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Personal Accident and Health Insurance in Ireland, Key Trends and Opportunities to 2017

238 pages report Published in Jan 2014

Synopsis

The report provides in depth market analysis, information and insights into the Irish personal accident and health insurance segment, including:

  • The Irish personal accident and health insurance segment's growth prospects by insurance categories
  • Key trends and drivers for the personal accident and health insurance segment
  • The various distribution channels in the Irish personal accident and health insurance segment
  • The detailed competitive landscape in the personal accident and health insurance segment in Ireland
  • Regulatory policies in the Irish insurance industry
  • A description of the personal accident and health reinsurance segment in Ireland
  • Porter's Five Forces Analysis of the personal accident and health insurance segment
  • A benchmarking section on the Irish life insurance segment in comparison with other countries with US$10-US$40 billion in gross written premium

Summary

The Irish personal accident and health insurance segment registered the highest growth decline in the Irish insurance industry during the review period (2008-2012). The segment fell from EUR1.3 billion (US$1.9 billion) in 2008 to EUR1.1 billion (US$1.4 billion) in 2012, at a review-period compound annual growth rate (CAGR) of -4.3%. The decline was attributed to the slowdown in health insurance, the largest category in the segment with 78.8% of written premiums in 2012. While travel insurance was the only category to register positive growth during the review period, at a CAGR of 7.4%, its support was limited due to its low segment share.

The anticipated implementation of Solvency II by European countries in 2016 will raise capital requirements for Irish insurance companies. Smaller insurers are expected to find it difficult to meet these requirements, leaving them open to be acquired by larger companies, resulting in further consolidation in the segment over the forecast period (2012-2017).

Scope

This report provides a comprehensive analysis of the personal accident and health insurance segment in Ireland:

  • It provides historical values for the Irish personal accident and health insurance segment for the report's 2008-2012 review period and expected figures for the 2012-2017 forecast period.
  • It offers a detailed analysis of the key sub-segments in Irish personal accident and health insurance segment, along with market forecasts until 2017.
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions.
  • It analyses the various distribution channels for personal accident and health insurance products in Ireland.
  • Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Ireland for the personal accident and health insurance segment.
  • It provides a detailed analysis of the reinsurance segment in Ireland and its growth prospects.
  • It profiles the top personal accident and health insurance companies in Ireland and outlines the key regulations affecting them.

Reasons To Buy

  • Make strategic business decisions using in depth historic and forecast market data related to the Irish personal accident and health insurance segment and each category within it
  • Understand the demand-side dynamics, key market trends and growth opportunities within the Irish personal accident and health insurance segment
  • Assess the competitive dynamics in the personal accident and health insurance segment, along with the reinsurance segment
  • Identify the growth opportunities and market dynamics within key product categories
  • Gain insights into key regulations governing the Irish insurance segment and its impact on companies and the market's future

Key Highlights

  • The Irish personal accident and health insurance segment registered the highest growth decline in the Irish insurance industry during the review period.
  • Reduced government expenditure affected demand for health insurance.
  • While travel insurance was the only category to register positive growth during the review period, at a CAGR of 7.4%, its support was limited due to its low segment share.
  • The implementation of a new regulatory framework, and the subsequent meeting of high capital and solvency requirements and compliances by insurers, adversely affected the profitability of insurers.
  • The Irish personal accident and health segment is consolidated with the 10 leading companies collectively accounting for 95.4% of written premiums in 2012.
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