Reinsurance in Ireland, Key Trends and Opportunities to 2017

Published: Jan, 2014 | Pages: 79 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


Synopsis
The report provides in depth market analysis, information and insights into the Irish reinsurance segment, including:
The Irish reinsurance segment's growth prospects by reinsurance categories 
Key trends and drivers for the reinsurance segment 
The Irish reinsurance segment's growth prospects by reinsurance ceded from direct insurance segments
The competitive landscape in the Irish reinsurance segment  

Summary
Ireland has a developed international insurance and reinsurance industry, with many of the world's leading insurers and reinsurers operating in the country. Ireland's double taxation treaties with many leading industrialized nations, as well as its favorable tax environment, have made it a leading global destination for captive insurance. During the review period (2008-2012) the country's reinsurance segment registered varying annual growth rates due to the adverse impact of the global financial and European debt crises. 
However, the premium ceded to reinsurance recorded an overall compound annual growth rate (CAGR) of 14.7% during the review period. Irish reinsurance revenues are primarily generated from the non-life and personal accident and health segments, with Irish non-life insurers ceding 22.35% of their written premium and personal accident and health insurers ceding 38.0% to reinsurers in 2012. This was due to increased regulatory compliances and the forthcoming Solvency II Directives which are expected to be implemented by 2016. The regulatory compliances brought increased capital requirements leading to high demand for reinsurance services. 
Scope
This report provides a comprehensive analysis of the reinsurance segment in Ireland:
It provides historical values for Ireland's reinsurance 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 Ireland's reinsurance segment, along with market forecasts until 2017.
It provides a detailed analysis of the reinsurance ceded from various direct insurance segments in Ireland and its growth prospects.  
Reason To Buy
 Make strategic business decisions using in depth historic and forecast market data related to the Irish reinsurance segment and each sector within it
Understand the demand-side dynamics, key market trends and growth opportunities within the Irish reinsurance segment
Identify the growth opportunities and market dynamics within key product categories
Gain insights into key regulations governing the Irish insurance industry and its impact on companies and the market's future 
Key Highlights
 Irish reinsurance revenues are primarily generated from the non-life and personal accident and health segments, with Irish non-life insurers ceding 22.35% of their written premium and personal accident and health insurers ceding 38.0% to reinsurers in 2012.
A standard corporate tax rate, favorable policies for foreign investors and a wide network of tax treaties with major EU nations attract global insurance and reinsurance giants to Ireland.
All three primary insurance segments - life, non-life and personal accident and health - have faced increases in paid claims and incurred losses during the review period.
A number of natural disasters affected the Irish insurance industry during the review period, increasing the demand for reinsurance.
Key foreign reinsurers operating in the Irish segment include Everest Reinsurance, Hannover Re, Partner Re, Scor International Reinsurance, Munich Re and Swiss Re.

 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 Size, 2008-2017
4 Reinsurance Growth Dymics and Challenges
4.1 Reinsurance Segment Size, 2008-2017
4.2 Reinsurance Segment Size by Type of Insurance, 2008-2017
5 Key Industry Trends and Drivers
5.1 Fundamental Business Drivers
5.2 Life Insurance Segment Drivers
5.3 Non-Life Insurance Segment Drivers
5.4 Persol Accident and Health Insurance Segment Drivers
6 Competitive Landscape and Strategic Insights
6.1 Overview
6.2 Leading Companies in the Irish Reinsurance Market
6.3 Mapfre Re - Company Overview
6.3.1 Mapfre Re - key facts
6.4 ciol de Reaseguros SA - Company Overview
6.4.1 ciol de Reaseguros SA - key facts
6.5 Swiss Re - Company Overview
6.5.1 Swiss Re - key facts
6.6 ACE Tempest Re - Company Overview
6.6.1 ACE Tempest Re - key facts
6.7 Banco Santader SA - Company Overview
6.7.1 Banco Santader SA - key facts
6.8 XL Re - Company Overview
6.8.1 XL Re - key facts
6.9 General Reinsurance AG Sucursal en Espana - Company Overview
6.9.1 General Reinsurance AG Sucursal en Espana - key facts
6.1 Scor - Company Overview
6.10.1 Scor - key facts
6.11 RGA Intertiol Reinsurance Company - Company Overview
6.11.1 RGA Intertiol Reinsurance Company - key facts
7 Business Environment and Country Risk
7.1 Business Confidence
7.1.1 Market capitalization trend - Irish Stock Market (Ibex 35), Ireland
7.2 Economic Performance
7.2.1 GDP at constant prices (US$)
7.2.2 GDP per capita at constant prices (US$)
7.2.3 GDP at current prices (US$)
7.2.4 GDP per capita at current prices (US$)
7.2.5 GDP by key segments
7.2.6 Agriculture, hunting, forestry and fishing net output at current prices (US$)
7.2.7 Agriculture, hunting, forestry and fishing net output at current prices as a percentage of GDP
7.2.8 Manufacturing net output at current prices (US$)
7.2.9 Manufacturing net output at current prices as a percentage of GDP
7.2.10 Mining, manufacturing and utilities at current prices (US$)
7.2.11 Mining, manufacturing and utilities at current prices as percentage of GDP
7.2.12 Construction net output at current prices (US$)
7.2.13 Construction net output at current prices as a percentage of GDP
7.2.14 Inflation rate
7.2.15 Exports as a percentage of GDP
7.2.16 Imports as a percentage of GDP
7.2.17 Merchandise exports growth
7.2.18 Merchandise Imports growth
7.2.19 Annual average exchange rate EUR-US$
7.3 Infrastructure Quality and Availability
7.3.1 Commercial vehicles exports - total value
7.3.2 Commercial vehicle imports - total value
7.3.3 Automotive exports - total value
7.3.4 Automotive imports - total value
7.3.5 Total internet subscribers
7.4 Labor Force
7.4.1 Labor force
7.4.2 Unemployment rate
7.5 Demographics
7.5.1 Gross tiol disposable income (US$)
7.5.2 Household consumption expenditure (US$)
7.5.3 Total population
7.5.4 Urban and rural populations
7.5.5 Age distribution of the total population
8 Appendix
8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetric's Services
8.5 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: Reinsurance in Ireland by Category (EUR Billion), 2008-2012
Table 8: Reinsurance in Ireland by Category (US$ Billion), 2008-2012
Table 9: Reinsurance in Irish by Category (EUR Billion), 2012-2017
Table 10: Reinsurance in Ireland by Category (US$ Billion), 2012-2017
Table 11: Irish Premium Ceded to Reinsurance by Type of Insurance (EUR Billion), 2008-2012
Table 12: Irish Premium Ceded to Reinsurance by Type of Insurance (US$ Billion), 2008-2012
Table 13: Irish Premium Ceded to Reinsurance by Type of Insurance (EUR Billion), 2012-2017
Table 14: Irish Premium Ceded to Reinsurance by Type of Insurance (US$ Billion), 2012-2017
Table 15: Irish Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 16: Irish Life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 17: Irish Non-Life Insurance - Percentage of Reinsurance Ceded, 2008-2012
Table 18: Irish Non-Life Insurance - Percentage of Reinsurance Ceded, 2012-2017
Table 19: Irish Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 20: Irish Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 21: Irish Reinsurance Segment - Leading Companies, 2012
Table 22: RGA Intertiol Reinsurance Company Limited, Key Facts
Table 23: Hannover Re Services, Key Facts
Table 24: Munich Reinsurance Company, Key Facts