The Irish insurance market is operating in a very different environment compared to that last examined in 2008. The market has had to contend with the challenges of increasing regulation, tightening liquidity, weak consumer confidence and a barrage of natural disasters that have conspired, along with growing trends in fraud, to increase claims and put pressure on profits and consequently on premiums.

The fallout from the financial crisis has created specific challenges for insurers and regulators. Opportunities exist for businesses to respond to changing regulation and build market size.

The Irish insurance market is operating in a very different environment compared to that last examined in 2008. The market has had to contend with the challenges of increasing regulation, tightening liquidity, weak consumer confidence and a barrage of natural disasters that have conspired, along with growing trends in fraud, to increase claims and put pressure on profits and consequently on premiums.

The fallout from the financial crisis has created specific challenges for insurers and regulators. Opportunities exist for businesses to respond to changing regulation and build market size.

Demand for insurance has decreased considerably, and the industry must respond to this challenge and clearly communicate the benefits of good quality insurance rather than focusing on cost.

Distribution channels for the insurance market have not changed as much as would be expected in the presence of the new aggregate businesses. However, the industry has become more focused on pricing, providing better value for consumers.

This in turn has made some consumers less loyal, and insurers are now questioning the profitability of their business in such a price-oriented market.

This report examines the various trends that have emerged in the Irish insurance market over the past six years, in particular, general insurance and health insurance.