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Life Insurance in Ireland, Key Trends and Opportunities to 2020

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Date: 30-May-2017
No. of pages: 115
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Synopsis

Timetric's 'Life Insurance in Ireland, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Irish life insurance segment, and a comparison of the Irish insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011-2015) and forecast period (2015-2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Irish economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary

Timetric's 'Life Insurance in Ireland, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Irish life insurance segment, including:


  • An overview of the Irish life insurance segment

  • The Irish life insurance segment's growth prospects by category

  • A comprehensive overview of the Irish economy and demographics

  • A comparison of the Irish life insurance segment with its regional counterparts

  • The various distribution channels in the Irish life insurance segment

  • Details of the competitive landscape in the life insurance segment in Ireland

  • Details of regulatory policy applicable to the Irish insurance industry


Scope

This report provides a comprehensive analysis of the life insurance segment in Ireland:


  • It provides historical values for the Irish life insurance segment for the report's 2011-2015 review period, and projected figures for the 2015-2020 forecast period.

  • It offers a detailed analysis of the key categories in the Irish life insurance segment, and market forecasts to 2020.

  • It provides a comparison of the Irish life insurance segment with its regional counterparts

  • It analyzes the various distribution channels for life insurance products in Ireland.

  • It profiles the top life insurance companies in Ireland and outlines the key regulations affecting them.


Reasons To Buy


  • Make strategic business decisions using in-depth historic and forecast market data related to the Irish life insurance segment, and each category within it.

  • Understand the demand-side dynamics, key market trends and growth opportunities in the Irish life insurance segment.

  • Assess the competitive dynamics in the life insurance segment.

  • Identify growth opportunities and market dynamics in key product categories.

  • Gain insights into key regulations governing the Irish insurance industry, and their impact on companies and the industry's future.


Key Highlights


  • In January 2017, there were 58 life insurers operating in Ireland, of which 47 were headquartered in Ireland, and 11 were headquartered in other EU member states.

  • In February 2016, the Central Bank of Ireland published an updated paper with the implementation procedure for a risk-based regulation called Probability Risk and Impact System (PRISM), categorizing investment risk, pricing and underwriting risk, and claims and reserving risk, for insurers.

  • In January 2015, the Irish government approved the introduction of a universal supplementary pension saving scheme, with an objective to tackle low rates of workplace pension cover.

  • The segment's distribution network was dominated by direct marketing during the review period.

Life Insurance in Ireland, Key Trends and Opportunities to 2020

Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium
4.2.2 Claims
4.2.3 Assets and investments

5 Outlook by Sub-Segment
5.1 Individual Life Insurance
5.1.1 Premium

6 Distribution Channel Outlook
6.1 Analysis by Distribution Channel

7 Competitive Landscape
7.1 Company Profiles
7.1.1 Intesa Sanpaolo Life Ltd - company overview
7.1.2 Irish Life Assurance Plc - company overview
7.1.3 Axa MPS Financial Ltd - company overview
7.1.4 Darta Saving Life Assurance Ltd - company overview
7.1.5 Zurich Life Assurance Plc - company overview

8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulation
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life insurance
8.3.2 Property insurance
8.3.3 Motor insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Social security insurance
8.4.2 Motor third-party liability insurance
8.4.3 Air carriers and aircraft operators insurance
8.4.4 Professional indemnity insurance for alternative investment fund managers
8.4.5 Public liability for vessels licensed to carry more than 12 passengers
8.4.6 Passenger liability insurance for railway operators
8.4.7 Professional indemnity insurance for solicitors
8.4.8 Professional indemnity insurance for accountants
8.4.9 Professional indemnity insurance for brokers
8.4.10 Clinical trial liability insurance
8.4.11 Liability for ships with respect to oil pollution
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors
8.5.2 European Insurance and Occupational Pensions Authority
8.5.3 Federation of European Risk Management Associations
8.5.4 Central Bank of Ireland
8.6 Non-Admitted Insurance Regulations
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and Penalties
8.7 Company Registration and Operations
8.7.1 Type of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margin
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premium paid overseas
8.8.3 Corporate tax
8.8.4 VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution

9 Databook
9.1 Policies and Premium
9.2 Claims and Expenses
9.3 Assets and Investments
9.4 Direct Marketing and E-Commerce
9.5 Insurance Brokers and Agencies
9.6 Individual Life Insurance
9.7 Individual Life Insurance by Product
9.8 Individual Life - Single vs. Non-Single Premium

10 Definitions and Methodology
10.1 Definitions
10.2 Methodology

11 About Timetric
11.1 Contact Timetric
11.2 About Timetric
11.3 Timetric's Services
11.4 Disclaimer

List of Tables

Table 1: Irish Life Insurance - Key Facts, 2015
Table 2: Irish Life Insurance - Segment Shares of the Top Insurers, 2015
Table 3: Irish Government Credit Ratings
Table 4: Irish Life Insurance- Gross Written Premium (EUR Billion and US$ Billion), 2011-2015
Table 5: Irish Life Insurance- Gross Written Premium by Type of Risk (EUR Billion), 2011-2015
Table 6: Irish Life Insurance - Gross Written Premium (EUR Billion and US$ Billion), 2015-2020
Table 7: Irish Life Insurance - New Business Direct Written Premium (EUR Billion and US$ Billion), 2011-2015
Table 8: Irish Life Insurance - New Business Direct Written Premium (EUR Billion and US$ Billion), 2015-2020
Table 9: Irish Life Insurance - Paid Claims (EUR Billion and US$ Billion), 2011-2015
Table 10: Irish Life Insurance - Paid Claims by Type of Risk (EUR Billion), 2011-2015
Table 11: Irish Life Insurance - Paid Claims (EUR Billion and US$ Billion), 2015-2020
Table 12: Irish Life Insurance - Total Assets (EUR Billion and US$ Billion), 2011-2015
Table 13: Irish Life Insurance - Total Assets (EUR Billion and US$ Billion), 2015-2020
Table 14: Irish Life Insurance - Total Investment Income (EUR Billion and US$ Billion), 2011-2015
Table 15: Irish Life Insurance - Total Investment Income (EUR Billion and US$ Billion), 2015-2020
Table 16: Irish Life Insurance - Investment Portfolio (EUR Million), 2011-2015
Table 17: Irish Life Insurance - Investment Portfolio (EUR Million), 2015-2020
Table 18: Irish Individual Life Insurance - Direct Written Premium by Category (EUR Billion), 2011-2015
Table 19: Irish Individual Life Insurance - Direct Written Premium by Category (EUR Billion), 2015-2020
Table 20: Irish Life Insurance - Direct Written Premium by Distribution Channel (EUR Billion), 2011-2015
Table 21: Irish Life Insurance - Direct Written Premium by Distribution Channel (EUR Billion), 2015-2020
Table 22: Irish Life Insurance - Percentage of Direct Written Premium Ceded, by Distribution Channel, 2011-2020
Table 23: Irish Life Insurance - Segment Shares of the Leading Insurers (%), 2015
Table 24: Intesa Sanpaolo Life Ltd. - Key Facts
Table 25: Intesa Sanpaolo Life Ltd - Key Financials (EUR Million), 2011-2015
Table 26: Irish Life Assurance Plc - Key Facts
Table 27: Irish Life Assurance Plc - Key Financials (EUR Million), 2011-2015
Table 28: Axa MPS Financial Ltd - Key Facts
Table 29: Axa MPS Financial Ltd - Key Financials (EUR Million), 2011-2015
Table 30: Darta Saving Life Assurance Ltd - Key Facts
Table 31: Darta Saving Life Assurance Ltd - Key Financials (EUR Million), 2011-2015
Table 32: Zurich Life Assurance Plc - Key Facts
Table 33: Zurich Life Assurance Plc - Key Financials (EUR Million), 2011-2015
Table 34: Ireland - Insurance Regulatory Framework Key Features
Table 35: Ireland - Life Insurance Regulatory Framework
Table 36: Ireland - Property Insurance Regulatory Framework
Table 37: Ireland - Motor Insurance Regulatory Framework
Table 38: Ireland - Liability Insurance Regulatory Framework
Table 39: Ireland - Minimum Cover for Aircraft Third-Party Liability Per Accident Per Aircraft
Table 40: Ireland - Insurance Funding Levy
Table 41: Ireland - Corporate Tax Rates for the Financial Year 2017
Table 42: Irish Life Insurance - Policies and Premium, 2011-2015
Table 43: Irish Life Insurance - Policies and Premium, 2015-2020
Table 44: Irish Life Insurance - Claims and Expenses, 2011-2015
Table 45: Irish Life Insurance - Claims and Expenses, 2015-2020
Table 46: Irish Life Insurance - Assets and Investments, 2011-2015
Table 47: Irish Life Insurance - Assets and Investments, 2015-2020
Table 48: Irish Life Insurance - Direct Marketing and E-Commerce, 2011-2015
Table 49: Irish Life Insurance - Direct Marketing and E-Commerce, 2015-2020
Table 50: Irish Life Insurance - Insurance Brokers and Agencies, 2011-2015
Table 51: Irish Life Insurance - Insurance Brokers and Agencies, 2015-2020
Table 52: Irish Life Insurance - Individual Life Insurance, 2011-2015
Table 53: Irish Life Insurance - Individual Life Insurance, 2015-2020
Table 54: Irish Life Insurance - Individual Life Insurance by Product, 2011-2015
Table 55: Irish Life Insurance - Individual Life Insurance by Product, 2015-2020
Table 56: Irish Life Insurance - Individual Life Insurance by Premium, 2011-2015
Table 57: Irish Life Insurance - Individual Life Insurance by Premium, 2015-2020
Table 58: Insurance Industry Definitions

List of Figures

Figure 1: Irish Real GDP (EUR Billion), 2011-2020
Figure 2: Irish Consumer Price Inflation, 2011-2020
Figure 3: Irish Current Account Balance, 2011-2015
Figure 4: Irish Unemployment Rate, 2011-2020
Figure 5: Irish Population by Age Group, 1996-2025
Figure 6: Irish Insurance Segment Direct Written Premium Shares - Regional Comparison (%), 2015
Figure 7: Irish Life Insurance - Gross Written Premium (EUR Billion), 2011-2020
Figure 8: Irish Life Insurance - New Business Direct Written Premium (EUR Billion), 2011-2020
Figure 9: Irish Life Insurance - Paid Claims (EUR Billion), 2011-2020
Figure 10: Irish Life Insurance - Total Assets (EUR Billion), 2011-2020
Figure 11: Irish Life Insurance - Total Investment Income (EUR Billion), 2011-2020
Figure 12: Irish Life Insurance - Investment Portfolio (EUR Billion), 2011-2020
Figure 13: Irish Life Insurance - Investment Portfolio Dynamics by Category, 2011-2020
Figure 14: Irish Individual Life Insurance - Direct Written Premium by Category (EUR Billion), 2011-2020
Figure 15: Irish Individual Life Insurance - Direct Written Premium Share by Category, 2011-2020
Figure 16: Irish Individual Life Insurance - Direct Written Premium Dynamics by Category, 2011-2020
Figure 17: Irish Life Insurance - Direct Written Premium by Distribution Channel (%), 2011, 2015 and 2020
Figure 18: Irish Life Insurance - Segment Shares of the Leading Insurers (%), 2015
Figure 19: Ireland - Insurance Supervision and Control at Various Levels
Figure 20: Ireland - Insurance Regulatory Frameworks for Company Registration and Operation

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