New Insurance research report from Timetric is now available from Fast Market Research

Boston, MA -- (SBWire) -- 02/14/2014 --Ireland has a developed international insurance and reinsurance industry, with many of the world's leading insurers and reinsurers operating in the country. Ireland's double taxation treaties with many leading industrialized nations, as well as its favorable tax environment, have made it a leading global destination for captive insurance. During the review period (2008-2012) the country's reinsurance segment registered varying annual growth rates due to the adverse impact of the global financial and European debt crises.
However, the premium ceded to reinsurance recorded an overall compound annual growth rate (CAGR) of 14.7% during the review period. Irish reinsurance revenues are primarily generated from the non-life and personal accident and health segments, with Irish non-life insurers ceding 22.35% of their written premium and personal accident and health insurers ceding 38.0% to reinsurers in 2012. This was due to increased regulatory compliances and the forthcoming Solvency II Directives which are expected to be implemented by 2016. The regulatory compliances brought increased capital requirements leading to high demand for reinsurance services.

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Key Highlights

- Irish reinsurance revenues are primarily generated from the non-life and personal accident and health segments, with Irish non-life insurers ceding 22.35% of their written premium and personal accident and health insurers ceding 38.0% to reinsurers in 2012.
- A standard corporate tax rate, favorable policies for foreign investors and a wide network of tax treaties with major EU nations attract global insurance and reinsurance giants to Ireland.
- All three primary insurance segments - life, non-life and personal accident and health - have faced increases in paid claims and incurred losses during the review period.
- A number of natural disasters affected the Irish insurance industry during the review period, increasing the demand for reinsurance.
- Key foreign reinsurers operating in the Irish segment include Everest Reinsurance, Hannover Re, Partner Re, Scor International Reinsurance, Munich Re and Swiss Re.

Scope

This report provides a comprehensive analysis of the reinsurance segment in Ireland:

- It provides historical values for Ireland's reinsurance 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 Ireland's reinsurance segment, along with market forecasts until 2017.
- It provides a detailed analysis of the reinsurance ceded from various direct insurance segments in Ireland and its growth prospects.

Reasons to Get This Report

- Make strategic business decisions using in depth historic and forecast market data related to the Irish reinsurance segment and each sector within it

Companies Mentioned in this Report: RGA International Reinsurance, Swiss Re, Hannover Re, Scor Re, Partner Re, Munich Re, XL Group Plc

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