Ireland Insurance Market Intelligence - Market Research Report On Aarkstore Enterprise.
Ireland Insurance Market Intelligence "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. Nonlife 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 Irelands insurance market along with an analysis of Irelands 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.
Table of Contents :
1. Industry Snapshot
1.1 Industry Structure
1.1.1 New Legislations and Framework Regulating Insurance Market
1.1.2 Authorization of Irish Financial Services Regulatory Authority (IFSRA)
1.2 Market Overview
1.2.1 Market Size & Growth
1.2.1.1 Declining Profitability of Insurance Companies
1.2.1.2 Falling Underwriting Profits in Risk Business
1.2.2 Market Segments
1.2.2.1 Life Insurance Segment Dominated by Individual Assurances, Annuities and Pension Schemes
1.2.2.2 Sharp Decline in Domestic Pension and Annuities Businesses
1.2.2.3 Positive Growth in Accident & Health, Fire and Other Damage Segment in 2008
1.2.2.4 Rise in Operating Ratio for Non-Life Insurers
1.2.3 Market Density & Penetration
1.2.3.1 High Insurance Density As Compared to Other European Countries
1.2.4 Market Share
1.2.4.1 Highly Competitive Insurance Market
1.2.4.2 Irish Life and Hibernian Aviva Lead the Life and Non-Life Insurance Market, Respectively
2. Industry Analysis
2.1 Industry Developments
Bank of Ireland to Increase Cost of Mortgage Re-Payment Insurance
Irish Government Unveils Health Insurance Cross-Subsidy Plans
Irish Reinsurance Market Going to be Bigger than Lloyds
2.2 Market Drivers
Increasing Private Health Insurance
Excellent Economic Growth
Steady Population Growth
Construction Sector Boom
3. Country Analysis: Risk Assessment
3.1 Political Environment
3.2 Macro-Economic Indicators: Current and Projections
4. Industry Outlook: Forecast and Projections
4.1 Annual Premiums Expected to Decline Primarily Due to Projected Rise in Unemployment
4.2 Declining Property and Health Insurance Will Affect Growth of Non-Life Sector
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