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

Published: Jan, 2014 | Pages: 238 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


Synopsis
The report provides in depth market analysis, information and insights into the Irish personal accident and health insurance segment, including:
The Irish personal accident and health insurance segment's growth prospects by insurance categories 
Key trends and drivers for the personal accident and health insurance segment 
The various distribution channels in the Irish personal accident and health insurance segment
The detailed competitive landscape in the personal accident and health insurance segment in Ireland
Regulatory policies in the Irish insurance industry
A description of the personal accident and health reinsurance segment in Ireland
Porter's Five Forces Analysis of the personal accident and health insurance segment
A benchmarking section on the Irish life insurance segment in comparison with other countries with US$10-US$40 billion in gross written premium 

Summary
The Irish personal accident and health insurance segment registered the highest growth decline in the Irish insurance industry during the review period (2008-2012). The segment fell from EUR1.3 billion (US$1.9 billion) in 2008 to EUR1.1 billion (US$1.4 billion) in 2012, at a review-period compound annual growth rate (CAGR) of -4.3%. The decline was attributed to the slowdown in health insurance, the largest category in the segment with 78.8% of written premiums in 2012. While travel insurance was the only category to register positive growth during the review period, at a CAGR of 7.4%, its support was limited due to its low segment share.
The anticipated implementation of Solvency II by European countries in 2016 will raise capital requirements for Irish insurance companies. Smaller insurers are expected to find it difficult to meet these requirements, leaving them open to be acquired by larger companies, resulting in further consolidation in the segment over the forecast period (2012-2017). 
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 report's 2008-2012 review period and expected figures for the 2012-2017 forecast period.
It offers a detailed analysis of the key sub-segments in Irish personal accident and health insurance segment, along with market 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 Porter's 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. 
Reason To Buy
 Make strategic business decisions using in depth historic and forecast market data related to the Irish personal accident and health insurance segment and each category within it
Understand the demand-side dynamics, key market trends and growth opportunities within the Irish personal accident and health insurance segment
Assess the competitive dynamics in the personal accident and health insurance segment, 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 segment and its impact on companies and the market's future 
Key Highlights
 The Irish personal accident and health insurance segment registered the highest growth decline in the Irish insurance industry during the review period.
Reduced government expenditure affected demand for health insurance.
While travel insurance was the only category to register positive growth during the review period, at a CAGR of 7.4%, its support was limited due to its low segment share.
The implementation of a new regulatory framework, and the subsequent meeting of high capital and solvency requirements and compliances by insurers, adversely affected the profitability of insurers. 
The Irish personal accident and health segment is consolidated with the 10 leading companies collectively accounting for 95.4% of written premiums in 2012.

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Regiol Market Dymics
3.1 Overview
3.1.1 Market trends
3.1.2 Market size
4 Persol Accident and Health Insurance Segment - Regiol Benchmarking
4.1 Scale and Penetration
4.1.1 Total market gross written premium
4.1.2 Premium per capita
4.1.3 Persol accident and health insurance penetration
4.2 Growth
4.2.1 Gross written premium
4.2.2 Gross written premium per capita
4.3 Efficiency and Risk
4.3.1 Loss ratio
4.3.2 Combined ratio
4.3.3 Incurred losses per capita
4.3.4 Incurred losses as a percentage of GDP
4.4 Distribution Channels
4.4.1 Direct marketing
4.4.2 Brokers
4.4.3 Bancassurance
4.4.4 Agencies
5 Irish Insurance Industry Attractiveness
5.1 Insurance Industry Size, 2008-2017
5.2 Key Industry Trends and Drivers
6 Persol Accident and Health Insurance Segment Outlook
6.1 Persol Accident and Health Insurance Growth Prospects by Category
6.1.1 Persol accident insurance
6.1.2 Travel insurance
6.1.3 Health insurance
6.1.4 Non-life health insurance
6.1.5 Life health insurance
7 Alysis by Distribution Channels
7.1 Direct Marketing
7.2 Bancassurance
7.3 Agencies
7.4 E-commerce
7.5 Brokers
8 Porter's Five Forces Alysis - Irish Persol Accident and Health Insurance
8.1 Bargaining Power of Supplier: Low to Medium
8.2 Bargaining Power of Buyer: Medium
8.3 Barriers to Entry: Medium to High
8.4 Intensity of Rivalry: Low to Medium
8.5 Threat of Substitutes: Medium
9 Reinsurance Growth Dymics and Challenges
9.1 Reinsurance Segment Size, 2008-2017
9.2 Reinsurance Segment Size by Type of Insurance, 2008-2017
10 Governce, Risk and Compliance
10.1 Legislation Overview and Historical Evolution
10.2 Legislation and Market Practice by Type of Insurance
10.2.1 Life insurance
10.2.2 Property insurance
10.2.3 Motor insurance
10.2.4 Marine, aviation and transit insurance
10.2.5 Persol accident and health insurance
10.3 Compulsory Insurance
10.3.1 Motor third-party liability insurance
10.3.2 Air carriers and aircraft operators insurance
10.3.3 Social security insurance
10.4 Supervision and Control
10.4.1 Intertiol Association of Insurance Supervisors
10.4.2 European Insurance and Occupatiol Pensions Authority
10.4.3 Central Bank of Ireland
10.5 Non-Admitted Insurance Regulations
10.5.1 Overview
10.5.2 Intermediaries
10.5.3 Market practices
10.5.4 Fines and pelties
10.6 Company Registration and Operations
10.6.1 Types of insurance organization
10.6.2 Establishing a local company
10.6.3 Foreign ownership
10.6.4 Types of license
10.6.5 Capital requirements
10.6.6 Solvency margins
10.6.7 Reserve requirements
10.6.8 Investment regulations
10.6.9 Statutory return requirements
10.6.10 Fee structure
10.7 Taxation
10.7.1 Insurance premium or policy taxation
10.7.2 Withholding taxes on premium paid overseas
10.7.3 Corporate tax
10.7.4 VAT
10.7.5 Captives
10.8 Legal System
10.8.1 Introduction
10.8.2 Access to court
10.8.3 Altertive dispute resolution (ADR)
11 Competitive Landscape and Strategic Insights
11.1 Overview
11.2 Leading Companies in the Irish Persol Accident and Health Insurance Segment
11.3 Comparison of Top Five Insurers
11.3.1 Gross written premium
11.3.2 Net earned premiums
11.3.3 Paid claims
11.4 Aviva Health Insurance Ireland Ltd - Company Overview
11.4.1 Aviva Health Insurance Ireland Ltd - key facts
11.4.2 Aviva Health Insurance Ireland Ltd - key fincials
11.5 Quinn Insurance Ltd - Company Overview
11.5.1 Quinn Insurance Ltd - key facts
11.5.2 Quinn Insurance Ltd - key fincials
11.6 ACE European Group Ltd - Company Overview
11.6.1 ACE European Group Ltd - key facts
11.6.2 ACE European Group Ltd - key fincials
11.7 Chartis Europe - Company Overview
11.7.1 Chartis Europe - key facts
11.7.2 Chartis Europe - key fincials
11.8 Fincial Insurance - Company Overview
11.8.1 Fincial Insurance- key facts
11.8.2 Fincial Insurance - key fincials
11.9 London General Insurance Ltd - Company Overview
11.9.1 London General Insurance Ltd - key facts
11.9.2 London General Insurance Ltd - key fincials
11.1 DeCare - Company Overview
11.10.1 DeCare - key facts
11.10.2 DeCare - key fincials
11.11 RSA Insurance - Company Overview
11.11.1 RSA Insurance - key facts
11.11.2 RSA Insurance - key fincials
11.12 Aviva Insurance Ltd - Company Overview
11.12.1 Aviva Insurance Ltd - key facts
11.12.2 Aviva Insurance Ltd - key fincials
11.13 FBD Insurance Plc - Company Overview
11.13.1 FBD Insurance Plc - key facts
11.13.2 FBD Insurance Plc - key fincials
12 Business Environment and Country Risk
12.1 Business Confidence
12.1.1 Market capitalization trend - Irish Stock Exchange, Ireland
12.2 Economic Performance
12.2.1 GDP at constant prices (US$)
12.2.2 GDP per capita at constant prices (US$)
12.2.3 GDP at current prices (US$)
12.2.4 GDP per capita at current prices (US$)
12.2.5 GDP by key segments
12.2.6 Agriculture, hunting, forestry and fishing net output at current prices (US$)
12.2.7 Agriculture, hunting, forestry and fishing net output at current prices as a percentage of GDP
12.2.8 Manufacturing net output at current prices (US$)
12.2.9 Manufacturing net output at current prices as a percentage of GDP
12.2.10 Mining, manufacturing and utilities at current prices (US$)
12.2.11 Mining, manufacturing and utilities at current prices, as percentage of GDP
12.2.12 Construction net output at current prices, (US$)
12.2.13 Construction net output at current prices as a percentage of GDP
12.2.14 Inflation rate
12.2.15 Exports as a percentage of GDP
12.2.16 Imports as a percentage of GDP
12.2.17 Merchandise exports growth
12.2.18 Merchandise imports growth
12.2.19 Annual average exchange rate EUR-US$
12.3 Infrastructure
12.3.1 Commercial vehicles exports - total value
12.3.2 Commercial vehicles imports - total value
12.3.3 Automotive exports - total value
12.3.4 Automotive imports - total value
12.3.5 Total internet subscribers
12.4 Labor Force
12.4.1 Labor force
12.4.2 Unemployment rate
12.5 Demographics
12.5.1 Gross tiol disposable income (US$)
12.5.2 Household consumption expenditure (US$)
12.5.3 Total population
12.5.4 Urban and rural populations
12.5.5 Age distribution of the total population
13 Appendix
13.1 Methodology
13.2 Contact Timetric
13.3 About Timetric
13.4 Timetric's Services
13.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions
Table 2: Irish Insurance - Overall Written Premium by Segment (EUR Billion), 2008-2012
Table 3: Irish Insurance - Overall Written Premium by Segment (US$ Billion), 2008-2012
Table 4: Irish Insurance - Overall Written Premium by Segment (EUR Billion), 2012-2017
Table 5: Irish Insurance - Overall Written Premium by Segment (US$ Billion), 2012-2017
Table 6: Irish Insurance - Segmentation (Percentage Share), 2008-2017
Table 7: Irish Persol Accident and Health Insurance - Written Premium by Category (EUR Billion), 2008-2012
Table 8: Irish Persol Accident and Health Insurance - Written Premium by Category (US$ Billion), 2008-2012
Table 9: Irish Persol Accident and Health Insurance - Written Premium by Category (EUR Billion), 2012-2017
Table 10: Irish Persol Accident and Health Insurance - Written Premium by Category (US$ Billion), 2012-2017
Table 11: Irish Persol Accident and Health Insurance - Earned Premium (EUR Billion), 2008-2012
Table 12: Irish Persol Accident and Health Insurance - Earned Premium (EUR Billion), 2012-2017
Table 13: Irish Persol Accident and Health Insurance - Paid Claims by Category (EUR Billion), 2008-2012
Table 14: Irish Persol Accident and Health Insurance - Paid Claims by Category (US$ Billion), 2008-2012
Table 15: Irish Persol Accident and Health Insurance - Paid Claims by Category (EUR Billion), 2012-2017
Table 16: Irish Persol Accident and Health Insurance - Paid Claims by Category (US$ Billion), 2012-2017
Table 17: Irish Persol Accident and Health Insurance - Incurred Loss by Category (EUR Billion), 2008-2012
Table 18: Irish Persol Accident and Health Insurance - Incurred Loss by Category (US$ Billion), 2008-2012
Table 19: Irish Persol Accident and Health Insurance - Incurred Loss by Category (EUR Billion), 2012-2017
Table 20: Irish Persol Accident and Health Insurance - Incurred Loss by Category (US$ Billion), 2012-2017
Table 21: Irish Persol Accident and Health Insurance - Loss Ratio (%), 2008-2012
Table 22: Irish Persol Accident and Health Insurance - Loss Ratio (%), 2012-2017
Table 23: Irish Persol Accident and Health Insurance - Commission and Expenses (EUR Billion), 2008-2012
Table 24: Irish Persol Accident and Health Insurance - Commission and Expenses (EUR Billion), 2012-2017
Table 25: Irish Persol Accident and Health Insurance - Combined Ratio (%), 2008-2012
Table 26: Irish Persol Accident and Health Insurance - Combined Ratio (%), 2012-2017
Table 27: Irish Persol Accident and Health Insurance - Frauds and Crimes (EUR Million), 2008-2012
Table 28: Irish Persol Accident and Health Insurance - Frauds and Crimes (EUR Million), 2012-2017
Table 29: Irish Persol Accident and Health Insurance - Total Assets (EUR Billion), 2008-2012
Table 30: Irish Persol Accident and Health Insurance - Total Assets (EUR Billion), 2012-2017
Table 31: Irish Persol Accident and Health Insurance - Total Investment Income (EUR Billion), 2008-2012
Table 32: Irish Persol Accident and Health Insurance - Total Investment Income (EUR Billion), 2012-2017
Table 33: Irish Persol Accident and Health Insurance - Retentions (EUR Billion), 2008-2012
Table 34: Irish Persol Accident and Health Insurance - Retentions (EUR Billion), 2012-2017
Table 35: Irish Persol Accident Insurance - Number of Policies Sold (Thousand), 2008-2012
Table 36: Irish Persol Accident Insurance - Number of Policies Sold (Thousand), 2012-2017
Table 37: Irish Persol Accident Insurance - Written Premium (EUR Billion), 2008-2012
Table 38: Irish Persol Accident Insurance - Written Premium (EUR Billion), 2012-2017
Table 39: Irish Persol Accident Insurance - Loss Ratio (%), 2008-2012
Table 40: Irish Persol Accident Insurance - Loss Ratio (%), 2012-2017
Table 41: Irish Travel Insurance - Number of Policies Sold (Thousand), 2008-2012
Table 42: Irish Travel Insurance - Number of Policies Sold (Thousand), 2012-2017
Table 43: Irish Travel Insurance - Written Premium (EUR Million), 2008-2012
Table 44: Irish Travel Insurance - Written Premium (EUR Billion), 2012-2017
Table 45: Irish Travel Insurance - Loss Ratio (%), 2008-2012
Table 46: Irish Travel Insurance - Loss Ratio (%), 2012-2017
Table 47: Irish Health Insurance - Written Premium by Sub-Category (EUR Billion), 2008-2012
Table 48: Irish Health Insurance - Written Premium by Sub-Category (US$ Billion), 2008-2012
Table 49: Irish Health Insurance - Written Premium by Sub-Category (EUR Billion), 2012-2017
Table 50: Irish Health Insurance - Written Premium by Sub-Category (US$ Billion), 2012-2017
Table 51: Irish Non-Life Health Insurance - Number of Policies Sold (Thousand), 2008-2012
Table 52: Irish Non-Life Health Insurance - Number of Policies Sold (Thousand), 2012-2017
Table 53: Irish Non-Life Health Insurance - Written Premium (EUR Billion), 2008-2012
Table 54: Irish Non-Life Health Insurance - Written Premium (EUR Billion), 2012-2017
Table 55: Irish Non-Life Health Insurance - Loss Ratio (%), 2008-2012
Table 56: Irish Non-Life Health Insurance - Loss Ratio (%), 2012-2017
Table 57: Irish Life Health Insurance - Number of Policies Sold (Thousand), 2008-2012
Table 58: Irish Life Health Insurance - Number of Policies Sold (Thousand), 2012-2017
Table 59: Irish Life Health Insurance - Written Premium (EUR Billion), 2008-2012
Table 60: Irish Life Health Insurance - Written Premium (EUR Billion), 2012-2017
Table 61: Irish Life Health Insurance - Loss Ratio (%), 2008-2012
Table 62: Irish Life Health Insurance - Loss Ratio (%), 2012-2017
Table 63: Irish Persol Accident and Health Insurance - Direct Marketing Commission Paid (EUR Million), 2008-2012
Table 64: Irish Persol Accident and Health Insurance - Direct Marketing Commission Paid (EUR Million), 2012-2017
Table 65: Irish Persol Accident and Health Insurance - Written Premium Through Direct Marketing (EUR Billion), 2008-2012
Table 66: Irish Persol Accident and Health Insurance - Written Premium Through Direct Marketing (EUR Billion), 2012-2017
Table 67: Irish Persol Accident and Health Insurance - Policies Sold Through Direct Marketing (Thousand), 2008-2012
Table 68: Irish Persol Accident and Health Insurance - Policies Sold Through Direct Marketing (Thousand), 2012-2017
Table 69: Irish Persol Accident and Health Insurance - Number of Direct Marketing Distributors, 2008-2012
Table 70: Irish Persol Accident and Health Insurance - Number of Direct Marketing Distributors, 2012-2017
Table 71: Irish Persol Accident and Health Insurance - Bancassurance Commission Paid (EUR Million), 2008-2012
Table 72: Irish Persol Accident and Health Insurance - Bancassurance Commission Paid (EUR Million), 2012-2017
Table 73: Irish Persol Accident and Health Insurance - Written Premium Through Bancassurance (EUR Billion), 2008-2012
Table 74: Irish Persol Accident and Health Insurance - Written Premium Through Bancassurance (EUR Billion), 2012-2017
Table 75: Irish Persol Accident and Health Insurance - Policies Sold Through Bancassurance (Thousand), 2008-2012
Table 76: Irish Persol Accident and Health Insurance - Policies Sold Through Bancassurance (Thousand), 2012-2017
Table 77: Irish Persol Accident and Health Insurance - Number of Bancassurance Distributors, 2008-2012
Table 78: Irish Persol Accident and Health Insurance - Number of Bancassurance Distributors, 2012-2017
Table 79: Irish Persol Accident and Health Insurance - Commission Paid to Agencies (EUR Million), 2008-2012
Table 80: Irish Persol Accident and Health Insurance - Commission Paid to Agencies (EUR Million), 2012-2017
Table 81: Irish Persol Accident and Health Insurance - Written Premium Through Agencies (EUR Billion), 2008-2012
Table 82: Irish Persol Accident and Health Insurance - Written Premium Through Agencies (EUR Billion), 2012-2017
Table 83: Irish Persol Accident and Health Insurance - Policies Sold Through Agencies (Thousand), 2008-2012
Table 84: Irish Persol Accident and Health Insurance - Policies Sold Through Agencies (Thousand), 2012-2017
Table 85: Irish Persol Accident and Health Insurance - Number of Agencies, 2008-2012
Table 86: Irish Persol Accident and Health Insurance - Number of Agencies, 2012-2017
Table 87: Irish Persol Accident and Health Insurance - E-Commerce Commission Paid (EUR Million), 2008-2012
Table 88: Irish Persol Accident and Health Insurance - E-Commerce Commission Paid (EUR Million), 2012-2017
Table 89: Irish Persol Accident and Health Insurance - Written Premium Through E-Commerce (EUR Million), 2008-2012
Table 90: Irish Persol Accident and Health Insurance - Written Premium Through E-Commerce (EUR Million), 2012-2017
Table 91: Irish Persol Accident and Health Insurance - Policies Sold Through E-Commerce (Thousand), 2008-2012
Table 92: Irish Persol Accident and Health Insurance - Policies Sold Through E-Commerce (Thousand), 2012-2017
Table 93: Irish Persol Accident and Health Insurance - Number of E-Commerce Distributors, 2008-2012
Table 94: Irish Persol Accident and Health Insurance - Number of E-Commerce Distributors, 2012-2017
Table 95: Irish Persol Accident and Health Insurance - Commission Paid to Brokers (EUR Million), 2008-2012
Table 96: Irish Persol Accident and Health Insurance - Commission Paid to Brokers (EUR Million), 2012-2017
Table 97: Irish Persol Accident and Health Insurance - Written Premium Through Brokers (EUR Billion), 2008-2012
Table 98: Irish Persol Accident and Health Insurance - Written Premium Through Brokers (EUR Billion), 2012-2017
Table 99: Irish Persol Accident and Health Insurance - Policies Sold Through Brokers (Thousand), 2008-2012
Table 100: Irish Persol Accident and Health Insurance - Policies Sold Through Brokers (Thousand), 2012-2017
Table 101: Irish Persol Accident and Health Insurance - Number of Brokers, 2008-2012
Table 102: Irish Persol Accident and Health Insurance - Number of Brokers, 2012-2017
Table 103: Reinsurance in Ireland by Category (EUR Billion), 2008-2012
Table 104: Reinsurance in Ireland by Category (US$ Billion), 2008-2012
Table 105: Reinsurance in Irish by Category (EUR Billion), 2012-2017
Table 106: Reinsurance in Ireland by Category (US$ Billion), 2012-2017
Table 107: Irish Premium Ceded to Reinsurance by Type of Insurance (EUR Billion), 2008-2012
Table 108: Irish Premium Ceded to Reinsurance by Type of Insurance (US$ Billion), 2008-2012
Table 109: Irish Premium Ceded to Reinsurance by Type of Insurance (EUR Billion), 2012-2017
Table 110: Irish Premium Ceded to Reinsurance by Type of Insurance (US$ Billion), 2012-2017
Table 111: Irish Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 112: Irish Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 113: Ireland - Life Insurance Regulatory Framework
Table 114: Ireland - Property Insurance Regulatory Framework
Table 115: Ireland - Motor Insurance Regulatory Framework
Table 116: Ireland - Minimum Cover for Aircraft Third-Party Liability Per Accident Per Aircraft
Table 117: Ireland - Corporate Tax Rates for the Fincial Year 2013- 2014
Table 118: Irish Persol Accident and Health Insurance - Segment Shares (%), 2012
Table 119: Aviva Health Insurance Ireland Ltd, Key Facts
Table 120: Aviva Health Insurance Ireland Ltd, Key Fincials (EUR Million), 2008-2012
Table 121: Quinn Insurance Ltd, Key Facts
Table 122: Quinn Insurance Ltd, Key Fincials (EUR Million), 2008-2012
Table 123: ACE European Group Ltd, Key Facts
Table 124: ACE European Group Ltd, Key Fincials (EUR Million), 2008-2012
Table 125: Chartis Europe, Key Facts
Table 126: Chartis Europe, Key Fincials (EUR Million), 2008-2012
Table 127: Fincial Insurance, Key Facts
Table 128: Fincial Insurance, Key Fincials (EUR Million), 2008-2012
Table 129: London General Insurance Limited, Key Facts
Table 130: London General Insurance Ltd, Key Fincials (EUR Million), 2008-2012
Table 131: DeCare, Key Facts
Table 132: DeCare, Key Fincials (EUR Million), 2008-2012
Table 133: RSA Insurance, Key Facts
Table 134: RSA Insurance, Key Fincials (EUR Million), 2008-2012
Table 135: Aviva Insurance Ltd, Key Facts
Table 136: Aviva Insurance Ltd, Key Fincials (EUR Million), 2008-2012
Table 137: FBD Insurance Plc, Key Facts
Table 138: FBD Insurance Plc, Key Fincials (EUR Million), 2008-2012