Ireland Life & Non-Life Insurance Market - Growth, Trends, Covid-19 Impact, And Forecasts (2023-2028)

Ireland Life and Non-Life Insurance Market has achieved a market size of USD 39.2 billion in terms of gross premiums in the current year and is poised to grow at a CAGR of 5% during the forecast period.

Online insurance buying is expected to provide a new growth avenue to Ireland's life and non-life insurance market. Owing to their dual advantage of securing future uncertain labilities due to accidental events and an investment opportunity, unit-linked insurance plans are popular in the Ireland insurance market.

Moreover, the InsurTech sector is witnessing much technological innovation and investment development over the past few years. Traditional insurance business lines, such as health, auto, and commercial, are being revolutionized by new digital-centric startups. New technologies, such as AI and IoT, have been re-architecting insurance data, the foundation of the insurance industry.

Ireland Life & Non Life Insurance Market Trends

Growing Online Sale of Insurance Policy

In the past few years consumers' inclination toward buying online insurance has increased rapidly. Significant growth has been observed in the purchase of life and non-life insurance through the online channel. Growing internet penetration in Ireland is supporting growth in the online sale of insurance policies.

The share of internet users in Ireland increased from 75.29% in 2016 to 79.31% in 2021. Consumers can compare plans of different companies on aggregators' websites and choose the best plan for them. Due to this convenient feature, the adoption of online insurance purchasing is increasing. Major players in the life & non-life insurance market in Ireland are providing and working on the improvement of online infrastructure to cater to the demand of online consumers of insurance. Many insurance companies in Ireland are enabling e-KYC for the convenience of insurance buyers.

Unit Linked Life Insurance Registered Highest Growth Rate in Ireland

A unit-linked insurance plan is a product that offers a combination of insurance and investment payout. Because it provides coverage for not only uncertainty but also an investment opportunity, it is widely popular in the market. Unit-linked life insurance plans registered the highest growth rate in the past few years and are expected to continue their trend during the forecast period.

The high growth of insurance technical reserves for unit-linked life insurance is supported by large sales of unit-linked life insurance plans. The major operating players in the market are providing a unique product mix for unit-linked life insurance to attract consumers.

Ireland Life & Non Life Insurance Market Competitor Analysis

The Ireland Life and Non-Life Insurance Market is highly competitive with the presence of local and global players. The market is fairly consolidated. The report covers the major players operating in Ireland's Life and Non-Life insurance market. Bank of Ireland, AIB, Irish Life, Intesa SanPaolo Life, Standard Life International, Zurich Life Assurance, Zurich Insurance, Darta Saving Life Assurance, XL Insurance, New Ireland Assurance, Utmost Paneurope, Partner Reinsurance Europe are some of the key players operating in Life & Non-Life Insurance Market in Ireland.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support