Table of Contents
Issues in the Market
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- Key themes in the report
- Definition
- Motor insurance
- Home/property insurance
- Liability insurance
- Personal accident and travel insurance
- Other business
- Life assurance/life insurance
- Health insurance/private medical insurance
- Abbreviations
Future Opportunities
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- Reducing fraud pays dividends
- Loyalty is key for long-term business viability
Market in Brief
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- The financial crash casts a long shadow
- Claims on the up
- Moving towards hard pricing
- Demand decreasing
- Future increases in healthcare required
- Little alternatives but to accept greater risk
- A trend towards market consolidation?
- Rising premiums not quite offsetting weaker demand
- Many routes to market
- Old friends are the best friends
- Insurance – what’s the point?
- Other consumers displaying a healthy attitude towards cover
Internal Market Environment
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- Key points
- Liquidity problems
- Tightening regulation
- Weakening competition
- Increasing premiums...
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- Figure 1: Change in average premiums for motor insurance, UK, 1994-2010
- ….along with increasing claims
- In part, a consequence of fraud
- Demand for insurance in decline
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- Figure 3: Gross written premiums, RoI, 2005-09
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- Figure 4: Number of visits abroad by Irish residents, RoI, 2002-09
- Figure 5: Number of employed and unemployed residents, RoI, 2004-10
- The effect of the spending cuts in NI and RoI
Broader Market Environment
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- Key points
- Ireland in dire straits
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- Figure 6: The Irish economies, NI and RoI, 2010
- Motor insurance
- Buildings and contents
- Liability insurance
- Travel insurance
- Health insurance
- An ageing population indicates a possible shift in demand for cover
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- Figure 7: Population projections, by age group, NI, 2008-51
- Health behaviours
- Record-breaking weather impacting on claims incidences
- Crime
- Car theft
- Burglary
Competitive Context
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- Key points
- Car insurance
- Travel insurance
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- Figure 9: Proportion of incorrect answers for EHIC and travel insurance coverage levels, Q3 2010
- Buildings and contents insurance
- Buildings insurance
- Homeowner with mortgage
- Landlord insurance
- Contents insurance
- Health insurance
- RoI
- NI
Strengths and Weaknesses
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- Strengths
- Weaknesses
Market Value and Forecast
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- Key points
- The global insurance market cycle
- Market value
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- Figure 12: General insurance* gross written premium segmentation, by sector, RoI, 2009
- What’s next for the market?
- Claim trends alter market value
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- Figure 11: Net incurred claims*, NI, RoI and IoI, 2004-14
Who’s Innovating?
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- Key points
- Technology
- Decline in price-comparison sites
- Helping with premium costs
Companies and Products
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- Key points
-
- Figure 12: Insurance providers and cover they provide, NI and RoI, 2010
- Insurance companies
- Admiral Group Plc
- Background and company information
- Products
- Brand positioning
- Allianz Group Plc
- Background and company information
- Products
- Brand positioning
- AXA Insurance Ltd
- Background and company information
- Products
- Brand positioning
- Aviva plc (formerly Hibernian)
- Background and company information
- Products
- Brand positioning
- Direct Line Insurance plc
- Background and company information
- Products
- Brand positioning
- Open + Direct Insurance
- Background and company information
- Products
- Brand positioning
- QUINN Insurance Ltd
- Background and company information
- Products
- Brand positioning
- Zurich Insurance Ireland Ltd
- Background and company information
- Products
- Brand positioning
- Vhi Healthcare (The Voluntary Health Insurance Board)
- Background and company information
- Products
- Brand positioning
- Online providers
- Getcover.ie
- Background and company information
- Products
- Brand positioning
- Its4women.ie and 25plus.ie
- Background and company information
- Products
- Brand positioning
- Retailers
- ASDA
- Background
- Products
- Brand positioning
- Sainsbury’s
- Background and company information
- Products
- Brand positioning
- Tesco
- Background and company information
- Products
- Brand positioning
- Banks and building societies
- Allied Irish Bank (AIB)
- Background and company information
- Products
- Brand positioning
- Bank of Ireland Group
- Background and company information
- Products
- Brand positioning
- Halifax (Bank of Scotland plc)
- Background and company information
- Products
- Brand positioning
- HSBC Bank plc
- Background and company information
- Product information
- Brand positioning
- Irish Nationwide
- Background and company information
- Products
- Brand positioning
- Nationwide
- Background and company information
- Products
- Danske Bank (National Irish Bank [NIB] and Northern Bank)
- Background and company information
- Products
- Brand positioning
- Permanent TSB
- Background and company information
- Products
- Brand positioning
- Progressive Building Society
- Background and company information
- Products
- Brand positioning
- Ulster Bank Group
- Background and company information
- Products
- Aggregate sites
- 123.ie
- Background and company information
- Moneysupermarket.com
- Background and company information
- Comparethemarket.com
- Background and company information
- Confused.com
- Background and company information
- Chill.ie
- Background and company information
- Other
- Post Office
Channels to Market
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- Key points
- Little business accrued from comparison sites
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- Figure 13: How motor insurance policy was purchased (main car), NI and RoI, 2010
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- Figure 16: Method used to purchase motor insurance policy (main car), NI and RoI, 2010
- Holidaymakers go direct
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- Figure 14: Use of travel agent to purchase travel insurance, NI and RoI. 2005-10
- The greater the risk, the more likely consumers are to seek out insurers directly
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- Figure 15: How buildings and contents insurance (from the same provider) was purchased, NI and RoI, 2010
The Consumer – Consumer Ownership
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- Key points
- Comprehensive insurance most prevalent among Irish motorists
- Age a key determinant of motor cover
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- Figure 16: Respondent as the member of the household that decided on motor insurance policy (for main car), by age group, NI and RoI, 2010
- RoI consumers batten down the hatches
- Travel insurance becoming a must for RoI consumers
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- Figure 17: Type of holiday and travel insurance held, NI and RoI, 2010
- Health insurance could see higher uptake in NI in future
- Older consumers more inclined to have health cover in RoI
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- Figure 18: Health insurance ownership, by age group, NI and RoI, 2010
- Consumers opt for full cover
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- Figure 19: Type of health insurance held, RoI, 2010
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- Figure 20: Conditions or treatments health insurance policy covers, NI and RoI, 2010
The Consumer – Consumer Loyalty
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- Key points
- Car insurance
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- Figure 21: Length of time respondents have held their motor insurance policy with same provider (main car), NI and RoI, 2010
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- Figure 22: Proportion of respondents that have held their buildings and contents insurance (from the same provider) policy with the same provider for more than 5 years, NI and RoI, 2010
Consumer Target Groups
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- Key points
- NI target groups
-
- Figure 23: Consumer target groups, NI, 2010
- Flighty Fledglings
- Characteristics
- Who are Flighty Fledglings?
- Targeting Flighty Fledglings
- Finance Managers
- Characteristics
- Who are Finance Managers?
- Targeting Finance Managers?
- Traditional Financers
- Characteristics
- Who are Traditional Financers?
- Targeting Traditional Financers
- Price-sensitive
- Characteristics
- Who are Price-sensitive?
- Targeting Price-sensitive
- RoI target groups
-
- Figure 24: Consumer target groups, RoI, 2010
- Cash Controllers
- Characteristics
- Who are Cash Controllers?
- Targeting Cash Controllers
- Tuned-in Planners
- Characteristics
- Who are Tuned-in Planners?
- Targeting Tuned-in Planners
- Cautious Financers
- Characteristics
- Who are Cautious Financers?
- Targeting Cautious Financers
- Inexperienced Bankers
- Characteristics
- Who are Inexperienced Bankers?
- Targeting Inexperienced Bankers
Appendix – Channels to Market
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- Figure 25: How motor insurance policy was bought for only car or most recently obtained car, NI and RoI, 2005-09
- Figure 26: How holiday and travel insurance policy was bought, NI and RoI, 2005-10
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- Figure 27: How holiday and travel insurance policy was arranged, NI and RoI, 2007-10
- Figure 28: Buildings and contents insurance ownership, NI and RoI, 2007-10
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- Figure 29: Method used to buy buildings and contents insurance (buildings and contents policy from the same provider), NI and RoI, 2010
- Figure 30: How buildings and contents insurance was bought (buildings and contents insurance from the same provider), NI and RoI, 2007-10
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- Figure 31: How buildings and contents insurance was bought (buildings and contents insurance from the same provider), NI and RoI, 2007-09
- Figure 32: How motor insurance policy was purchased (main car), by demographics, NI, 2010
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- Figure 33: How motor insurance policy was purchased (main car), by demographics, RoI, 2010
- The Consumer – Consumer Ownership
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- Figure 34: Motor insurance ownership (only car or most recently obtained car), by type of policy, NI and RoI, 2005-09
- Figure 35: Motor insurance ownership (main car), by type of policy, NI and RoI, 2010
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- Figure 36: Who paid for most recent car insurance policy for only car or most recently obtained car, NI and RoI, 2005-09
- Figure 37: Health insurance ownership, NI and RoI, 2005-10
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- Figure 38: Holiday and travel insurance ownership, NI and RoI, 2005-10
- Figure 39: Purpose of holiday and travel insurance, NI and RoI, 2005-10
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- Figure 40: Type of cover of holiday and travel insurance, NI and RoI, 2007-10
- Figure 41: Health insurance ownership, by demographics, NI, 2010
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- Figure 42: Health insurance ownership, by demographics, RoI, 2010
- Figure 43: Holiday and travel insurance ownership, by demographics, NI, 2010
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- Figure 44: Holiday and travel insurance ownership, by demographics, RoI, 2010
- Figure 45: Buildings and contents insurance ownership (buildings and contents policy from the same provider), by demographics, NI, 2010
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- Figure 46: Buildings and contents insurance ownership (buildings and contents policy from the same provider), by demographics, RoI, 2010
- The Consumer – Consumer Loyalty
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- Figure 47: Length of time with provider of buildings and contents insurance (buildings and contents from the same provider), NI and RoI, 2010
- Figure 48: Buildings and contents insurance provider changed (buildings and contents policy from the same provider), NI and RoI, 2007-09
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- Figure 49: Respondents that have held their buildings and contents insurance policy (buildings and contents insurance from the same provider) for more than 5 years, by demographics, NI, 2010
- Figure 50: Respondents that have held their buildings and contents insurance policy (buildings and contents insurance from the same provider) for more than 5 years, by demographics, RoI, 2010
- Consumer Target Groups
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- Figure 51: Consumer target groups, by agreement with statements relating to finance, NI, 2010
- Figure 52: Consumer target groups, by demographics, NI, 2010
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- Figure 53: Consumer target groups, by agreement with statements relating to finance, RoI, 2010
- Figure 54: Consumer target groups, by demographics, RoI, 2010
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