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Personal Accident and Health Insurance in Ireland, Key Trends and Opportunities to 2017

Published By :

Timetric

Published Date : Jan 2013

Category :

Health Insurance

No. of Pages : 208 Pages


Synopsis
  • The report provides in depth analysis, information and insights into the Irish personal accident and health insurance industry, including:
  • The Irish personal accident and health insurance segments growth prospects by personal accident and health insurance categories
  • The various distribution channels in the Irish personal accident and health insurance segment
  • The competitive landscape in the personal accident and health insurance segment
  • A description of the personal accident and health reinsurance segment in Ireland
Summary

Ireland has a booming domestic and international insurance industry comprising life, non-life, reinsurance, captive and intermediary activities. The country acts as a major jurisdiction for domiciling head office insurance companies focusing on the European Economic Area (EEA) markets. Many foreign insurance and reinsurance groups have relocated to Ireland since 2008, including Willis Group Holdings Limited, Beazley Group plc, Zurich and XL Capital Limited.

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 reports 20082012 review period and forecast figures for the 20132017 forecast period 
  • It offers a detailed analysis of the key sub-segments in the Irish personal accident and health insurance segment, along with 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 Porters 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
  • It profiles the top personal accident and health insurance companies in Ireland and outlines the key regulations affecting them
Reasons To Buy
  • Make strategic business decisions using historic and forecast market data related to the Irish personal accident and health insurance market and each sector within it
  • Understand the demand-side dynamics, key market trends and growth opportunities within the Irish personal accident and health insurance market
  • Assess the competitive dynamics in the personal accident and health insurance market, along with the reinsurance segment
  • Identify the growth opportunities and market dynamics within key product categories
  • Gain insights into key regulations governing the Irish insurance market and its impact on companies and the market's future
Key Highlights
  • The Irish private health insurance market witnessed a rapid fall in the number of insurance policies sold during the review period (20082012). This was largely due to increases in premium costs and the unfavorable economic and business conditions caused by Irelands sovereign debt crisis.
  • Ireland has an attractive taxation policy, which has been a key factor in the emergence of the country as an attractive location for the insurance business. Ireland has a corporation tax rate of 12.5%, which is low compared to that of many other EU member states.
  • The life insurance segment accounted for the largest share of 58.9% of the written premium of the overall insurance industry in 2012.
  • Insurance brokers accounted for the largest share of 58.9% of personal accident and health insurance written premiums generated through distribution channels in 2012.
  • The Irish personal accident and health insurance segment is less fragmented and competitive compared to the life and non-life segments.
Table of Content

1 Executive Summary


2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology

3 Irish Insurance Industry Attractiveness
3.1 Insurance Industry Market Size, 20082017
3.2 Key Industry Trends and Drivers
3.2.1 Business drivers
3.2.2 Consumer drivers
3.3 Recent Market Developments

4 Personal Accident and Health Insurance Segment Outlook
4.1 Personal Accident and Health Insurance Growth Prospects by Category
4.1.1 Personal accident category
4.1.2 Travel insurance category
4.1.3 Health insurance category

5 Analysis by Distribution Channels
5.1 Direct marketing
5.2 E-Commerce
5.3 Brokers
5.4 Other channels

6 Legislation, Supervision and Control
6.1 Legislation Overview and Historical Evolution
6.2 Legislation Trends by Type of Insurance
6.2.1 Life insurance regulatory trends
6.2.2 Property insurance regulatory trends
6.2.3 Motor insurance regulatory trends
6.2.4 Liability insurance regulatory trends
6.2.5 Marine, aviation and transit insurance regulatory trends
6.2.6 Health insurance regulatory trends
6.3 Compulsory Insurance
6.3.1 Motor third-party liability insurance
6.3.2 Social security insurance
6.4 Supervision and Control
6.4.1 International Association of Insurance Supervisors
6.4.2 European Insurance and Occupational Pensions Authority
6.4.3 Central Bank of Ireland

7 Non-Admitted Insurance Regulatory
7.1 Overview
7.2 Intermediaries
7.3 Market Practices
7.4 Fines and Penalties

8 Company Registration and Operations
8.1 Types of Insurance Organisation
8.2 Establishing a local company
8.3 Foreign Ownership
8.4 Types of License
8.5 Capital Requirements
8.6 Solvency Margins
8.7 Reserve Requirements
8.8 Investment Regulations
8.9 Statutory Return Requirements
8.1 Policy Terms and Conditions

9 Taxation
9.1 Insurance Premium or Policy Taxation
9.2 Corporate Tax
9.3 VAT
9.4 Captives

10 Legal System
10.1 Introduction
10.2 Access to Court
10.3 Alternative Dispute Resolution (ADR)

11 Porters Five Forces Analysis Irish Personal Accident and Health Insurance Segment
11.1 Bargaining power of supplier: Low to medium
11.2 Bargaining power of buyer: Medium
11.3 Barriers to entry: Low to medium
11.4 Intensity of rivalry: Low to medium
11.5 Threat of substitutes: Medium

12 Reinsurance Growth Dynamics and Challenges
12.1 Reinsurance
12.2 Reinsurance premium ceded by segment, 20082017

13 Competitive Landscape and Strategic Insights
13.1 Overview
13.2 Leading Companies in the Irish Personal Accident and Health Insurance Segment
13.3 VHI Healthcare Company Overview
13.3.1 VHI Healthcare key facts
13.4 Aviva Health Insurance Ireland Limited Company Overview
13.4.1 Aviva Health Insurance Ireland Limited key facts
13.4.2 Aviva Health Insurance Ireland Limited Key Financials
13.5 Quinn Insurance Limited Company Overview
13.5.1 Quinn Insurance Limited key facts
13.5.2 Quinn Insurance Limited Key Financials

14 Business Environment and Country Risk
14.1 Business Confidence
14.1.1 Market capitalization trend Irish Stock Exchange
14.2 Economic Performance
14.2.1 GDP at constant prices (US$)
14.2.2 GDP per capita at constant prices (US$)
14.2.3 GDP at current prices (US$)
14.2.4 GDP per capita at current prices (US$)
14.2.5 GDP by key sector
14.2.6 Agricultural net output at current prices (Euro)
14.2.7 Agricultural net output at current prices (US dollar)
14.2.8 Agricultural net output at current prices as a percentage of GDP
14.2.9 Manufacturing net output at current prices (Euro)
14.2.10 Manufacturing net output at current prices (US dollar)
14.2.11 Manufacturing net output at current prices as a percentage of GDP
14.2.12 Mining, manufacturing and utilities net output at current prices (Euro)
14.2.13 Mining, manufacturing and utilities at current prices (US$)
14.2.14 Mining, manufacturing and utilities at current prices, as percentage of GDP
14.2.15 Construction net output at current prices (Euro)
14.2.16 Construction net output at current prices, (US$)
14.2.17 Construction net output at current prices as a percentage of GDP
14.2.18 Inflation rate
14.2.19 Current account balance as a percentage of GDP
14.2.20 Exports as a percentage of GDP
14.2.21 Imports as a percentage of GDP
14.2.22 Exports growth
14.2.23 Imports growth
14.2.24 External debt as a percentage of GDP
14.2.25 Annual average exchange rate US$EUR
14.2.26 End-of-period exchange rate US$EUR
14.3 Infrastructure Quality and Availability
14.3.1 Total airports and sea ports
14.3.2 Railways and roadways
14.3.3 Automotive component exports trend
14.3.4 Automotive component imports
14.3.5 Passenger car penetration
14.3.6 Healthcare expenditure
14.3.7 Healthcare expenditure as a percentage of GDP
14.3.8 Healthcare expenditure per capita
14.3.9 Total internet subscribers
14.4 Labor Force
14.4.1 Labor force
14.4.2 Unemployment rate
14.5 Demographics
14.5.1 Annual disposable income
14.5.2 Annual per capita disposable income
14.5.3 Total population
14.5.4 Urban and rural population
14.5.5 Female percentage of population
14.5.6 Male percentage of population
14.5.7 Mean age of the population
14.5.8 Median age of population
14.5.9 Age distribution of the total population
14.5.10 Age distribution of the male population
14.5.11 Age distribution of the female population
14.6 Political and Social Risk
14.6.1 Political stability
14.6.2 Terrorism index
14.6.3 Transparency index

15 Appendix
15.1 Methodology
15.2 Contact Us
15.3 About Timetric
15.4 Disclaimer

List of Table


Table 1: Insurance Industry Definitions
Table 2: Irish Insurance Industry Written Premium by Segment (EUR Billion), 20082012
Table 3: Irish Insurance Industry Written Premium by Segment (US$ Billion), 20082012
Table 4: Irish Insurance Industry Written Premium by Segment (EUR Billion), 20122017
Table 5: Irish Insurance Industry Written Premium by Segment (US$ Billion), 20122017
Table 6: Irish Insurance Segmentation (% Share), 20082017
Table 7: Irish Personal Accident and Health Insurance Written Premium by Category (EURBillion), 20082012
Table 8: Irish Personal Accident and Health Insurance Written Premium by Category (US$Billion), 20082012
Table 9: Irish Personal Accident and Health Insurance Written Premium by Category (EUR Billion), 20122017
Table 10: Irish Personal Accident and Health Insurance Written Premium by Category (US$Billion), 20122017
Table 11: Irish Personal Accident and Health Insurance Earned Premium (EUR Billion), 20082012
Table 12: Irish Personal Accident and Health Insurance Earned Premium (EUR Billion), 20122017
Table 13: Irish Personal Accident and Health Insurance Paid Claims by Category (EUR Billion), 20082012
Table 14: Irish Personal Accident and Health Insurance Paid Claims by Category (US$ Billion), 20082012
Table 15: Irish Personal Accident and Health Insurance Paid Claims by Category (EUR Billion), 20122017
Table 16: Irish Personal Accident and Health Insurance Paid Claims by Category (US$ Billion), 20122017
Table 17: Irish Personal Accident and Health Insurance Incurred Loss by Category (EURBillion), 20082012
Table 18: Irish Personal Accident and Health Insurance Incurred Loss by Category (US$ Billion), 20082012
Table 19: Irish Personal Accident and Health Insurance Incurred Loss by Category (EUR Billion), 20122017
Table 20: Irish Personal Accident and Health Insurance Incurred Loss by Category (US$ Billion), 20122017
Table 21: Irish Personal Accident and Health Insurance Loss Ratio (%), 20082012
Table 22: Irish Personal Accident and Health Insurance Loss Ratio (%), 20122017
Table 23: Irish Personal Accident and Health Insurance Commission and Expenses (EURBillion), 20082012
Table 24: Irish Personal Accident and Health Insurance Commission and Expenses (EURBillion), 20122017
Table 25: Irish Personal Accident and Health Insurance Combined Ratio (%), 20082012
Table 26: Irish Personal Accident and Health Insurance Combined Ratio (%), 20122017
Table 27: Irish Personal Accident and Health Insurance Frauds and Crimes (EUR Billion), 20082012
Table 28: Irish Personal Accident and Health Insurance Frauds and Crimes (EUR Billion), 20122017
Table 29: Irish Personal Accident and Health Insurance Total Assets (EUR Billion), 20082012
Table 30: Irish Personal Accident and Health Insurance Total Assets (EUR Billion), 20122017
Table 31: Irish Personal Accident and Health Insurance Total Investment Income (EUR Billion), 20082012
Table 32: Irish Personal Accident and Health Insurance Total Investment Income (EUR Billion), 20122017
Table 33: Irish Personal Accident and Health Insurance Retentions (EUR Billion), 20082012
Table 34: Irish Personal Accident and Health Insurance Retentions (EUR Billion), 20122017
Table 35: Personal Accident Insurance Category Number of Policies Sold (Thousand), 20082012
Table 36: Personal Accident Insurance Category Number of Policies Sold (Thousand), 20122017
Table 37: Personal Accident Insurance Category Written Premium (EUR Billion), 20082012
Table 38: Personal Accident Insurance Category Written Premium (EUR Billion), 20122017
Table 39: Personal Accident Insurance Category Loss Ratio (%), 20082012
Table 40: Personal Accident Insurance Category Loss Ratio (%), 20122017
Table 41: Travel Insurance Category Number of Policies Sold (Thousand), 20082012
Table 42: Travel Insurance Category Number of Policies Sold (Thousand), 20122017
Table 43: Travel Insurance Category Written Premium (EUR Billion), 20082012
Table 44: Travel Insurance Category Written Premium (EUR Billion), 20122017
Table 45: Travel Insurance Category Loss Ratio (%), 20082012
Table 46: Travel Insurance Category Loss Ratio (%), 20122017
Table 47: Health Insurance Category Number of Policies Sold (Thousand), 20082012
Table 48: Health Insurance Category Number of Policies Sold (Thousand), 20122017
Table 49: Health Insurance Category Written Premium (EUR Billion), 20082012
Table 50: Health Insurance Category Written Premium (EUR Billion), 20122017
Table 51: Non-Life Health Insurance Sub-Category Loss Ratio (%), 20082012
Table 52: Health Insurance Sub-Category Loss Ratio (%), 20122017
Table 53: Irish Personal Accident and Health Insurance Direct Marketing Commission Paid (EUR Billion), 20082012
Table 54: Irish Personal Accident and Health Insurance Direct Marketing Commission Paid (EUR Billion), 20122017
Table 55: Irish Personal Accident and Health Insurance Written Premium Through Direct Marketing (EUR Billion), 20082012
Table 56: Irish Personal Accident and Health Insurance Written Premium Through Direct Marketing (EUR Billion), 20122017
Table 57: Irish Personal Accident and Health Insurance Number of Policies Sold Through Direct Marketing (Thousand), 20082012
Table 58: Irish Personal Accident and Health Insurance Number of Policies Sold Through Direct Marketing (Thousand), 20122017
Table 59: Irish Personal Accident and Health Insurance Number of Direct Marketing Distributors, 20082012
Table 60: Irish Personal Accident and Health Insurance Number of Direct Marketing Distributors, 20122017
Table 61: Irish Personal Accident and Health Insurance E-Commerce Commission Paid (EURBillion), 20082012
Table 62: Irish Personal Accident and Health Insurance E-Commerce Commission Paid (EURBillion), 20122017
Table 63: Irish Personal Accident and Health Insurance Written Premium through E-Commerce (EUR Billion), 20082012
Table 64: Irish Personal Accident and Health Insurance Written Premium Through E-Commerce (EUR Billion), 20122017
Table 65: Irish Personal Accident and Health Insurance Policies Sold Through E-Commerce (Thousand), 20082012
Table 66: Irish Personal Accident and Health Insurance Policies Sold Through E-Commerce (Thousand), 20122017
Table 67: Irish Personal Accident and Health Insurance Number of E-Commerce Distributors, 20082012
Table 68: Irish Personal Accident and Health Insurance Number of E-Commerce Distributors, 20122017
Table 69: Irish Personal Accident and Health Insurance Commission Paid to Brokers (EURBillion), 20082012
Table 70: Irish Personal Accident and Health Insurance Commission Paid to Brokers (EURBillion), 20122017
Table 71: Irish Personal Accident and Health Insurance Written Premium Through Brokers (EUR Billion), 20082012
Table 72: Irish Personal Accident and Health Insurance Written Premium Through Brokers (EUR Billion), 20122017
Table 73: Irish Personal Accident and Health Insurance Policies Sold Through Brokers (Thousand), 20082012
Table 74: Irish Personal Accident and Health Insurance Policies Sold Through Brokers (Thousand), 20122017
Table 75: Irish Personal Accident and Health Insurance Number of Brokers, 20082012
Table 76: Irish Personal Accident and Health Insurance Number of Brokers, 20122017
Table 77: Irish Personal Accident and Health Insurance Commission Paid to Other Channels (EUR Billion), 20082012
Table 78: Irish Personal Accident and Health Insurance Commission Paid to Other Channels (EUR Billion), 20122017
Table 79: Irish Personal Accident and Health Insurance Written Premium Through Other Channels (EUR Billion), 20082012
Table 80: Irish Personal Accident and Health Insurance Written Premium Through Other Channels (EUR Billion), 20122017
Table 81: Irish Personal Accident and Health Insurance Policies Sold Through Other Channels (Thousand), 20082012
Table 82: Irish Personal Accident and Health Insurance Policies Sold Through Other Channels (Thousand), 20122017
Table 83: Irish Personal Accident and Health Insurance Number of Distributors in Other Channels, 20082012
Table 84: Irish Personal Accident and Health Insurance Number of Distributors in Other Channels, 20122017
Table 85: Other Corporate Taxes in Ireland
Table 86: Irish Premium Ceded to Reinsurance by Category (EUR Billion), 20082012
Table 87: Irish Premium Ceded to Reinsurance by Category (US$ Billion), 20082012
Table 88: Irish Premium Ceded to Reinsurance by Category (EUR Billion), 20122017
Table 89: Irish Premium Ceded to Reinsurance by Category (US$ Billion), 20122017
Table 90: Irish Premium Ceded to Reinsurance by Segment (EUR Billion), 20082012
Table 91: Irish Premium Ceded to Reinsurance by Segment (US$ Billion), 20082012
Table 92: Irish Premium Ceded to Reinsurance by Type of Insurance (EUR Billion), 20122017
Table 93: Irish Premium Ceded to Reinsurance by Type of Insurance (US$ Billion), 20122017
Table 94: Personal Accident and Health Insurance SegmentPercentage of Reinsurance Ceded, 20082012
Table 95: Personal Accident and Health Insurance Segment Percentage of Reinsurance Ceded, 20122017
Table 96: VHI Healthcare, Key Facts
Table 97: Aviva Health Insurance Ireland Limited, Key Facts
Table 98: Aviva Health Insurance Ireland Limited, Key Financials (EUR Million)
Table 99: Quinn Insurance Limited, Key Facts
Table 100: Quinn Insurance Limited, Key Financials (EUR Million)

List of Chart


Figure 1: Irish Insurance Industry Written Premium by Segment (EUR Billion), 20082017
Figure 2: Irish Insurance Market Dynamics by Segment, 20082017
Figure 3: Irish Personal Accident and Health Insurance Written Premium by Category (EURBillion), 20082017
Figure 4: Irish Personal Accident and Health Insurance Written Premium by Category (% Share), 2012 and 2017
Figure 5: Irish Personal Accident and Health Insurance Market Dynamics by Category, 20082017
Figure 6: Irish Personal Accident and Health Insurance Earned Premium (EUR Billion), 20082012
Figure 7: Irish Personal Accident and Health Insurance Earned Premium (EUR Billion), 20122017
Figure 8: Irish Personal Accident and Health Insurance Paid Claims by Category (EUR Billion), 20082017
Figure 9: Irish Personal Accident and Health Insurance Incurred Loss by Category (EURBillion), 20082017
Figure 10: Irish Personal Accident and Health Insurance Loss Ratio (%), 20082012
Figure 11: Irish Personal Accident and Health Insurance Loss Ratio (%), 20122017
Figure 12: Irish Personal Accident and Health Insurance Commission and Expenses (EURBillion), 20082012
Figure 13: Irish Personal Accident and Health Insurance Commission and Expenses (EURBillion), 20122017
Figure 14: Irish Personal Accident and Health Insurance Combined Ratio (%), 20082012
Figure 15: Irish Personal Accident and Health Insurance Combined Ratio (%), 20122017
Figure 16: Irish Personal Accident and Health Insurance Frauds and Crimes (EUR Billion), 20082012
Figure 17: Irish Personal Accident and Health Insurance Frauds and Crimes (EUR Billion), 20122017
Figure 18: Irish Personal Accident and Health Insurance Total Assets (EUR Billion), 20082012
Figure 19: Irish Personal Accident and Health Insurance Total Assets (EUR Billion), 20122017
Figure 20: Irish Personal Accident and Health Insurance Total Investment Income (EUR Billion), 20082012
Figure 21: Irish Personal Accident and Health Insurance Total Investment Income (EUR Billion), 20122017
Figure 22: Irish Personal Accident and Health Insurance Retentions (EUR Billion), 20082012
Figure 23: Irish Personal Accident and Health Insurance Retentions (EUR Billion), 20122017
Figure 24: Irish Personal Accident and Health Insurance Investment Portfolio (EUR Billion), 20082012
Figure 25: Irish Personal Accident and Health Insurance Investment Portfolio (% Share), 2008 and 2012
Figure 26: Irish Personal Accident and Health Insurance Penetration (% of GDP), 20082012
Figure 27: Irish Personal Accident and Health Insurance Number of Policies Sold (Thousand), 20082012
Figure 28: Irish Personal Accident and Health Insurance Number of Policies Sold (Thousand), 20122017
Figure 29: Irish Personal Accident and Health Insurance Premium per Capita (EUR), 20082012
Figure 30: Personal Accident Insurance Category Number of Policies Sold (Thousand), 20082012
Figure 31: Personal Accident Insurance Category Number of Policies Sold (Thousand), 20122017
Figure 32: Personal Accident Insurance Category Written Premium (EUR Billion), 20082012
Figure 33: Personal Accident Insurance Category Written Premium (EUR Billion), 20122017
Figure 34: Personal Accident Insurance Category Loss Ratio (%), 20082012
Figure 35: Personal Accident Insurance Category Loss Ratio (%), 20122017
Figure 36: Travel Insurance Category Number of Policies Sold (Thousand), 20082012
Figure 37: Travel Insurance Category Number of Policies Sold (Thousand), 20122017
Figure 38: Travel Insurance Category Written Premium (EUR Billion), 20082012
Figure 39: Travel Insurance Category Written Premium (EUR Billion), 20122017
Figure 40: Travel Insurance Category Loss Ratio (%), 20082012
Figure 41: Travel Insurance Category Loss Ratio (%), 20122017
Figure 42: Health Insurance Category Number of Policies Sold (Thousand), 20082012
Figure 43: Health Insurance Category Number of Policies Sold (Thousand), 20122017
Figure 44: Health Insurance Category Written Premium (EUR Billion), 20082012
Figure 45: Health Insurance Category Written Premium (EUR Billion), 20122017
Figure 46: Non-Life Health Insurance Sub-Category Loss Ratio (%), 20082012
Figure 47: Health Insurance Sub-Category Loss Ratio (%), 20122017
Figure 48: Irish Personal Accident and Health Insurance Written Premium by Distribution Channel (% Share), 2012 and 2017
Figure 49: Irish Personal Accident and Health Insurance Direct Marketing Commission Paid (EUR Billion), 20082012
Figure 50: Irish Personal Accident and Health Insurance Direct Marketing Commission Paid (EUR Billion), 20122017
Figure 51: Irish Personal Accident and Health Insurance Written Premium Through Direct Marketing (EUR Billion), 20082012
Figure 52: Irish Personal Accident and Health Insurance Written Premium Through Direct Marketing (EUR Billion), 20122017
Figure 53: Irish Personal Accident and Health Insurance Number of Policies Sold Through Direct Marketing (Thousand), 20082012
Figure 54: Irish Personal Accident and Health Insurance Number of Policies Sold Through Direct Marketing (Thousand), 20122017
Figure 55: Irish Personal Accident and Health Insurance Number of Direct Marketing Distributors, 20082012
Figure 56: Irish Personal Accident and Health Insurance Number of Direct Marketing Distributors, 20122017
Figure 57: Irish Personal Accident and Health Insurance E-Commerce Commission Paid (EURBillion), 20082012
Figure 58: Irish Personal Accident and Health Insurance E-Commerce Commission Paid (EURBillion), 20122017
Figure 59: Irish Personal Accident and Health Insurance Written Premium through E-Commerce (EUR Billion), 20082012
Figure 60: Irish Personal Accident and Health Insurance Written Premium Through E

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