Following the European Commission’s Recommendation on savings and investments accounts (SIA) in September 2025 and the Irish Government now preparing its national roadmap on savings and investments, Ireland has an opportunity to transform how households save, invest and participate in capital markets, and insurers have an important role to play in supporting the delivery of an Irish SIA.
Currently, Irish households hold approximately €168billion in savings and 38% of their financial assets in cash and deposits. Irish households have one of the lowest levels of direct retail investments in capital markets in the EU through listed equity, debt securities and investments funds.
In order to channel those significant savings to more productive investments and support consumers in building their wealth, Insurance Ireland’s vision for an Irish SIA contains the following elements:
- Tax-free gains
- Annual contribution limit
- Provision of advice
- Multi-asset funds (not cash)
- Regulation and consumer protection
Key considerations of an Irish SIA
For an Irish SIA to be successful and deliver to most for consumers, there are key considerations and features that it must include:
- Taxation considerations such as alignment of LAET and DIRT, and incentives including tax free gains
- An annual cap on investments to ensure that the SIA also benefits small and medium retail investors
- Advice is key to boost participation and support individuals with low financial literacy, little investment experience, and who are currently under-represented in the markets.
- Portability is a critical consideration to allow savers to move all or part of their SIA funds to another provider, and key information on the effects of this, including fees and charges, must be provided to consumers to ensure informed decision making.
- The most appropriate regulatory approach for an Irish SIA needs to be considered to ensure strong consumer protection.
The role of Insurers
Insurers are in a central position to contribute to the development and success of an Irish SIA. Insurers already provide widely used insurance-based investment products (IBIPs), that help consumers take investment risk while benefiting from diversification and biometric cover.
Irish insurers already have a strong track record of delivering simple, well-regulated savings and investment products (e.g. Special Savings Incentive Account (SSIA), Personal Retirement Savings Account (PRSA)). They also offer access to a broad range of diversified investment funds with clear risk ratings, helping customers match investments to their risk appetite. Most consumers tend to choose medium‑risk, multi‑asset funds, which provide broad diversification across equities, bonds, property, and alternatives. This is presented as far more suitable for typical retail investors than choosing individual stocks or navigating thousands of Exchange-Traded Funds (ETFs).
The insurance sector also has an extensive network of intermediaries that could significantly broaden consumer access to the SIA.
Finally, insurers and advisors play a crucial role in guiding customers, especially those with lower financial literacy, helping them understand investment risk, select suitable funds, and build confidence in investing.