Table of Contents
- Overview
- Executive Summary
- Following compound annual growth of 8% in the last five years, between
2006 and 2010, growth in the Irish life and pensions market is set to slow
to 5.7%
- The Irish life and pensions market expanded by a compound annual rate
of 8% between 2001 and 2005
- Slower growth in pensions will produce lower compound annual growth in
the total market between 2006 and 2010
- The market will continue to be shaped by EU legislation
- The market is led by Irish firms
- Among the market leaders, banking and insurance groups alike rely on
distribution through bank networks and intermediaries
- Table of Contents
- Table of figures
- Table of tables
- MARKET OVERVIEW
- The Irish life and pensions market expanded by a compound annual rate of
8% between 2001 and 2005
- Premium income increased at a compound annual rate of 8% between 2001
and 2005, primarily driven by growth in pensions
- The proportional distribution of premium income between group and
individual policies has been unchanged between 2001 and 2005
- Following a sharp decline in 2002, premium income from unit-linked
insurance increased from 2003 onwards
- Linked assets account for the single highest proportion of the
investment assets of life and pensions insurance companies
- MARKET FORECASTS
- Slower growth in pensions will produce lower compound annual growth in
the total market between 2006 and 2010
- Over the next 5 years, premium income is set to grow at a compound
annual rate of 5.7%, compared to 8% growth between 2001 and 2005
- MARKET REGULATION
- The market will continue to be shaped by EU legislation
- The Irish Financial Services Regulatory Authority (Financial
Regulator) regulates the life insurance and pensions sector
- Recent legislation enhances consumer protection
- The Insurance Mediation Directive creates a single passport for
insurance intermediaries and enhances consumer choice
- Insurance companies which belong to financial conglomerates face
additional supervisory requirements
- Distance marketing rules define sales practices
- Proposed anti-money laundering legislation implies an additional
administrative burden for insurers
- Upcoming laws will enhance consumer protection
- Providers may be required to fund a new insurance guarantee scheme
- COMPETITIVE MARKET STRUCTURE
- The market is led by Irish firms
- Irish firms dominate the domestic market by number
- The top 5 life and pensions insurers control 75% of the market, by
premium income
- Brokers generated more than half of annual premium new business in 2005
- At 44%, brokers accounted for the single highest proportion of new
single premium business
- MARKET LEADERS
- Among the market leaders, banking and insurance groups alike rely on
distribution through bank networks and intermediaries
- Irish Life is the life and pensions insurance market leader, based on
premium income in 2005
- BoI Life trails the market leader in the life and pensions insurance
sector
- Hibernian Life ranks third among life and pensions insurance companies
- Ark Life is the fourth highest ranked life insurer by premium income
- Eagle Star Life rounds out the top 5 life insurers
- APPENDIX
- Definitions
- Capital redemption policy / bond
- Composite insurer
- Defined contribution pension scheme
- Defined benefits pension scheme
- Group policy
- Individual pension scheme
- Individual policy
- Life assurance
- Occupational pension scheme
- Pension insurance policy
- Premium income
- Regular premium
- Single premium
- Technical provisions
- Traditional insurance
- Unit-linked insurance
- Further reading
- Interactive Databases
- Reports and Briefs
- Ask the analyst
- Datamonitor consulting
- Disclaimer
- List of Tables
- Table 1: Life and pensions insurance premium income, segmented by
product, EURm, 2001-2005
- Table 2: Life and pensions insurance premium income, segmented by
product, in percentages, 2001-2005
- Table 3: Life and pensions insurance premium income, segmented by
buyer, EURm, 2001-2005
- Table 4: Life and pensions insurance premium income, segmented by
buyer, in percentages, 2001-2005
- Table 5: Life and pensions insurance premium income, segmented by
investment risk, EURm, 2001-2005
- Table 6: Life and pensions insurance premium income, segmented by
investment risk, in percentages
- Table 7: Investment assets of life and pensions insurance companies,
EURm, 2001-2005
- Table 8: Investment assets of life and pensions insurance companies,
in percentages, 2001-2005
- Table 9: Life and pensions insurance premium income, segmented by
product, EURm, 2006-2010
- Table 10: Life and pensions insurance premium income, segmented by
product, in percentages, 2006-2010
- Table 11: Number of life insurance providers segmented by type, as at
Dec 2005
- Table 12: Top 5 life and pensions insurers by gross premium income, as
at Dec 2005
- Table 13: Life insurance and pensions new business annual premium
income, segmented by distribution channel, in percentages, Jan-Dec 2005
- Table 14: Life insurance and pensions new business single premium
income, segmented by distribution channel, in percentages, Jan-Dec 2005
- List of Figures
- Figure 1: Life premiums accounted for 56% of total premium income in
2005
- Figure 2: Individual policies account for the majority of life and
pensions premium income
- Figure 3: Growth in non-unit linked premium income has been variable
between 2001 and 2005, although the compound annual rate exceeded 19%
- Figure 4: The proportion of investment assets held in linked assets
has been increasing steadily
- Figure 5: Pensions will continue to account for an increasing
proportion of premium income between 2006 and 2010
- Figure 6: 84% of all life and pensions providers are Irish firms
- Figure 7: Irish Life leads the life and pensions sector in Ireland, by
premium income
- Figure 8: Tied agents, employees and company representatives accounted
for 40% of annual premium new business
- Figure 9: Direct sales represented just under one-quarter of new
single premium business
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