BMI View: While small in absolute terms, Ireland s insurance sector is well-developed, while the country also enjoys the benefits of being a global centre for financial services and especially life insurance. As one of the strongest performers in the EU in terms of economic activity, we expect to see steady growth in both the life and non-life markets over the forecast period to ----, with the non-life market being driven in large part by the rapid expansion of the health insurance segment. ...BMI View: While small in absolute terms, Ireland s insurance sector is well-developed, while the country also enjoys the benefits of being a global centre for financial services and especially life insurance. As one of the strongest performers in the EU in terms of economic activity, we expect to see steady growth in both the life and non-life markets over the forecast period to ----, with the non-life market being driven in large part by the rapid expansion of the health insurance segment. The major risk to our outlook will be the potentially negative effects resulting from the UK s recent Brexit vote. ...Nevertheless, we believe Ireland s insurance market offers considerable opportunity for investors and new entrants, and this has been reflected in high levels of transactional activity over recent months. Table: Headline Insurance Forecasts (Ireland ---------) ---- ---- ----e ----f ----f ----f ----f ----f Gross life premiums written, EURbn --.-- --.-- --.-- --.-- --.-- --.-- --.-- --.-- Gross life premiums written, EUR, y-o-y --.- -.- -.- -.- -.- -.- -.- -.- Gross life premiums written, USDbn --.-- --.-- --.-- --.-- --.-- --.-- --.-- --.-- Gross life premiums written, USD, y-o-y --.- -.- --.- --.- -.- -.- -.- -.- Gross non-life premiums written, EURbn -.-- -.-- -.-- -.-- -.-- -.-- -.-- -.-- Gross non-life premiums written, EUR, y-o-y ---.- -.- --.- -.- -.- -.- -.- -.- Gross non-life premiums written, USDbn -.-- -.-- -.-- -.-- -.-- -.-- -.-- -.--
...In September ----, Irish Life completed the long-awaited acquisition of Aviva Health Insurance Ireland Limited for an unreported fee. The deal also gives Irish Life control of control of Aviva subsidiary GloHealth. ...In the same month, a report released by UK-based Aviva showed that Ireland s pension gap had expanded to become the second largest in Europe. Aviva estimates a EUR--.-bn gap between current pensions savings among Ireland s population and the amount needed to provide adequately for the nation s retirees. The findings may prove to be advantageous for life insurers, with individuals having to save more in order to provide for old age. ...Aviva estimates a EUR--.-bn gap between current pensions savings among Ireland s population and the amount needed to provide adequately for the nation s retirees. The findings may prove to be advantageous for life insurers, with individuals having to save more in order to provide for old age.
...Due to the inclusion of international underwriting activity in our premiums figures, Irish life insurance premiums will continue to dwarf those written by the non-life segment. However, due to the faster pace of expansion of the non-life segment, the total share of the market held by life insurers will fall slightly over the forecast period, from --.- of total sales in ---- to --.- in ----. ...
