A premium product: Economic growth and rising investment income supports revenue

Companies in the Insurance industry provide products such as life insurance, motor insurance, home insurance, general liability insurance and health insurance. The industry generates revenue by charging customers for cover and investing this income. Businesses must ensure that enough capital is available to pay for insurance claims. Revenue from investment activities has been volatile over the past decade, as events affecting equity and fixed-income markets can alter the rate of return from investments...read more.

Industry Statistics & Market Size
Revenue
£15.3bn
Annual Growth 13-18
4.6%
Forecast Growth 18-23
Profit
Employment
15,570
Businesses
138
Market Share of Companies
There are no companies with a dominant market share in this industry

Industry Threats & Opportunities

  • The industry has recorded robust growth, despite volatility in investment markets
  • InsurTech is threatening to disrupt operations, and has increased competition in the industry
  • Advances in technology and an increase in life expectancy are expected to boost the health insurance segment
  • Industry Report - Industry Investment Chapter

    Insurers must invest heavily in computer systems and technology to remain competitive. The industry utilises sophisticated IT systems in functions such as back-office operations, investment activities, retail activities, risk assessment, policy pricing and historical claims analysis. Advancements in technology have meant that insurers have been able to replace functions that previously had to be undertaken in a labour-intensive manner with computer systems. This has led to a reduction in labour intensity in the industry over the past five years.The industry does still require a highly skilled workforce providing sales, administrative and processing services, although an increased emphasis on internet-based distribution channels has further limited labour intensity. Onl...purchase to read more.

    Additional Insights for the Insurance Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Insurance Industry are

  • Ability to effectively manage risk
  • Management of high quality assets portfolio
  • Superior financial management and debt management
  • IBISWorld analysts also discuss how external factors such as Business sentiment index and Modified real disposable income per capita in the Insurance industry impact industry performance..

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    What's in this report

    What is the Insurance in Ireland Industry?

    Businesses in this industry underwrite policies relating to life, property, casualty, liability and other general risks. The premiums they earn from this are then invested to generate additional income. Underwriting life and disability is a separate industry, although many firms compete in both insurance markets.

    Industry Products
  • Life insurance
  • Annuities
  • Disability and long-term care insurance
  • Motor insurance
  • Property insurance
  • Marine, aviation and transport insurance
  • General liability insurance
  • Industry Activities
  • The primary activities of this industry are providing life and general insurance
  • Providing motor insurance
  • Providing life insurance
  • Providing property insurance
  • Providing fire and industrial special risk insurance
  • Providing travel insurance
  • Providing professional indemnity insurance
  • Providing public and product liability insurance
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Business sentiment index
  • Modified real disposable income per capita
  • MSCI World Index
  • Number of businesses
  • Total number of registered motor vehicles

  • Current Performance
    Investment conditionsTechnologyRegulatory backdropProfit performance
  • Chart: Revenue Growth

  • Industry Outlook
    Supporting expansionTechnology growthProfit
  • Table: Insurance Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Insurance Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Clothing & Footwear Wholesaling in Ireland
  • Banks and Building Societies in Ireland
  • Consumers in Ireland
  • Raising of Animals in Ireland

  • Key Selling Industries
  • Fund Management Activities in Ireland
  • Reinsurance in Ireland

  • Products & Services
  • Life insurance
  • Motor insurance
  • Other
  • Property insurance
  • Annuities
  • Disability and long-term care insurance
  • General liability insurance
  • Marine, aviation and transport insurance
  • Chart: Insurance Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Private clients
  • Commercial clients
  • Chart: Major Market Segmentation for the Insurance Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Claims
  • Commissions and wages
  • Underwriting expenses
  • Reinsurance
  • Other
  • Chart: Cost Structure Benchmarking – Sector vs Insurance

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Insurance Industry

  • Industry Globalization
    Aviva plc, Irish Life Group Ltd, Zurich Insurance Group Ltd, New Ireland Assurance Company plc,
  • Table: Aviva plc - financial performance
  • Table: Irish Life Group Ltd - financial performance
  • Table: Zurich Insurance Group Ltd - financial performance
  • Table: New Ireland Assurance Company plc - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Insurance Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Insurance Industry
    Includes:
  • Industry Revenue (2009-2023)
  • Industry Gross Product (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Cessation Ratio
  • The proportion of insurance that an insurer cedes, or passes on, to a reinsurer.
  • Combined Ratio
  • A measure of underwriting performance, which equals the sum of the loss and expense ratios. A combined ratio above 100% indicates an underwriting loss.
  • Solvency Margin
  • An insurer’s assets free of foreseeable liabilities and other comparable commitments.
  • What Our Customers Say

    Why buy this report?

    The Insurance in Ireland market research report provides key industry analysis and industry statistics, measures market size, analyzes current and future industry trends and shows market share for the industry’s largest companies. IBISWorld publishes the largest collection of industry reports so you can see an industry’s supply chain, economic drivers and key buyers and markets.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Insurance in Ireland:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Insurance in Ireland market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Insurance in Ireland, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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