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Car Insurance - Ireland - May 2017

"Having experienced almost explosive growth over the past couple of years as a result of very significant price increases, the private car insurance market is in line for more moderate year-on-year growth over the coming years. For the most part, growth in the sector will stem from increased activity in the broader economy. "
– Brian O’Connor, Senior Consumer Analyst

This Report discusses the following key topics:

  • What impact has increased premiums had on switching activity?
  • Do consumers prefer to deal directly with insurers or use price comparison sites?
  • What add-ons to policies do Irish consumers feel are worth paying more for?

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Table of contents

  1. Overview

    • What you need to know
      • Issues covered in this Report
        • Definitions
        • Executive Summary

            • The market
              • Private motor insurance market worth almost €2 billion in 2017
                • Figure 1: Gross written premiums, private motor insurance, IoI, NI and RoI, 2012-21
              • Forecast
                • Figure 2: Index of gross written premiums, private motor insurance, IoI, NI and RoI, 2012-21
              • Market factors
                • Car ownership at around 75% across Ireland
                  • NI premiums increasing, threatening affordability
                    • RoI premiums fall slightly after consecutive years of heavy rises
                      • Companies, brands and innovations
                        • The consumer
                          • Most motorists have fully comprehensive car insurance
                            • Figure 3: Type of car insurance currently owned, RoI and NI, February 2017
                          • AXA leads NI market, while AXA and Aviva lead RoI market
                            • Figure 4: Current car insurance provider, NI, February 2017
                            • Figure 5: Current car insurance provider, RoI, February 2017
                          • Roughly half of all car insurance policies arranged online
                            • Figure 6: Method used to purchase car insurance, RoI and NI, February 2017
                          • Majority of consumers shop around at renewal time
                            • Figure 7: Car insurance renewal behaviour, NI and RoI, February 2017
                          • Some add-ons popular, but most have niche appeal
                            • What it means
                            • The Market – What You Need to Know

                              • Car ownership at around 75% across Ireland
                                • NI premiums increasing, threatening affordability
                                  • RoI premiums fall slightly after consecutive years of heavy rises
                                  • Market Size and Forecast

                                      • Gross written premiums almost €1.9 billion in 2017
                                        • Figure 8: Gross written premiums, private motor insurance, IoI, NI and RoI, 2012-21
                                      • Motor premiums account for around of all premiums in RoI
                                        • Figure 9: Gross written premiums, non-life insurance, €m, RoI, 2015
                                      • Next five years to bring moderate, steady annual growth
                                        • Figure 10: Index of gross written premiums, private motor insurance, IoI, NI and RoI, 2012-21
                                      • Irish consumers spending around $4,000 per year on insurance
                                        • Figure 11: Insurance premiums per capita, selected European countries, US$, 2015
                                    • Market Drivers

                                      • More optimism among RoI than NI consumers regarding finances
                                        • Figure 12: Whether consumers expect own personal financial situation to improve or not over next 12 months, NI and RoI, April 2017
                                      • Three quarters of consumers personally own a car
                                        • Figure 13: Personal ownership of a car, RoI and NI, January 2017
                                      • Almost 3 million private cars on the roads across Ireland
                                        • Figure 14: Number of licensed cars, RoI and NI, 2011-15
                                      • Average UK (including NI) premiums up sharply over last 12 months
                                        • Figure 15: Average car insurance premiums, comprehensive and TPFT, UK (incl. NI), Q1 2016 and Q1 2017
                                      • Premiums rising fastest for NI motorists – up 6% in one quarter
                                        • Figure 16: Average motor insurance premiums quarterly increase, by region, UK (including NI), Q4 2016-Q1 2017
                                      • NI the second costliest region in the UK for car insurance
                                        • Figure 17: Average motor insurance premiums, by TV region, UK (including NI), Q1 2017
                                      • Motorists aged 17-22 paying almost four times more than motorists aged 60-69
                                        • Figure 18: Average motor insurance premiums, by age, UK (including NI), Q1 2017
                                      • RoI premiums dip slightly after three years of steep rises
                                        • Figure 19: Motor insurance premiums, consumer price index, RoI, April 2008-April 2017
                                        • Figure 20: Motor insurance premiums, index, RoI, April 2008-April 2017
                                      • Premiums rising to cover growing underwriting losses
                                        • Figure 21: Motor insurance premiums, index, RoI, 2008-17
                                        • Figure 22: Net underwriting result, non-life insurance, €m, RoI, 2015
                                    • Companies and Brands – What You Need to Know

                                      • Cost of Insurance Working Group
                                        • Tesco Bank no longer offering car insurance to new customers
                                          • Ireland Central Bank insurance division grows by 25% following Brexit
                                          • Who’s Innovating?

                                            • Connected insurance
                                              • Autonomous vehicles insurance
                                                • Peer-to-peer insurance
                                                  • Insurance industry disruptors
                                                  • Companies and Brands

                                                      • Admiral (NI Only)
                                                        • Key facts
                                                          • Motor insurance products
                                                            • Recent developments
                                                              • Allianz Ireland
                                                                • Key facts
                                                                  • Motor insurance products
                                                                    • Recent developments
                                                                      • AXA
                                                                        • Key facts
                                                                          • Motor insurance products
                                                                            • Recent developments
                                                                              • An Post (RoI Post Office)
                                                                                • Key facts
                                                                                  • Motor Insurance Products
                                                                                    • Recent developments
                                                                                      • Direct Line Group (NI Only)
                                                                                        • Key facts
                                                                                          • Motor insurance products
                                                                                            • Recent developments
                                                                                              • FBD (RoI Only)
                                                                                                • Key facts
                                                                                                  • Motor insurance products
                                                                                                    • Recent developments
                                                                                                      • Liberty Insurance (Hughes Insurance)
                                                                                                        • Key facts
                                                                                                          • Motor insurance products
                                                                                                            • Recent developments
                                                                                                              • Abbey Insurance (NI Only)
                                                                                                                • Key facts
                                                                                                                  • Motor insurance products
                                                                                                                    • Recent developments
                                                                                                                      • Zurich
                                                                                                                        • Key facts
                                                                                                                          • Motor insurance products
                                                                                                                            • Recent developments
                                                                                                                              • 123.ie (RSA Insurance Ireland)
                                                                                                                                • Key facts
                                                                                                                                  • Motor insurance products
                                                                                                                                    • Allied Irish Bank
                                                                                                                                      • Key facts
                                                                                                                                        • Motor insurance products
                                                                                                                                          • Recent developments
                                                                                                                                            • Bank of Ireland
                                                                                                                                              • Key facts
                                                                                                                                                • Motor insurance products
                                                                                                                                                  • Recent developments
                                                                                                                                                    • Ulster Bank
                                                                                                                                                      • Key facts
                                                                                                                                                        • Motor insurance
                                                                                                                                                          • Recent developments
                                                                                                                                                          • The Consumer – What You Need to Know

                                                                                                                                                            • Most motorists have fully comprehensive car insurance
                                                                                                                                                              • AXA leads NI market, while AXA and Aviva lead RoI market
                                                                                                                                                                • Roughly half of all car insurance policies arranged online
                                                                                                                                                                  • Majority of consumers shop around at renewal time
                                                                                                                                                                    • Some add-ons popular, but most have niche appeal
                                                                                                                                                                    • Ownership of Car Insurance

                                                                                                                                                                        • Majority of Irish motorists have fully comprehensive car insurance
                                                                                                                                                                          • Figure 23: Type of car insurance currently owned, RoI and NI, February 2017
                                                                                                                                                                        • Fully comprehensive insurance ownership highest among older consumers
                                                                                                                                                                          • Figure 24: Consumers who currently own fully comprehensive car insurance, by gender and age, RoI and NI, February 2017
                                                                                                                                                                      • Car Insurance Providers

                                                                                                                                                                          • AXA the clear leader in NI car insurance market
                                                                                                                                                                            • Figure 25: Current car insurance provider, NI, February 2017
                                                                                                                                                                          • AXA particularly strong among young male C2DEF consumers
                                                                                                                                                                            • Figure 26: Consumers whose current insurance provider is AXA, by gender, age and social class, NI, February 2017
                                                                                                                                                                          • Two main providers competing for pole position in RoI market
                                                                                                                                                                            • Figure 27: Current car insurance provider, RoI, February 2017
                                                                                                                                                                          • AXA commands more 'democratic' appeal among RoI consumers
                                                                                                                                                                            • Figure 28: Consumers whose current insurance provider is AXA, by gender, age and social class, RoI, February 2017
                                                                                                                                                                          • Aviva the clear leader among consumers aged 55+
                                                                                                                                                                            • Figure 29: Consumers whose current insurance provider is Aviva, by gender, age and social class, RoI, February 2017
                                                                                                                                                                          • Allianz's appeal strongest for men, ABC1s and 35-54s
                                                                                                                                                                            • Figure 30: Consumers whose current insurance provider is Allianz, by gender, age and social class, RoI, February 2017
                                                                                                                                                                          • Traditional insurers dominate both markets
                                                                                                                                                                          • Channel Preferences

                                                                                                                                                                              • Around half of all policies purchased online
                                                                                                                                                                                • Figure 31: Method used to purchase car insurance, RoI and NI, February 2017
                                                                                                                                                                              • Increased use of online channel over course of past year
                                                                                                                                                                                • Figure 32: Method used to purchase car insurance, NI, January 2016 and February 2017
                                                                                                                                                                                • Figure 33: Method used to purchase car insurance, RoI, January 2016 and February 2017
                                                                                                                                                                              • ABC1s, regular internet users most inclined to buy online from insurer
                                                                                                                                                                                • Figure 34: Consumers who purchased car insurance online - directly through the insurance provider, by social class and daily internet usage, RoI and NI, February 2017
                                                                                                                                                                              • Younger consumers purchasing via price comparison websites
                                                                                                                                                                                • Figure 35: Consumers who purchased car insurance online - through a price comparison website, NI, February 2017
                                                                                                                                                                              • Consumers aged 45+ most inclined to purchase over the phone
                                                                                                                                                                                • Figure 36: Consumers who purchased car insurance over the phone, RoI and NI, February 2017
                                                                                                                                                                            • Renewal Behaviour

                                                                                                                                                                                • Three quarters of consumers shopped around at last renewal
                                                                                                                                                                                  • Figure 37: Car insurance renewal behaviour, NI and RoI, February 2017
                                                                                                                                                                                • Only around a fifth opt to renew without shopping around
                                                                                                                                                                                  • Figure 38: Consumers who stayed with existing insurer and didn't shop around when last renewed car insurance policy NI and RoI, by gender and age, February 2017
                                                                                                                                                                                • Around half shopped around – but ultimately stayed with existing insurer
                                                                                                                                                                                  • Figure 39: Consumers who stayed with existing insurer but only after shopping at last renewal time, by gender, age and social class, NI and RoI, February 2017
                                                                                                                                                                                • Around a quarter of consumers switched to a different insurer
                                                                                                                                                                                  • Figure 40: Consumers who switched to a different insurer when last renewed car insurance policy, by gender, age and social class, NI and RoI, February 2017
                                                                                                                                                                              • Interest in Add-ons

                                                                                                                                                                                  • Most popular add-ons held by majority of motorists
                                                                                                                                                                                    • Figure 41: Features of car insurance that consumers currently have or are interested in, NI and RoI, February 2017
                                                                                                                                                                                  • Reasonable potential demand for some add-on features
                                                                                                                                                                                    • Figure 42: Features of car insurance that consumers do not already have as part of their car insurance policy but are interested in and would be willing to pay more for, NI and RoI, February 2017
                                                                                                                                                                                  • Strong interest in certain features – If they are free
                                                                                                                                                                                    • Figure 43: Features of car insurance that consumers do not already have as part of their car insurance policy but are interested in but would not be willing to pay more for, NI and RoI, February 2017
                                                                                                                                                                                  • Significant minority have no interest in 'gimmicky' add-ons
                                                                                                                                                                                    • Figure 44: Features of car insurance that consumers do not already have as part of their car insurance policy but would not be interested in having, NI and RoI, February 2017
                                                                                                                                                                                • Appendix – Data Sources, Abbreviations and Supporting Information

                                                                                                                                                                                  • Data sources
                                                                                                                                                                                    • Generational cohort definitions
                                                                                                                                                                                      • Abbreviations

                                                                                                                                                                                      Companies Covered

                                                                                                                                                                                      To learn more about the companies covered in this report please contact us.

                                                                                                                                                                                      Car Insurance - Ireland - May 2017

                                                                                                                                                                                      US $1,417.92 (Excl.Tax)