Market Trends of Ireland Life & Non-Life Insurance Industry
This section covers the major market trends shaping the Ireland Life & Non Life Insurance Market according to our research experts:
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.
