Insurance Ireland today welcomed the Central Bank of Ireland’s Macro Financial Review, published today, which highlighted the resilience and improvements in the Irish insurance market in the past year. 

The Report notes that despite weak economic conditions impacting the market, there has been stabilisation in the domestic life market during 2013 which has continued into Q1 2014 and notes the changing pension landscape as being a key driver in this area. The Report highlights that despite the severe weather events in 2013 and early 2014, which cost the sector an estimated €130m, the market has remained very competitive.

Commenting on the Report, Kevin Thompson, CEO, Insurance Ireland said, “This Report highlights the positive impact the insurance sector continues to have on the financial landscape and emphasises the insurance sector’s contribution to the wider economy. Insurance companies in Ireland have just under €200bn of assets under management for policyholders.  Of the total insurance assets, €46bn is invested in Ireland, of which €16bn is invested in Irish government debt and €19bn in Irish companies and property.”

“The sector plays a critical role for consumers and businesses throughout Ireland through the provision of Personal, Commercial and Health Insurance,” said Kevin Thompson, “The international Insurance sector also plays a significant role in the economy with over a quarter of IFSC companies involved in insurance related operations and more than half of the world’s top 20 insurance companies having a base in Ireland.”

 -Ends-

 For further information please contact:

 Gerry O’Sullivan, Q4 Public Relations, Tel: 087 2597644

 Nuala Buttner, Q4 Public Relations, Tel: 085 1744275

 Notes to Editors:

Link to Central Bank Report

http://www.centralbank.ie/publications/Documents/Macro-Financial%20Review%202014.1.pdf

 About Insurance Ireland

 As the voice of insurance actively promoting the highest standards, Insurance Ireland represents 95% of the domestic market and 70% of Ireland’s international life insurance market. This business generates €25bn in premium income (domestic and overseas), employs 14,000 people, with another 13,000 employed in ancillary services and contributes over €1.6 billion in tax to the Irish exchequer. 

 Insurance Ireland, which is the representative body for insurance companies in Ireland, was previously known as the Irish Insurance Federation.