Ireland: Financial Sector Assessment Program : Technical Note-Insurance Sector and Update on the Assessment of Observance of the Insurance Core Principles

Insurance in Ireland is well developed, diverse, and with a large international business presence. Insurance penetration in Ireland is almost three times the EU average; average premiums per capita is four times the EU average. The Irish insurance sector is a significant provider in the EU of unit-linked business, and its reinsurance sector is the third largest in Europe. It accounts for 3.6 percent of the total EU insurance premium, and the assets held by the sector amount to EUR 321.3 billion. The sector comprises nonlife, life and reinsurance undertakings that operate in a range of markets, both domestically and internationally. From the total insurance premium of EUR 76 billion, EUR 61.9 billion (81.5 percent) is on risks outside Ireland (assuming that reinsurance business is all international). The majority of the insurers operating in Ireland are subsidiaries of large international insurance parents.