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
Key themes in the report
Health insurance/private medical insurance
Life insurance/life assurance
Figure 1: Total value of gross written premiums, € billion, NI and RoI, 2009-14
Figure 2: Index of gross written premiums, forecast and predicted, IoI, NI and RoI, 2014-19
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
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?
The Nouveau Poor
Decline of Deference
No Resting Place
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