Market Size of Ireland Life & Non-Life Insurance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 5.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Ireland Life & Non-Life Insurance Market Analysis
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 Industry Segmentation
The Ireland Life and Non-Life Insurance Market is segmented by Type (Life (Individual and Group), Non-Life (Home, Motor, Heath and accident, travel, and Rest of Non-Life Insurances)), and by Distribution Channel (Brokers, Agents, Banks, Online, and Other Distribution Channels). The report offers market size and forecasts in value (USD billion) for all the above segments.
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Ireland Life & Non-Life Insurance Market Size Summary
The Ireland Life and Non-Life Insurance Market is experiencing a robust expansion, driven by the increasing adoption of online insurance purchasing and technological advancements in the InsurTech sector. The market is characterized by a significant shift towards digital platforms, with consumers increasingly preferring to buy insurance policies online due to the convenience of comparing plans and the ease of accessing information through aggregators' websites. This trend is supported by the growing internet penetration in Ireland, which has facilitated the rise of digital-centric startups that are revolutionizing traditional insurance business lines such as health, auto, and commercial. The integration of technologies like AI and IoT is reshaping insurance data management, enhancing the overall efficiency and appeal of insurance products.
Unit-linked insurance plans, which combine insurance coverage with investment opportunities, have gained substantial popularity in the Irish market. These plans have shown a high growth rate and are expected to maintain their momentum, supported by strong sales and a unique product mix offered by major market players. The competitive landscape of the Ireland Life and Non-Life Insurance Market is marked by the presence of both local and global players, with key companies such as Bank of Ireland, AIB, Irish Life, and Zurich Insurance leading the charge. Recent strategic partnerships and acquisitions, such as FINEOS's collaboration with EY Ireland and Assured Partners' entry into the market, highlight the ongoing efforts to enhance digital transformation and expand market presence.
Ireland Life & Non-Life Insurance Market Size - Table of Contents
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1. MARKET INSIGHTS AND DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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1.5 Technological Advancements Evolving Insurance Ecosystem in Ireland
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1.6 Regulations and Industry Policies Shaping The Market
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1.7 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Insurance type
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2.1.1 Life Insurance
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2.1.1.1 Individual
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2.1.1.2 Group
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2.1.2 Non-life Insurance
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2.1.2.1 Property Insurance
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2.1.2.2 Motor insurance
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2.1.2.3 Health and accident insurance
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2.1.2.4 Travel Insurance
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2.1.2.5 Rest of Non-Life Insurance
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2.2 By Channel of Distribution
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2.2.1 Brokers
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2.2.2 Agents
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2.2.3 Banks
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2.2.4 Online
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2.2.5 Other Distribution Channels
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Ireland Life & Non-Life Insurance Market Size FAQs
What is the current Ireland Life & Non-Life Insurance Market size?
The Ireland Life & Non-Life Insurance Market is projected to register a CAGR of 5% during the forecast period (2024-2029)
Who are the key players in Ireland Life & Non-Life Insurance Market?
Bank of Ireland, AIB, Irish Life, Intesa SanPaolo Life and Standard Life International are the major companies operating in the Ireland Life & Non-Life Insurance Market.
