Table of Contents
Introduction
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- Key themes in the report
- Data sources
- Definitions
- Health insurance/private medical insurance
- Home/property insurance
- Life insurance/life assurance
- Motor insurance
- Travel insurance
- Other terms
- Abbreviations
Executive Summary
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- The market
- Irish insurance market worth around €3.6bn in 2013
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- Figure 1: Estimated value of non-life insurance, gross written premiums, RoI and NI, 2013
- Forecast
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- Figure 2: Value of non-life insurance, gross written premiums, RoI and NI, 2008-18
- Market factors
- Only subdued economic recovery on the horizon for both economies
- Recession affecting need for (and affordability of) certain insurance products
- UK (incl. NI) motor premiums down in 2013, but RoI premiums climbing moderately
- Companies, brands and innovations
- The consumer
- Motor and home insurance products most popular among consumers
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- Figure 3: Ownership of insurance products, RoI and NI, May 2013
- High level of mistrust among consumers towards insurers
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- Figure 4: Agreement with the statement, 'Some insurers don't treat their customers fairly', RoI and NI, June 2012 and May 2013
- Slightly contradictory purchasing behaviour by consumers
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- Figure 5: Agreement with statements relating to insurance product purchasing behaviour, RoI and NI, May 2013
- Affordability a major issue among RoI consumers, in particular
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- Figure 6: Agreement with statements related to the price, value and affordability of insurance products, RoI and NI, February 2013
Issues in the Market
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- How are ownership levels holding up in the current economic environment?
- Do Irish consumers generally trust insurers?
- What is the general consumer attitude when purchasing insurance?
- How do consumers view value and affordability within the insurance sector?
Trend Applications
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- Prove It
- Let’s Make a Deal
- Mintel Futures: Old Gold
Market Overview
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- Key points
- Both Irish economies still struggling to build momentum
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- Figure 7: GDP growth, actual and forecast, RoI and NI, 2010-13
- Unemployment remains stubbornly high across Ireland
- Unemployment in RoI more than twice what it was in 2008
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- Figure 8: Unemployment rate, %, RoI, Q4 2011-Q1 2013
- Some consumers bowing to financial pressure, cancelling health cover
- Recession hitting consumers' capacity to travel overseas
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- Figure 9: Overseas trips by RoI residents, 000s, 2008-12
- UK (incl. NI) motor insurance premiums coming down
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- Figure 10: Motor insurance premiums, average, £, April 2012- April 2013
- Regulatory changes to bring UK (incl. NI) motor premiums down further
- RoI motor premiums up 3% in 12 months to mid-2012
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- Figure 11: Average motor insurance premiums, €, RoI, February 2012
- Claim culture driving up costs
- NI consumers still paying far more for motor insurance than RoI counterparts
- UK (incl. NI) home insurance premiums declining
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- Figure 12: Home insurance premiums, average, £, UK (Incl. NI), April 2012-April 2013
- RoI seeing home insurance premiums increasing also
- Despite industry efforts, fraud still a major problem in NI and RoI
Strengths and Weaknesses
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- Strengths
- Weaknesses
Market Size and Forecast
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- Key points
- Gross written premiums forecast to be in region of €3.6bn in 2013
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- Figure 13: Non-life insurance, gross written premiums, IoI, RoI and NI, actual, forecast and projected 2008-18
- Market's 2013 value lower than at any point since pre-recession years
- No growth anticipated for 2013 – and only marginal growth beyond that
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- Figure 14: Index of gross written premiums, RoI and NI, 2008-18
Companies and Innovations
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- Examples of innovation
- Evolution of telematics/’black box’ insurance
- Citroen becomes first car manufacturer to fit black box as standard
- Allianz QuoteSME product
- Company profiles
-
- Figure 15: Profiled providers of insurance, RoI and NI, 2013
- Figure 16: Estimated share of the non-life insurance market, by company, NI and RoI, 2013
- Insurance companies
- Admiral Group Plc
- Allianz Group Plc
- An Post
- Aviva Group Ireland Plc
- AXA Ireland
- Direct Line Group
- Hughes Insurance
- Liberty Insurance (formerly Quinn Direct Insurance)
- Open and Direct Insurance
- Royal Sun Alliance Ireland (RSA Ireland)
- Vhi Healthcare
- Zurich Insurance
- Retailers
- Asda
- Sainsbury’s
- Tesco
- Banks and building societies – NI and RoI
- Allied Irish Bank (AIB)
- Bank of Ireland Group (BoI)
- Danske Bank Group
- HSBC
- KBC Bank Ireland (RoI only)
- Nationwide (NI only)
- Permanent TSB (RoI only)
- Ulster Bank Group
- Online providers – NI and RoI
- 123.ie
- Comparethemarket.com
- Confused.com
- Getcover and Company Ltd
- Its4women.ie and 25plus.ie
The Consumer – Ownership of Insurance Products
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- Key points
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- Figure 17: Ownership of insurance products, RoI and NI, May 2013
- Motor most commonly-owned insurance product in Ireland
- Likelihood to own motor insurance increases with age
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- Figure 18: Ownership of comprehensive motor insurance, by age, RoI and NI, May 2013
- ABC1s, men and rural consumers most likely to have motor cover
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- Figure 19: Ownership of comprehensive motor insurance, by gender, location and socio-economic background, RoI and NI, May 2013
- More than two thirds of consumers own home insurance
- Home insurance ownership low among consumers aged 16-34
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- Figure 20: Ownership of buildings and contents insurance, by age, RoI and NI, May 2013
- More than 40% of all consumers own travel insurance
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- Figure 21: Ownership of travel insurance, RoI and NI, May 2013
- Tendency to own travel cover lower among younger consumers
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- Figure 22: Ownership of holiday & travel insurance, by age, RoI and NI, May 2013
- Ownership of travel/holiday cover also linked to socio-economic background
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- Figure 23: Ownership of holiday & travel insurance, by socio-economic background, RoI and NI, May 2013
- Private medical/health insurance common in RoI, not so much in NI
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- Figure 24: Ownership of private medical/health insurance, RoI and NI, June 2012 and May 2013
The Consumer – Trust and Scepticism
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- Key points
- More than half believe insurers behave unfairly
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- Figure 25: Agreement with the statement, 'Some insurers don't treat their customers fairly', RoI and NI, June 2012 and May 2013
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- Figure 26: Agreement with the statement, 'Some insurers don't treat their customers fairly', by gender and age, RoI and NI, May 2013
- More than a fifth of RoI consumers claim to have been mis-sold products
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- Figure 27: Agreement with the statement, 'I have been mis-sold insurance products in the past', RoI and NI, June 2012 and May 2013
- Men and consumers aged 45-54 most likely to have been mis-sold cover
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- Figure 28: Agreement with the statement, 'I have been mis-sold insurance products in the past', by age and gender, RoI and NI, May 2013
The Consumer – Purchasing Behaviour
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- Key points
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- Figure 29: Agreement with statements relating to insurance product purchasing behaviour, RoI and NI, May 2013
- Increased willingness to spend time right policy finding
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- Figure 30: Agreement with statement, 'I am prepared to spend time finding the right insurance policy', RoI and NI, June 2012 and May 2013
- ABC1s and older consumers most inclined to shop around
- Big jump in use of price comparison sites when shopping around
- Consumers are more confident in the sufficiency of their cover
- Increased preference for recognisable brands
The Consumer – Price, Value and Affordability
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- Key points
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- Figure 31: Agreement with statements related to the price, value and affordability of insurance products, RoI and NI, May 2013
- RoI consumers struggling to afford some types of cover
- ...yet a third of RoI consumers see added merit in being covered during a recession
- Only a minority equate cheap with poor quality
Appendix
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- RoI Toluna tables
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- Figure 32: Ownership of motor insurance products, by demographics, RoI, May 2013
- Figure 33: Ownership of health and life insurance products, by demographics, RoI, May 2013
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- Figure 34: Ownership of building and contents insurance products, by demographics, RoI, May 2013
- Figure 35: Ownership of holiday and travel insurance products, by demographics, RoI, May 2013
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- Figure 36: Ownership of other insurance products, by demographics, RoI, May 2013
- Figure 37: Agreement with statements relating to insurance, by demographics, RoI, May 2013
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- Figure 38: Agreement with statements relating to insurance, by demographics, RoI, May 2013 (continued)
- Figure 39: Agreement with statements relating to insurance, by demographics, RoI, May 2013 (continued)
- NI Toluna tables
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- Figure 40: Ownership of motor insurance products, by demographics, NI, May 2013
- Figure 41: Ownership of health and life insurance products, by demographics, NI, May 2013
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- Figure 42: Ownership of building and contents insurance products, by demographics, NI, May 2013
- Figure 43: Ownership of holiday and travel insurance products, by demographics, NI, May 2013
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- Figure 44: Ownership of other insurance products, by demographics, NI, May 2013
- Figure 45: Agreement with statements relating to insurance, by demographics, NI, May 2013
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- Figure 46: Agreement with statements relating to insurance, by demographics, NI, May 2013 (continued)
- Figure 47: Agreement with statements relating to insurance, by demographics, NI, May 2013 (continued)
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