Boston, MA -- (ReleaseWire) -- 02/19/2014 -- Non-life insurance was the second-largest segment in the Irish insurance industry in 2012, representing an industry share of 13.3%. The segment could not escape the repercussions of the financial crisis which resulted in a reduction in sales and increased levels of competition. The segment's written premium decreased from EUR4.8 billion (US$7.0 billion) in 2008 to EUR4.3 billion (US$5.5 billion) in 2012, at a review-period (2008-2012) compound annual growth rate (CAGR) of -2.9%. However, factors such as standard corporate tax rates, favorable policies for foreign investors and a network of tax treaties with EU nations are anticipated to attract some of the world's largest insurers and reinsurers to Ireland over the forecast period (2012-2017). Moreover, an improvement to insurer's solvency positions due to new regulations and the implementation of Solvency II Directives are expected to attract more business to the segment. As such, it is expected to rise at a forecast-period CAGR of 4.3%, to value EUR5.3 billion (US$6.7 billion) by 2017.
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- The Irish non-life insurance segment could not escape the repercussions of the financial crisis which resulted in a reduction in sales and increased levels of competition.
- High frequency of floods and storms increased the demand for property insurance.
- Ireland's economic downfall has caused low interest rates, unemployment and regulatory reforms. Due to these factors, the profitability of non-life insurers has been adversely affected.
- The Irish non-life segment is highly concentrated and competitive, with the country's 10-leading non-life insurers accounting for a combined segment share of 92.7% in 2012 in gross written premium terms.
- The non-life segment is open to foreign direct investment and has a favorable regulatory regime for foreign companies.
This report provides a comprehensive analysis of the non-life insurance segment in Ireland:
- It provides historical values for Ireland's non-life 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 categories in Ireland's non-life 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 non-life insurance products in Ireland.
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Ireland for the non-life insurance segment.
- It provides a detailed analysis of the reinsurance segment in Ireland and its growth prospects.
Companies Mentioned in this Report: Aviva Insurance Ltd, RSA Insurance, FBD, Allianz Plc, AXA, Liberty Insurance Ltd, Zurich Insurance Plc, Chartis Europe, Irish Public Bodies, Travelers
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