Protecting tomorrow: the future of the Irish insurance industry

The insurance industry plays a vital role within the Irish economy and makes a substantial contribution both socially and economically. The sector employs some 35,000 people and contributes in excess of €2.7 billion annually to the Irish Exchequer. Insurers based in Ireland paid more than €68 billion in claims in 2022 and help to safeguard the financial future of customers through some €300 billion of life and pensions assets.

Ireland has the fourth largest insurance industry in the EU (measured by premiums) and has long been a centre for international insurance. Irish insurers and reinsurers wrote in excess of €102 billion in gross premiums in 2022. However, there are some concerns about Ireland’s continued ability to attract international insurers.

This report, commissioned by Insurance Ireland (the representative body for Irish insurers), provides an overview of the Irish insurance industry and highlights the central role it plays within the Irish economy. The report also considers the merits of Ireland as a location for international insurers as well as the future outlook for the industry, both domestically and internationally.