• Ireland’s Insurance Sector now employs over 43,000 people, up over 20% compared to 2023.
• New report by Milliman shows Ireland’s insurance market continues to grow but challenges remain across talent attraction, cost of doing business and regulation.
• New report by Milliman launched at European Insurance Forum 2025 at the Dublin Royal Convention Centre.

Tuesday, 30 September 2025: A new report by consulting firm Milliman, commissioned by Insurance Ireland, shows that Ireland’s Insurance Sector is continuing to grow, providing substantial contributions both economically and socially. Launched this morning at the European Insurance Forum 2025 at the Dublin Royal Convention Centre, the report shows that contributions by the insurance sector to the Exchequer have grown to €3 billion annually in 2024, up from €2.7 billion recorded in 2023.

Employment in the sector has also increased by over 20%, with over 43,000 people now employed in the Irish insurance industry, many of whom are in high-value international roles. This compares to 35,000 roles in Milliman’s last report of the industry conducted in 2023.

Ireland is the 4th largest insurance hub in the EU and one of the most important reinsurance centres globally. Insurers based in Ireland paid €74 billion in claims in 2024 (up from €68 billion in 2022) and help to safeguard the financial future of customers through the management of over €300 billion of policyholder assets.

As of June 2025, there were 178 insurance and reinsurance companies based in Ireland. Measured by gross premium income, the overall industry has grown considerably in recent years – from €73 billion in gross written premium in 2017 to €109 billion in 2024.

The report shows that Ireland is home to a substantial international insurance industry. With gross written premiums of €40 billion in 2024, Irish insurers are the second largest writers of cross-border business in the EU, after Luxembourg. However, according to the report, the industry is seeing a continued declining trend of international companies and captives establishing in Ireland, which has been visible since the peak in 2009.

Overall, the number of entities has reduced by 42% since then, with the number of life companies down 44%, the number of non-life companies down 33%, and the number of reinsurers down by 50%. However, it is also important to note that, despite this reduction, the size of the industry measured by premium volumes has continued to grow.

CEO’s who contributed to the report indicated a number of challenges that are affecting business growth, including:

• Difficulty in attracting talent due to the increased cost of living, infrastructural challenges and rising competition from other employers. This is compounded by tax incentives offered to highly skilled employees by other countries such as Spain and the Netherlands.
• The cost of doing business in Ireland, which is a growing concern, and includes employment, claims, regulatory, inflation and general higher costs.
• Heightened awareness around the impact of technology on customers, specifically AI and if regulatory standards can keep pace

Technology is increasingly seen as an enabler for transformation in the Irish insurance industry and, while historically slower to adopt new technologies, insurers are now actively investing in technology to improve customer experience and enhance efficiencies. Responses from those surveyed by Milliman show that while cloud computing and data science are well established, Artificial Intelligence (AI) and Machine Learning (ML) will become the next major focus, though progress in these areas to date has been somewhat hindered by technical debt.

Milliman also asked insurers based in Ireland to identify the main benefits to establishing in the country. Similar to the 2023 report, EU membership/market access, the use of the English language, and Ireland’s fiscal regime were among the leading factors. Political stability increased ranking since the last report and has become considerably more important since insurers were originally selecting Ireland as a location.

Speaking about the report, Moyagh Murdock, Chief Executive, Insurance Ireland, said: “The Milliman report presents a positive outlook for Ireland’s insurance sector, with growth visible across both Exchequer contributions and employment levels. However, it also clearly sets out critical areas to address, particularly regarding Ireland’s overall offering as a location for international insurers. The key aspects that are impacting this view of Ireland remain similar to those outlined in the previous Milliman report in 2023. This shows that the need remains to urgently address these issues if we are to secure a future where Ireland successfully attracts international insurers to the market, furthering career opportunities and investment.”

When asked about the report co authors Aisling Barrett and Paul Marron Principals in Milliman said, “Ireland continues to be a dynamic and influential player in the global insurance market, ranking as the fourth-largest insurance hub in the EU. In our recent discussions with CEOs across the sector, 97% expressed confidence that their businesses will grow over the next five years — a significant improvement from our previous report.”

Insurers are making substantial investments in innovation, driven both by evolving customer expectations and the transformative potential of artificial intelligence and machine learning. The demand for enhanced digital self-service models is reshaping operational strategies, with many companies accelerating their technology agendas to stay competitive.

International insurers, while no longer drawn by the low-cost economy and tax advantages that defined Ireland in the 1990s, continue to see value in Ireland’s highly educated, English-speaking, and solution-oriented workforce. This remains a key competitive strength as companies assess their global location strategies.

While industry sentiment has notably improved, CEOs acknowledge ongoing challenges — including public perception of insurance, attracting and retaining top talent, and ensuring that regulatory frameworks keep pace with technological advancement. However, there is strong confidence that, with the right support from government, regulators, and other stakeholders, the sector is well-positioned to meet these challenges head-on.

Ends.

For more information, please contact:

• Nuala Buttner, Q4PR, nuala@q4pr.ie, 085 174 4275
• Rachel Power, Q4PR, rachel@q4pr.ie, 087 939 9605