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Ireland Insurance Overview May 2014

The Irish insurance industry has been hit hard in recent years as consumers responded to the pressures of the economic downturn by forgoing, cancelling or downgrading cover. However, Mintel’s consumer data indicates that Irish consumers remain committed to being adequately covered. Thus, the expectation is that economic recovery will bring with it a corresponding upturn in fortunes for the insurance industry.

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Table of Content

Introduction

Key themes in the report

Data sources

Definitions

Health insurance/private medical insurance

Home/property insurance

Life insurance/life assurance

Travel insurance

Other terms

Abbreviations

Executive Summary

The market

Figure 1: Total value of gross written premiums, € billion, NI and RoI, 2009-14

Forecast

Figure 2: Index of gross written premiums, forecast and predicted, IoI, NI and RoI, 2014-19

Market factors

Most Irish consumers can’t afford more or upgraded insurance

Irish consumers regaining confidence after difficult years

Premiums down in NI, but some RoI consumers struggling

Crimes leading to insurance claims declining slightly

Decline in travel hitting sales of holiday and travel insurance

Most Irish consumers are car owners, illustrating size of market

The consumer

Majority of Irish consumers own some form of insurance cover

Figure 3: Types of insurance owned by consumers (including jointly owned), NI and RoI, March 2014

Consumers have generally benign attitude towards insurance

Figure 4: Attitudes towards insurance, NI and RoI, March 2014

Shopping around before renewal is now the norm among consumers

Figure 5: Consumers who have shopped around when renewing policies in the last 2 years, NI and RoI, March 2014

In search of a lower price is main reason for shopping around

Figure 6: Reasons for shopping around for insurance policies, NI and RoI, March 2014

Sizeable minority are prepared to spend time to find right policy

Figure 7: Attitudes towards buying and arranging insurance, NI and RoI, March 2014

What we think

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Issues in the Market

What sort of products do Irish consumers own?

What motivates consumers to shop around during the renewal time?

What insights do we have about the insurance purchasing process?

What are Irish consumers’ general attitudes towards insurance?

Trend Application

The Nouveau Poor

Decline of Deference

No Resting Place

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