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Personal Accident and Health Insurance in Ireland, Key Trends and Opportunities to 2017 - New Study Released

Recently published research from Timetric, "Personal Accident and Health Insurance in Ireland, Key Trends and Opportunities to 2017", is now available at Fast Market Research

 
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Boston, MA -- (SBWIRE) -- 02/19/2014 -- The Irish personal accident and health insurance segment registered the highest growth decline in the Irish insurance industry during the review period (2008-2012). The segment fell from EUR1.3 billion (US$1.9 billion) in 2008 to EUR1.1 billion (US$1.4 billion) in 2012, at a review-period compound annual growth rate (CAGR) of -4.3%. The decline was attributed to the slowdown in health insurance, the largest category in the segment with 78.8% of written premiums in 2012. While travel insurance was the only category to register positive growth during the review period, at a CAGR of 7.4%, its support was limited due to its low segment share.
The anticipated implementation of Solvency II by European countries in 2016 will raise capital requirements for Irish insurance companies. Smaller insurers are expected to find it difficult to meet these requirements, leaving them open to be acquired by larger companies, resulting in further consolidation in the segment over the forecast period (2012-2017).

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Key Highlights

- The Irish personal accident and health insurance segment registered the highest growth decline in the Irish insurance industry during the review period.
- Reduced government expenditure affected demand for health insurance.
- While travel insurance was the only category to register positive growth during the review period, at a CAGR of 7.4%, its support was limited due to its low segment share.
- The implementation of a new regulatory framework, and the subsequent meeting of high capital and solvency requirements and compliances by insurers, adversely affected the profitability of insurers.
- The Irish personal accident and health segment is consolidated with the 10 leading companies collectively accounting for 95.4% of written premiums in 2012.

Scope

This report provides a comprehensive analysis of the personal accident and health insurance segment in Ireland:

- It provides historical values for the Irish personal accident and health 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 sub-segments in Irish personal accident and health 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 personal accident and health insurance products in Ireland.
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Ireland for the personal accident and health insurance segment.
- It provides a detailed analysis of the reinsurance segment in Ireland and its growth prospects.

Companies Mentioned in this Report: Aviva Health, Quinn Insurance, ACE European, Chartis Europe, Financial Insurance, London General, Decare, RSA Insurance, Aviva Insurance Ltd, FBD

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