The Ireland Life and Non-Life Insurance Market is Segmented by Insurance Type (Life Insurance and Non-Life Insurance), Distribution Channel (Brokers & Independent Financial Advisers, Direct (Insurer-Owned) Sales, Bancassurance, and More), End-User (Individuals and Corporate/SME), and Region. The Market Forecasts are Provided in Value (USD).

The Ireland Life & Non-Life Insurance market was valued at USD 35.92 Billion in 2024 and is expected to grow to USD 41.34 Billion by 2030 with a CAGR of 4.87% during the forecast period.

In 2023, the life insurance market in Ireland was larger than the non-life insurance market. In that year, net life insurance premiums amounted to 42 billion euros and non-life insurance premiums reached 30 billion euros.

Non-life insurance includes health, property, and casualty insurance. The statistic shows the total amount of non-life insurance claims paid in Ireland from 2004 to 2019. The claim payments peaked in 2016 at 3.73 billion euros. Between 2013 and 2014, the this time period the value of claims paid out by non-life insurance providers in Ireland doubled. More in-depth information can be found in the Statista dossier on insurance market in Europe. In 2019, the total amount of non-life insurance claims paid amounted to just over 3.7 billion euros, the same as the previous two years.

The life insurance market in Ireland is projected to grow at a CAGR of 5.00% from 2025 to 2033, reaching a value of XX million by 2033. The market is driven by the rising awareness of financial planning and the need for financial security among individuals and families. Additionally, the increasing number of high-net-worth individuals in Ireland is expected to boost the demand for life insurance products. However, the market is restrained by the economic slowdown due to the COVID-19 pandemic and the increasing competition from other financial products. The life insurance market in Ireland is segmented by insurance type, channel of distribution, and company. The individual life insurance segment is expected to account for the largest share of the market during the forecast period, followed by the group life insurance segment. The brokers segment is expected to be the largest distribution channel, followed by the agents segment. The leading companies in the Irish life insurance market include Bank of Ireland, Allied Irish Banks p l c, Irish Life, and Standard Life International. Recent developments include: On May 23, 2022, FINEOS partnered with EY Ireland to accelerate smart digital transformation for insurance carriers in the life, accident, and health industry. It will positively impact the employee benefits value chain, from insurers and employers to employees, while also achieving tangible operational efficiencies., On April 18, 2022, Assured Partners entered the Irish market by acquiring Gallivan Murphy Insurance Brokers Limited. Gallivan will continue in the business in a non-executive capacity and will be involved in identifying further opportunities for expansion in the Irish marketplace.. Notable trends are: Growing Online Sale of Insurance Policy.

The Irish life insurance market, exhibiting a Compound Annual Growth Rate (CAGR) of 5.00% from 2019 to 2024, presents a compelling investment landscape. While precise market size figures for Ireland are unavailable, leveraging the global CAGR and considering Ireland's relatively stable economy and aging population, a reasonable estimation places the 2025 market value at approximately €1.5 billion. This growth is fueled by several key drivers: an increasing awareness of the need for financial security among the Irish population, coupled with government initiatives promoting financial literacy and retirement planning. Furthermore, the rise of digital distribution channels, including online platforms, is streamlining access to insurance products, increasing market penetration. However, market growth faces some restraints, primarily the ongoing low interest rate environment impacting investment returns for insurance companies and increased regulatory scrutiny. The market is segmented by insurance type (individual and group life insurance) and distribution channels (brokers, agents, banks, and online platforms), with a likely higher proportion of sales currently going through traditional channels like agents and brokers. Leading players such as Irish Life, Bank of Ireland, and Allied Irish Banks plc, along with international insurers like Zurich and Standard Life International, compete for market share. The competitive landscape is likely to become even more dynamic in the coming years with the increasing adoption of digital technologies and expansion by global players. Looking ahead to 2033, projections suggest continued, albeit potentially moderated, growth. Factors like evolving consumer preferences, shifting demographics, and advancements in insurance technology will significantly impact the market trajectory. The increasing penetration of digital platforms will likely lead to greater competition and efficiency gains, possibly resulting in more competitive pricing. The challenge for insurers will be to adapt to these changes by offering personalized products and services, improving customer experience, and utilizing data-driven insights to enhance risk management and product development. The focus on sustainable and ethical investment options within life insurance policies is also expected to gain traction, influencing product design and consumer choice in the coming decade. The market's growth will depend heavily on managing the balance between regulatory compliance, customer needs, and maintaining profitability in a dynamic and competitive environment. Recent developments include: On May 23, 2022, FINEOS partnered with EY Ireland to accelerate smart digital transformation for insurance carriers in the life, accident, and health industry. It will positively impact the employee benefits value chain, from insurers and employers to employees, while also achieving tangible operational efficiencies., On April 18, 2022, Assured Partners entered the Irish market by acquiring Gallivan Murphy Insurance Brokers Limited. Gallivan will continue in the business in a non-executive capacity and will be involved in identifying further opportunities for expansion in the Irish marketplace.. Notable trends are: Growing Online Sale of Insurance Policy.

In 2017, the Irish life insurance market was dominated by Irish Life with a market share of ** percent. Zurich Life followed with ** percentage points behind at ** percent. In total, the top five non-life insurance providers in Ireland had a combined market share of **** percent.

Ireland Financial Assets: Stock: NF: Annual: IP: Non Life Insurance Technical Reserves data was reported at 1,910.000 EUR mn in 2016. This records an increase from the previous number of 1,685.000 EUR mn for 2015. Ireland Financial Assets: Stock: NF: Annual: IP: Non Life Insurance Technical Reserves data is updated yearly, averaging 1,851.000 EUR mn from Dec 2001 (Median) to 2016, with 16 observations. The data reached an all-time high of 2,160.000 EUR mn in 2008 and a record low of 1,274.000 EUR mn in 2001. Ireland Financial Assets: Stock: NF: Annual: IP: Non Life Insurance Technical Reserves data remains active status in CEIC and is reported by Central Statistics Office of Ireland. The data is categorized under Global Database’s Ireland – Table IE.AB016: Funds by Sector: ESA 2010: Non Financial Corporations: Stock.

As of 2023, the Irish insurance company with the highest total gross premium income from all business lines (motor, property, liability, personal accident/travel, and other classes) was AXA. The global insurance company had a total gross written premium income of just over 818 million euros at that time. This was followed by Allianz, with gross premium income totaling around 667 million euros. The top three is completed by Aviva, with a gross written premium income of approximately 521 million euros.

As of 2023, the Irish insurance member company with the highest value of motor insurance gross written premiums was AXA. The global insurance company had a total gross written premium for the motor insurance sector of over *** million euros at that time. This was followed by Allianz, with motor insurance total gross written premiums reaching a value of almost *** million euros. The top three is completed by Aviva, with a gross written premiums for motor insurance reaching approximately *** million euros.

Ireland Financial Assets: Stock: HN: Annual: IP: Non Life Insurance Technical Reserves data was reported at 6,410.000 EUR mn in 2016. This records a decrease from the previous number of 6,744.000 EUR mn for 2015. Ireland Financial Assets: Stock: HN: Annual: IP: Non Life Insurance Technical Reserves data is updated yearly, averaging 6,088.500 EUR mn from Dec 2001 (Median) to 2016, with 16 observations. The data reached an all-time high of 6,744.000 EUR mn in 2015 and a record low of 3,790.000 EUR mn in 2001. Ireland Financial Assets: Stock: HN: Annual: IP: Non Life Insurance Technical Reserves data remains active status in CEIC and is reported by Central Statistics Office of Ireland. The data is categorized under Global Database’s Ireland – Table IE.AB020: Funds by Sector: ESA 2010: Households and NPISHs: Stock.

As of 2023, the Irish insurance member company with the highest value of liability insurance gross written premiums was Allianz. The general insurance company had a total gross written premium for the liability insurance sector of approximately *** million euros at that time. This was followed by Aviva, with liability insurance total gross written premiums reaching a value of almost *** million euros. The top three is completed by Irish Public Bodies, with a gross written premiums for liability insurance reaching just over *** million euros.

Ireland Financial Liabilities: Flow: FC: IP: Annual: IP: Annual: Non Life Insurance Technical Reserves data was reported at -1,888.000 EUR mn in 2017. This records a decrease from the previous number of 3,842.000 EUR mn for 2016. Ireland Financial Liabilities: Flow: FC: IP: Annual: IP: Annual: Non Life Insurance Technical Reserves data is updated yearly, averaging 1,645.500 EUR mn from Dec 2002 (Median) to 2017, with 16 observations. The data reached an all-time high of 11,177.000 EUR mn in 2005 and a record low of -18,217.000 EUR mn in 2011. Ireland Financial Liabilities: Flow: FC: IP: Annual: IP: Annual: Non Life Insurance Technical Reserves data remains active status in CEIC and is reported by Central Statistics Office of Ireland. The data is categorized under Global Database’s Ireland – Table IE.AB009: Funds by Sector: ESA 2010: Financial Corporations: Insurance Corporations and Pension Funds: Flow.

In 2019, non-life insurance gross premiums written by Irish insurers was highest in the private motor insurance class. This insurance class had gross written premiums worth over *** billion euros that year. This was followed by household insurance with just under *** million euros in gross premiums written. The third place ranking is completed by the commercial motor sector, with gross written premiums totaling approximately ***** million euros as of 2019.

Ireland Financial Assets: Stock: HH: IT: Non Life Insurance Technical Reserves & Provisions for Calls data was reported at 6,905.147 EUR mn in Jun 2018. This records a decrease from the previous number of 6,948.792 EUR mn for Mar 2018. Ireland Financial Assets: Stock: HH: IT: Non Life Insurance Technical Reserves & Provisions for Calls data is updated quarterly, averaging 6,309.626 EUR mn from Mar 2002 (Median) to Jun 2018, with 66 observations. The data reached an all-time high of 6,970.816 EUR mn in Sep 2015 and a record low of 69.358 EUR mn in Mar 2002. Ireland Financial Assets: Stock: HH: IT: Non Life Insurance Technical Reserves & Provisions for Calls data remains active status in CEIC and is reported by Central Bank of Ireland. The data is categorized under Global Database’s Ireland – Table IE.AB020: Funds by Sector: ESA 2010: Households and NPISHs: Stock.

Insurance DataLab provides quick and easy access to comparable industry data that can help to: - Analyse the financial health of insurance companies - Look for acquisition and investment opportunities - Assess which new markets to enter - Benchmark insurance companies - Identify new capacity or distribution partners

Data included on the platform includes: - Underwriting results across all major non-life business lines for UK and Gibraltar regulated insurers and Lloyd's syndicates - Solvency positions of all UK and Gibraltar non-life regulated insurers and Lloyd's syndicates - Financial results for the UK's leading MGAs and brokers - Complaint volumes and upheld rates by company and product line, sourced from the Financial Ombudsman Service - Customer experience scores and broker satisfaction indices - General market data on claims, pricing, and M&A activity

Ireland Financial Assets: Flow: NF: Annual: IP: Non Life Insurance Technical Reserves data was reported at 104.000 EUR mn in 2016. This records an increase from the previous number of 94.000 EUR mn for 2015. Ireland Financial Assets: Flow: NF: Annual: IP: Non Life Insurance Technical Reserves data is updated yearly, averaging 59.000 EUR mn from Dec 2002 (Median) to 2016, with 15 observations. The data reached an all-time high of 261.000 EUR mn in 2008 and a record low of -163.000 EUR mn in 2009. Ireland Financial Assets: Flow: NF: Annual: IP: Non Life Insurance Technical Reserves data remains active status in CEIC and is reported by Central Statistics Office of Ireland. The data is categorized under Global Database’s Ireland – Table IE.AB015: Funds by Sector: ESA 2010: Non Financial Corporations: Flow.

Ireland Financial Assets: Flow: NF: IT: Non Life Insurance Technical Reserves & Provisions for Calls data was reported at -54.645 EUR mn in Dec 2017. This records a decrease from the previous number of 77.149 EUR mn for Sep 2017. Ireland Financial Assets: Flow: NF: IT: Non Life Insurance Technical Reserves & Provisions for Calls data is updated quarterly, averaging 0.000 EUR mn from Mar 2002 (Median) to Dec 2017, with 64 observations. The data reached an all-time high of 168.126 EUR mn in Mar 2008 and a record low of -84.796 EUR mn in Sep 2009. Ireland Financial Assets: Flow: NF: IT: Non Life Insurance Technical Reserves & Provisions for Calls data remains active status in CEIC and is reported by Central Bank of Ireland. The data is categorized under Global Database’s Ireland – Table IE.AB015: Funds by Sector: ESA 2010: Non Financial Corporations: Flow.

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Ireland Financial Liabilities: Flow: RE: Annual: IP: Non Life Insurance Technical Reserves data was reported at 2,050.000 EUR mn in 2016. This records an increase from the previous number of 237.000 EUR mn for 2015. Ireland Financial Liabilities: Flow: RE: Annual: IP: Non Life Insurance Technical Reserves data is updated yearly, averaging 1,046.000 EUR mn from Dec 2002 (Median) to 2016, with 15 observations. The data reached an all-time high of 7,376.000 EUR mn in 2007 and a record low of -16,487.000 EUR mn in 2011. Ireland Financial Liabilities: Flow: RE: Annual: IP: Non Life Insurance Technical Reserves data remains active status in CEIC and is reported by Central Statistics Office of Ireland. The data is categorized under Global Database’s Ireland – Table IE.AB021: Funds by Sector: ESA 2010: Rest of World: Flow.