2% of non-life premiums in 2015 to 27.8% in 2020.
- We expect motor insurance premiums to increase by 1.1% to EUR1.27bn in 2016, a modest upward revision; due to currency fluctuations in US dollar terms this will reflect a contraction of 2.5% to USD1.35bn.
- The total share of the market held by-life insurers will rise slightly, from 89.4% of total sales in 2016 to 89.6% in 2020.
- Merger and acquisition activity is seeing health insurers enter into life insurance, which will toughen competition in both sectors. In Q216, health insurance firm VHI entered the life insurance market, under
the VHI Life brand. It follows Laya Healthcare's entrance in the life insurance sector; and life insurer Irish Life's move to enter health insurance with the acquisition of Aviva Health in Ireland and merging it with GloHealth, in which it was already a major shareholder.

Table Of Contents

Ireland Insurance Report Q3 2016
BMI Industry View ... 5
Table: Headline Insurance Forecasts (Ireland 2013-2020) . 5
Industry Forecast 8
Life Premiums Forecast .. 8
Table: Life Premiums (Ireland 2013-2020) . 11
Table: Life Insurance Claims (Ireland 2008-2014) 12
Non-Life Premiums Forecast . 13
Table: Non-Life Premiums (Ireland 2013-2020) . 16
Table: Non-Life Insurance Claims (Ireland 2009-2015) . 18
Non-Life Sub-Sector Forecast 19
Table: Non-Life Insurance Premiums by Product Line (Ireland 2013-2020) 27
Industry Risk/Reward Index . 28
Developed States Insurance Risk/Reward Index . 28
Table: Developed States Insurance Risk/Reward Index - Q316 29
Market Overview ... 30
Life Market Overview ... 30
The Product Offering .. 30
The Competitive Landscape . 30
Table: Company Performance: Life Insurance Market (USDmn) 2007-2014 . 33
Non-Life Market Overview 34
The Product Offering .. 34
The Competitive Landscape . 34
Table: Company Performance: Non-Life Insurance Market (EURmn) 2007-2014 36
Company Profile 39
Aviva . 39
AXA .. 41
FBD .. 43
Intesa Sanpaolo Life . 45
Irish Life 47
RSA Insurance 50
Methodology .. 52
Industry Forecast Methodology 52
Risk/Reward Index Methodology ... 55
Table: Indicators 57
Table: Weighting of Indicators . 58

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