Insurance Ireland has published its annual Fact File for 2014. The Fact File is now in its twenty second year of publication, providing key facts and figures on the insurance industry in Ireland using statistics for 2014 and the period from 2010 to 2013 for comparison.
In 2014, gross insurance premium income for domestic life and non-life insurance (combined), premiums per capita, the capital values of assets in many investment areas and the value of year end investments for domestic life and non-life insurance (combined) all increased. Compared with the global market, Ireland’s share of total gross insurance premiums (1.2%) is high in comparison to the country’s population, in part due to the high levels of cover in the key classes of business (e.g. motor, property, liability etc.).
Pension scheme business and individual assurance annuities continued to represent the largest segments of life assurance gross premium income. The amount of life assurance benefits and claims paid in 2014 decreased by 7% on 2013.
Key Non-Life statistics identified in the Fact File include gross written premiums of €2.656m in 2014 (an increase of 3.2% from 2013), and a total of 445,505 new claims notified to Insurance Ireland members. 80% of these new claims were comprised of motor claims (57%) and property insurance policies (23%).
In the international market, the Fact File indicates that a high majority of international premium income is new single premium income. This increase is attributed partly to the larger number of international members of Insurance Ireland who provided statistics in order to prepare the Fact File. The majority of new single premiums for 2014 and new regular premiums for 2014 related to Class III insurance (96% and 49% respectively).
A link to the Fact File is here.