Table of Contents
Executive Summary
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- The market
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- Figure 1: Gross written premiums, private motor insurance, IoI, RoI and NI, 2014-19
- Forecast
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- Figure 2: Gross written premiums, private motor insurance index, NI and RoI, 2014-23
- Market factors
- Car insurance premiums in UK increasing but below recent highs
- RoI insurance premiums down 6% in year ending March 2019
- Majority of Irish consumers own their own cars – mostly second-hand
- A quarter of consumers could easily handle higher car insurance premiums
- Companies and brands
- The consumer
- Majority of motorists in Ireland have fully comprehensive car insurance
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- Figure 3: Types of car insurance owned, NI and RoI, February 2019
- AXA the clear leader in NI with 20% market share
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- Figure 4: Providers that consumers currently have their car insurance with, NI, February 2019
- Aviva and AXA joint leaders in RoI market
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- Figure 5: Providers that consumers currently have their car insurance with, RoI, February 2019
- Most Irish consumers buying motor cover via online channels
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- Figure 6: Methods used to purchase current car insurance policy, NI and RoI, February 2019
- Majority of Irish consumers shop around at car insurance renewal time
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- Figure 7: Car insurance renewal behaviour, NI and RoI, February 2019
- Consumers keen to act to reduce premiums as far as possible
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- Figure 8: Attitudes towards car insurance, NI and RoI, February 2019
- What it means
The Market – What You Need to Know
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- UK motor premiums on the up, but still below recent peak
- Premiums in RoI down almost 6% in 12 months to end Q1 2019
- Seven in 10 Irish consumers own their own cars – primarily second-hand
- Around one in four consumers could absorb higher car insurance premiums
Market Size and Forecast
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- Value of motor insurance market in Ireland tops €2 billion in 2019
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- Figure 9: Gross written premiums, private motor insurance, IoI, RoI and NI, 2014-23
- Pace of growth expected to moderate somewhat in coming years
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- Figure 10: Gross written premiums, private motor insurance index, NI and RoI, 2014-23
Market Drivers
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- UK (including NI) premiums edging upwards, but below mid-2017 highs
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- Figure 11: Car insurance premiums, comprehensive cover, average, UK (including NI), 2016-18
- Car insurance in NI among most expensive in UK
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- Figure 12: Car insurance premiums, average, by region, UK (including NI), Q4 2018
- Motorists aged 17-22 paying premiums of more than £1,300
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- Figure 13: Car insurance premiums, average, by age, UK (including NI), Q4 2018
- RoI insurance premiums down 6% during 12 months ending Q1 2019
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- Figure 14: Private motor insurance premiums index, RoI, March 2009-March 2019
- Car ownership at seven in 10 consumers across Ireland
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- Figure 15: Car ownership, NI and RoI, February 2019
- Increase in number of consumers driving new cars
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- Figure 16: Details of car ownership, NI and RoI, February 2019
- Quarter of consumers could comfortably cover higher premiums
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- Figure 17: Consumers’ assessment of own financial situation, NI and RoI, March 2019
Companies and Brands – What You Need To Know
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- Telematics box policies beginning to become more widely available
- Irish insurers may feel that high premiums justified
- Brexit-risks affecting operators in UK and Ireland
- Technology-focussed future for car insurance seems likely in Ireland
Who’s Innovating?
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- By Miles raises funding to improve customer service
- Electric Vehicle insurance policies becoming more relevant in UK and Ireland
- New purpose-built insurance innovation centre to open in 2020
- Valeo investing in Research and Development in Tuam
Companies and Brands
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- Abbey Insurance Brokers (NI Only)
- Key facts
- Product portfolio
- Recent developments
- Admiral
- Key facts
- Product portfolio
- Recent developments
- Allianz
- Key facts
- Product portfolio
- Recent developments
- Allied Irish Bank
- Key facts
- Product portfolio
- Aviva
- Key facts
- Product portfolio
- Recent developments
- AXA
- Key facts
- Product portfolio
- Recent developments
- Bank of Ireland
- Key facts
- Product portfolio
- Direct Line Group
- Key facts
- Product portfolio
- Recent developments
- FBD
- Key facts
- Product portfolio
- Recent developments
- Liberty Insurance
- Key facts
- Product portfolio
- Recent developments
- One Direct (Ireland) Ltd.
- Key facts
- Product portfolio
- Ulster Bank
- Key facts
- Product portfolio
- Zurich Insurance Group
- Key facts
- Product portfolio
- Recent developments
- 123.ie (RSA Insurance)
- Key facts
- Product portfolio
- Recent developments
The Consumer – What You Need to Know
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- Most Irish motorists hold fully comprehensive motor insurance
- AXA leading NI car insurance market with 20% share, while RoI sees Aviva and AXA vie for control
- More than half of all car insurance policies purchased online
- Most consumers shop around for better deals at renewal point
- Consumers willing to play part in bringing down cost of cover
Type of Car Insurance Owned
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- Most Irish motorists have fully comprehensive car insurance
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- Figure 18: Types of car insurance owned, NI and RoI, February 2019
- Ownership of fully comprehensive cover increases with age
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- Figure 19: Ownership of fully comprehensive car insurance, by gender and age, NI and RoI, January 2019
- High earners more likely to have fully comprehensive cover
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- Figure 20: Ownership of fully comprehensive car insurance, by social class and gross annual household income, NI and RoI, February 2019
Preferred Insurance Providers
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- AXA the main provider in fragmented NI market
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- Figure 21: Providers that consumers currently have their car insurance with, NI, February 2019
- AXA especially popular among C2DEFs and younger consumers in NI
- Aviva and AXA share top spot in RoI car insurance market
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- Figure 22: Providers that consumers currently have their car insurance with, RoI, February 2019
- Aviva and AXA strongest among C2DEFs, Allianz strongest among ABC1s in RoI
Methods Used to Purchase Policy
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- Majority of consumers now purchasing motor insurance online
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- Figure 23: Methods used to purchase current car insurance policy, NI and RoI, February 2019
- Continuing shift towards greater online use when arranging car insurance
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- Figure 24: Methods used to purchase current car insurance policy, NI, 2016 and 2019
- Consumers aged 25-54 purchasing online, directly from insurer
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- Figure 25: Consumers who purchased current car insurance policy online – directly through the insurance provider, by age group, NI and RoI, February 2019
- Women and consumers aged 45+ most likely to purchase by telephone
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- Figure 26: Consumers who purchased current car insurance policy over the phone, by gender and age, NI and RoI, February 2019
Renewal Behaviour
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- Around seven in 10 shopped around at time of last renewal
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- Figure 27: Car insurance renewal behaviour, NI and RoI, February 2019
- C2DEFs and low-income households most likely to not shop around
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- Figure 28: Consumers who stayed with their current insurer without shopping around, by social class and gross annual household income, NI and RoI, February 2019
- Tendency to shop around but remain increases with age
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- Figure 29: Consumers who stayed with their existing insurer but only after shopping around, by age, NI and RoI, February 2019
- Higher-income consumers most likely to switch insurers
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- Figure 30: Consumers who switched to a different insurer, by gross annual household income, NI and RoI, February 2019
Attitudes towards Car Insurance
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- Strong consumer focus on getting lowest-possible premiums
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- Figure 31: Attitudes towards car insurance, February 2019
- Consumers open to using technology to reduce costs
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- Figure 32: Attitudes towards tech-related aspects of car insurance, February 2019
- More than two thirds have confidence in claims process
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- Figure 33: Attitudes towards claims-related aspects of car insurance, February 2019
- Practical measures taken to keep premiums as low as possible
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- Figure 34: Attitudes towards price/premiums-related aspects of car insurance, February 2019
- Evidence of frustration over lack of transparency and control
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- Figure 35: Attitudes towards information/control-related aspects of car insurance, February 2019
Appendix – Data Sources, Abbreviations and Supporting Information
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- Data sources
- Abbreviations
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