Insurance in Ireland - History, Regulator, Companies, Factors

Ireland, a country known for its lush landscapes, rich history, and vibrant culture, is also home to a robust and dynamic insurance industry. Understanding the intricacies of insurance in Ireland is crucial for both residents and businesses, as it plays a pivotal role in safeguarding against unforeseen risks. In this comprehensive guide, we will delve into the various aspects of insurance in Ireland, exploring its types, regulations, and the factors that influence the insurance landscape.

Contents:

Insurance Companies in Ireland

Below is the list of insurance companies in Ireland including life, non-life, composite and reinsurance. This list was updated on 03 January (from year 2024).

Acadia International Insurance dac (Non-Life)
Accélérant Insurance Europe SA/NV (Irish Branch) (Non-Life)
ACORN LIFE – CAUTIOUSLY MANAGED FUND (Life)
ACORN LIFE – MANAGED FUND (Life)
ACORN LIFE – MANAGED GROWTH FUND (Life)
Acorn Life Designated Activity Company (Life)
Adidas International Re dac (Reinsurances)
Advent Insurance Designated Activity Company (Non-Life)
Aetna Health Insurance Company of Europe Designated Activity Company (Non-Life)
AIG Europe S.A. (Irish Branch) (Non-Life)
ALD Re Public Limited Company (Reinsurances)
Allianz Global Life Designated Activity Company (Life)
Allianz Plc (Non-Life)
Allianz Re Dublin Designated Activity Company (Reinsurances)
Allied World Assurance Company (Europe) dac (Non-Life)
Alpitour Reinsurance Company dac (Reinsurances)
Amtrust International Underwriters DAC (Non-Life)
ARAG Allgemeine Versicherungs Aktiengesellschaft (Irish Branch) (Non-Life)
Arca Vita International Designated Activity Company (Life)
Arch Insurance (EU) dac (Non-Life)
Arch Reinsurance Europe Underwriting dac (Reinsurances)
Arkema Insurance Designated Activity Company (Non-Life)
Athora Ireland Plc (Life)
Atradius Crédito y Caución S.A. de Seguros y Reaseguros (Irish Branch) (Non-Life)
Aviva Insurance Ireland Designated Activity Company (Non-Life)
Aviva Life & Pensions Ireland DAC (Life)
AWP Health & Life (Life)
AWP Health & Life (Non-Life)
AXA France IARD (Irish Branch) (Non-Life)
AXA France VIE (Irish Branch) (Non-Life)
AXA France VIE (Irish Branch) (Life)
AXA Insurance DAC (Non-Life)
AXA Life Europe Designated Activity Company (Life)
AXA MPS Financial Designated Activity Company (Life)
AXIS Re SE (Reinsurances)
AXIS Specialty Europe SE (Non-Life)
Azimut Life dac (Life)
BBPM Life dac (Life)
Beazley Insurance dac (Non-Life)
Becare dac (Reinsurances)
Benteler Reinsurance Company dac (Reinsurances)
Berkeley Re dac (Reinsurances)
Berkshire Hathaway European Insurance DAC (Non-Life)
Bilspedition Transport Operations Reinsurance Designated Activity Company (Reinsurances)
Blue Sky Re Designated Activity Company (Reinsurances)
BMS International Insurance dac (Non-Life)
BNP Paribas Vartry Reinsurance dac (Reinsurances)
Brown Reinsurance dac (Reinsurances)
Bupa Global Designated Activity Company (Non-Life)
CA Auto Reinsurance Designated Activity Company (Reinsurances)
CACI Life dac (Life)
CACI Non-Life dac (Non-Life)
CACI Reinsurance dac (Reinsurances)
Canada Life Assurance Europe PLC (Life)
Canada Life International Assurance (Ireland) Designated Activity Company (Life)
Canada Life Re Ireland DAC (Reinsurances)
Canal & River Reinsurance dac (Reinsurances)
Canterbury Insurance dac (Non-Life)
Carraig Insurance dac (Non-Life)
Catalina Insurance Ireland Designated Activity Company (Non-Life)
CBL Insurance Europe dac (under administration) (Non-Life)
CCHBC Reinsurance Designated Activity Company (Reinsurances)
Chaucer Insurance Company Designated Activity Company (Non-Life)
Chubb European Group SE (Irish Branch) (Non-Life)
Classic Brand (Europe) Designated Activity Company (Reinsurances)
CNP Europe Life dac (Life)
CNP Santander Insurance Europe Designated Activity Company (Non-Life)
CNP Santander Insurance Life Designated Activity Company (Life)
CODEVE Insurance Company dac (Non-Life)
Compagnie Francaise D’Assurance pour le Commerce Exterieur (Non-Life)
Companjon Insurance Designated Activity Company (Non-Life)
Coromin Insurance (Ireland) Designated Activity Company (Non-Life)
Coverys International Insurance Company Designated Activity Company (Non-Life)
Credendo – Guarantees and Specialty Risks (Irish Branch) (Non-Life)
Cuardaithe Designated Activity Company (Non-Life)
Darep dac (Reinsurances)
Darnell Designated Activity Company (Reinsurances)
Darta Saving Life Assurance dac (Life)
DCC Group Insurances Designated Activity Company (Non-Life)
Decare Dental Insurance Ireland Limited (Non-Life)
DLL Re dac (Reinsurances)
DVA Reinsurance Designated Activity Company (Reinsurances)
Ecclesiastical Insurance Office plc (Non-Life)
ECCU Assurance dac (Life)
Empremedia Re Designated Activity Company (Reinsurances)
ENI Insurance dac (Non-Life)
Euler Hermes S.A. (N.V.) (Non-Life)
Euro Insurances dac (Non-Life)
Europ Assistance S.A. Irish Branch (Non-Life)
Everest Insurance (Ireland) Designated Activity Company (Non-Life)
Everest Reinsurance Company (Ireland) dac (Reinsurances)
FBD Insurance Plc (Non-Life)
FDI Insurance Designated Activity Company (Non-Life)
Fidelis Insurance Ireland DAC (Non-Life)
FIL Life Insurance (Ireland) dac (Life)
Försäkringsaktiebolaget Agria (publ) (Non-Life)
Gasrule Insurance dac (Non-Life)
GD Insurance Company dac (Non-Life)
Golden Arches Insurance Designated Activity Company (Non-Life)
Great American International Insurance (EU) dac (Non-Life)
Great Lakes Insurance SE (Irish branch) (Non-Life)
Greenlight Reinsurance Ireland dac (Reinsurances)
Greenval Insurance dac (Non-Life)
Hamilton Insurance Designated Activity Company (Non-Life)
Hannover Re (Ireland) DAC (Reinsurances)
Hansard Europe Designated Activity Company (Life)
Hawthorn Life Designated Activity Company (Life)
Haystack Re Designated Activity Company (Reinsurances)
HCC International Insurance Company plc (Non-Life)
HDI Global SE (Non-Life)
HDI Reinsurance (Ireland) SE (Reinsurances)
Hiscox S.A (Irish Branch) (Non-Life)
HSB Engineering Insurance Limited (Non-Life)
HSF Health Plan Limited (Non-Life)
InChiaro Life dac (Life)
ING Captive Re dac (Reinsurances)
Inter Partner Assistance S.A. (Non-Life)
Intesa Sanpaolo Vita Dublin Branch (Life)
Inveralmond Insurance dac (Non-Life)
IPB Insurance CLG (Non-Life)
iptiQ Life S.A., Irish Branch (Life)
Irish Life Assurance Plc (Life)
Irish Life Health Designated Activity Company (Non-Life)
Irsur dac (Reinsurances)
ITX Re Designated Activity Company (Reinsurances)
King Max Re Designated Activity Company (Reinsurances)
Kingfisher Insurance dac (Non-Life)
KPN Insurance Company dac (Non-Life)
Liberty Mutual Insurance Europe SE (Irish Branch) (Non-Life)
Liberty Seguros Compania de Seguros y Reaseguros, SA (Life)
Liberty Seguros Compania de Seguros y Reaseguros, SA (Non-Life)
Lifeguard Insurance (Dublin) dac (Non-Life)
Lloyd’s Insurance Company SA (Irish Branch) (Non-Life)
Loomis Reinsurance Designated Activity Company (Reinsurances)
MANAGED HIGH EQUITY FUND (Life)
Mapfre Asistencia ASISTANCE Compania Internacional de Seguros y Reaseguros, S.A. (Non-Life)
Markel Insurance SE (Non-Life)
MBDA Insurance Designated Activity Company (Non-Life)
Medical Insurance Company dac (Non-Life)
Mediolanum International Life designated activity company (Life)
Metlife Europe d.a.c. (Composite)
MetLife Europe Insurance d.a.c. (Non-Life)
Miripro Insurance Company Designated Activity Company (Non-Life)
MOL Reinsurance Co dac (Reinsurances)
Monument Life Insurance DAC (Composite)
Nautilus Indemnity (Europe) dac (Non-Life)
NEIL Overseas dac (Non-Life)
New Ireland Assurance Company plc (Life)
Newell Insurance Designated Activity Company (Non-Life)
Noble Insurance Company Designated Activity Company (Non-Life)
Nokatus Insurance Company dac (Non-Life)
NorthStandard EU Dac (Non-Life)
Octium Life Designated Activity Company (Life)
ORKLA Insurance Company dac (Non-Life)
Ornua Insurance Designated Activity Company (Non-Life)
Pan Insurance dac (Non-Life)
Partner Reinsurance Europe SE (Reinsurances)
PartnerRe Ireland Insurance dac (Non-Life)
Pharma International Insurance dac (Non-Life)
Philip Morris International Insurance (Ireland) Designated Activity Company (Non-Life)
Phoenix Life Assurance Europe Designated Activity Company (Life)
PI Indemnity Company, Designated Activity Company (Non-Life)
Pine Indemnity dac (Non-Life)
Porsche International Reinsurance dac (Reinsurances)
Princemark Holdings dac (Reinsurances)
Probus Insurance Company Europe dac (Non-Life)
Prudential International Assurance plc (Life)
Prysmian Re Company dac (Reinsurances)
QBE Europe SA/NV (Irish Branch) (Non-Life)
Renaissance Reinsurance of Europe (Reinsurances)
RGA International Reinsurance Company DAC (Reinsurances)
Royal London Insurance DAC (Life)
RSA Insurance Ireland dac (Non-Life)
RSIF International dac (Non-Life)
Samuelson International dac (Reinsurances)
Saol Assurance Designated Activity Company (Life)
SASOL International Insurance dac (Non-Life)
Schenker Re Designated Activity Company (Reinsurances)
SCOR Global Reinsurance Ireland Designated Activity Company (Reinsurances)
SCOR Ireland Designated Activity Company (Reinsurances)
Scottish Re (Dublin) dac (Reinsurances)
Seamair Insurance dac (Non-Life)
Seb Life International Assurance Company DAC (Life)
Securitas Group Reinsurance dac (Reinsurances)
SG Riskpartners Designated Activity Company (Reinsurances)
Société D’Assurances Générales Appliquées (SAGA) Designated Activity Company (Non-Life)
Sofinsod Insurance dac (Non-Life)
Squadron Reinsurance Designated Activity Company (Reinsurances)
St. James’s Place International Public Limited Company (Life)
Standard Life International Designated Activity Company (Life)
Sun Life Assurance Company of Canada (UK) Limited (Life)
SureStone Insurance Designated Activity Company (Non-Life)
Taranis Reinsurance Designated Activity Company (Reinsurances)
TCS Insurance Company of Ireland Designated Activity Company (Non-Life)
The Baxendale Insurance Company DAC (Non-Life)
The Standard Club Ireland Designated Activity Company (Non-Life)
The Veterinary Defence Society Limited (Non-Life)
Tokio Marine Europe S.A (Irish Branch) (Non-Life)
Travelers Insurance Designated Activity Company (Non-Life)
Tryg Forsikring AS – (Irish Branch) (Non-Life)
Tyre Reinsurance (Ireland) dac (Reinsurances)
U K Insurance Limited (Non-Life)
UnipolRe Designated Activity Company (Reinsurances)
UnitedHealthcare Insurance Designated Activity Company (Non-Life)
UPS International Insurance dac (Non-Life)
Utmost PanEurope dac (Life)
VHI Insurance DAC (Non-Life)
Vishay Insurance dac (Non-Life)
Vital Blue Insurance dac (Non-Life)
Volkswagen Insurance Company dac (Non-Life)
Volkswagen Reinsurance Company Designated Activity Company (Reinsurances)
Wagram Insurance Company Designated Activity Company (Non-Life)
White Horse Insurance Ireland dac (Non-Life)
Xitus Ireland Designated Activity Company (Non-Life)
XL Insurance Company SE (Non-Life)
XL RE EUROPE SE (Reinsurances)
Yara Insurance dac (Non-Life)
YOUPLUS Assurance AG (Irish Branch) (Life)
Zurich Insurance plc (Non-Life)
Zurich Life Assurance plc (Life)

History of Insurance in Ireland

The roots of insurance in Ireland can be traced back to the late 17th century, with the establishment of the first insurance companies in Dublin. However, the formalization and expansion of the industry took place over subsequent centuries, reflecting Ireland’s economic development and societal changes.

Emergence of Informal Risk Mitigation (17th Century)

In the late 17th century, as trade and commerce flourished in Dublin, the need for risk mitigation became apparent. Merchants and traders sought ways to protect their goods and investments from the uncertainties of sea voyages, fires, and other perils. The earliest form of insurance in Ireland emerged through informal arrangements among traders who pooled resources to compensate each other in case of losses.

Formalization of Insurance Companies (18th Century)

The 18th century saw the establishment of the first formal insurance companies in Ireland. These companies primarily focused on marine insurance, reflecting the maritime nature of Ireland’s economy. One notable example is the Hibernian Marine Insurance Company, founded in 1780 in Dublin. The growth of these early insurance ventures marked a significant step toward organized risk management in the country.

Expansion and Transformation in the 19th Century

As the 19th century unfolded, Ireland experienced significant social and economic changes, including the Great Famine and the Industrial Revolution. These transformative events influenced the expansion of insurance beyond maritime risks. Life insurance gained prominence during this period, providing financial protection for families amid societal upheavals.

Consolidation and Diversification (Late 19th to Early 20th Century)

The late 19th and early 20th centuries witnessed the consolidation and diversification of the insurance industry in Ireland. Established companies expanded their offerings to include fire insurance, responding to the increased urbanization and industrialization. Insurance companies became vital components of the financial landscape, providing stability in the face of economic uncertainties.

Regulation and Legislation (1930s – 1940s)

The early to mid-20th century brought further developments in insurance regulation and legislation. The Insurance Act of 1936 laid the groundwork for a more structured and regulated insurance industry. The establishment of the Irish Insurance Federation in 1942 aimed to promote cooperation among insurers and address industry challenges collectively.

Modernization and Regulation (1980s – 21st Century)

In recent decades, technological advancements and globalization have reshaped the insurance landscape in Ireland. The integration of digital technologies, the rise of insurtech, and the increasing emphasis on sustainability and corporate responsibility have become defining trends. Today, Ireland’s insurance industry continues to evolve, adapting to changing consumer expectations, emerging risks, and the regulatory landscape.

Regulation: Oversight and Compliance

The insurance industry in Ireland operates within a robust regulatory framework, overseen by the Central Bank of Ireland. The regulatory framework ensures that insurance providers adhere to strict standards, protecting the interests of policyholders and maintaining the stability of the industry.

Regulator

The Central Bank of Ireland is the primary regulatory authority overseeing the insurance industry. It regulates insurers, reinsurers, intermediaries, and insurance-related activities. The Central Bank ensures that these entities comply with legal and prudential requirements, promoting financial stability and consumer protection.

Solvency II

Ireland, like other European Union member states, adheres to the Solvency II regulatory framework. Solvency II sets out prudential requirements for insurance and reinsurance companies, ensuring they have adequate capital to cover their risks. The framework emphasizes risk-based supervision, promoting transparency and sound risk management practices within the insurance sector.

Consumer Protection

Consumer protection is a key focus of Ireland’s insurance regulatory framework. The Central Bank implements measures to safeguard the interests of policyholders, ensuring fair treatment and transparent communication by insurance providers. This includes guidelines on product disclosure, claims handling, and dispute resolution.

Popular types of Insurance in Ireland

1. Health Insurance

Health insurance is a critical component of the Irish insurance landscape. While the public healthcare system, managed by the Health Service Executive (HSE), provides essential medical services, many individuals opt for private health insurance to access additional benefits, such as shorter waiting times and a broader range of treatments.

Several insurance providers offer health insurance plans tailored to individual needs. These plans may cover hospital stays, surgeries, outpatient treatments, and even alternative therapies. The variety of options allows individuals to choose coverage that aligns with their specific healthcare requirements.

2. Motor Insurance

Motor insurance is a legal requirement for all drivers in Ireland. The Road Traffic Act mandates that every vehicle on Irish roads must have a minimum level of insurance coverage. Motor insurance provides financial protection against liabilities arising from accidents, damages to vehicles, and injuries to drivers, passengers, or pedestrians.

Policyholders can choose from different levels of coverage, including third-party, third-party fire and theft, and comprehensive insurance. The choice of coverage often depends on factors such as the vehicle’s value, the driver’s history, and personal preferences.

3. Home Insurance

Home insurance, or property insurance, is designed to protect homeowners and tenants from the financial consequences of damage or loss to their residences. It typically includes coverage for structural damage, contents within the home, and liability protection. Homeowners can choose between building insurance, contents insurance, or a comprehensive policy that combines both.

The Irish climate, with its unpredictable weather patterns, makes home insurance particularly relevant. Coverage may extend to damages caused by storms, floods, fires, and other unforeseen events. Additionally, policies often provide alternative accommodation coverage if a home becomes uninhabitable due to covered events.

4. Life Insurance

Life insurance is a crucial component of financial planning, providing a financial safety net for loved ones in the event of the policyholder’s death. In Ireland, life insurance comes in various forms, including term life, whole life, and endowment policies.

Term life insurance provides coverage for a specified period, while whole life insurance covers the policyholder for their entire life. Endowment policies combine life insurance with a savings or investment component, offering a payout either upon death or at the end of the policy term.

5. Travel Insurance

Travel insurance is essential for those embarking on domestic or international journeys. This type of insurance provides coverage for unexpected events such as trip cancellations, medical emergencies, lost luggage, and travel disruptions. Many insurance providers offer specialized travel insurance plans tailored to the needs of different travelers, whether they are on vacation, business trips, or studying abroad.

6. Business Insurance

For businesses operating in Ireland, various insurance products cater to specific needs and risks. Business insurance can include property insurance, liability coverage, business interruption insurance, and employee-related insurance such as employer’s liability and worker’s compensation. The type and extent of coverage depend on the nature of the business, its size, and the industry in which it operates.

Factors Influencing the Insurance Landscape in Ireland

Economic Factors

Economic conditions play a significant role in shaping the insurance landscape. Ireland’s economic stability, employment rates, and GDP growth impact the demand for various types of insurance. During economic downturns, individuals and businesses may reevaluate their insurance needs, potentially leading to changes in coverage levels.

Technological Advancements

Technological advancements have transformed the insurance industry globally, and Ireland is no exception. Insurtech, the integration of technology into insurance processes, has led to innovations such as online policy management, digital claims processing, and data analytics for risk assessment. These advancements enhance efficiency, reduce costs, and improve the overall customer experience.

Regulatory Changes

Changes in regulations, both domestic and international, can have a profound impact on the insurance sector. Insurance providers in Ireland must stay abreast of regulatory developments to ensure compliance and adapt their business models accordingly. Regulatory changes may also influence the introduction of new insurance products and the overall competitiveness of the market.

Demographic Trends

Demographic factors, including population growth, aging demographics, and urbanization, influence the demand for specific types of insurance. For instance, an aging population may drive the demand for health and life insurance, while urbanization and increased homeownership may contribute to the growth of the property insurance market.

Environmental Risks

Given Ireland’s susceptibility to adverse weather conditions, environmental risks play a significant role in the insurance landscape. Insurers must assess and price risks associated with events such as storms, floods, and extreme weather phenomena. Climate change and its potential impact on the frequency and severity of such events add an additional layer of complexity to risk assessment in the insurance industry.