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Insurance - Ireland - May 2013

“Although ownership levels among Irish consumers of almost all major forms of insurance cover have remained fairly static over the past year despite the extreme financial pressures facing most Irish consumers, there is no guarantee that this will remain the case indefinitely. Many consumers – particularly in RoI – are struggling to maintain their portfolio of insurance products. The challenge for insurers is to offer ever-increasing levels of value for money and continue to demonstrate the importance of being covered.”

– Brian O’Connor, Production Manager

Some questions answered in this report include:

  • How are ownership levels holding up in the current economic environment?
  • Do Irish consumers generally trust insurers?
  • What is the general consumer attitude when purchasing insurance?
  • How do consumers view value and affordability within the insurance sector?

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Table of contents

  1. Introduction

      • Key themes in the report
        • Data sources
          • Definitions
            • Health insurance/private medical insurance
              • Home/property insurance
                • Life insurance/life assurance
                  • Motor insurance
                    • Travel insurance
                      • Other terms
                        • Abbreviations
                        • Executive Summary

                            • The market
                              • Irish insurance market worth around €3.6bn in 2013
                                • Figure 1: Estimated value of non-life insurance, gross written premiums, RoI and NI, 2013
                              • Forecast
                                • Figure 2: Value of non-life insurance, gross written premiums, RoI and NI, 2008-18
                              • Market factors
                                • Only subdued economic recovery on the horizon for both economies
                                  • Recession affecting need for (and affordability of) certain insurance products
                                    • UK (incl. NI) motor premiums down in 2013, but RoI premiums climbing moderately
                                      • Companies, brands and innovations
                                        • The consumer
                                          • Motor and home insurance products most popular among consumers
                                            • Figure 3: Ownership of insurance products, RoI and NI, May 2013
                                          • High level of mistrust among consumers towards insurers
                                            • Figure 4: Agreement with the statement, 'Some insurers don't treat their customers fairly', RoI and NI, June 2012 and May 2013
                                          • Slightly contradictory purchasing behaviour by consumers
                                            • Figure 5: Agreement with statements relating to insurance product purchasing behaviour, RoI and NI, May 2013
                                          • Affordability a major issue among RoI consumers, in particular
                                            • Figure 6: Agreement with statements related to the price, value and affordability of insurance products, RoI and NI, February 2013
                                        • Issues in the Market

                                          • How are ownership levels holding up in the current economic environment?
                                            • Do Irish consumers generally trust insurers?
                                              • What is the general consumer attitude when purchasing insurance?
                                                • How do consumers view value and affordability within the insurance sector?
                                                • Trend Applications

                                                    • Prove It
                                                      • Let’s Make a Deal
                                                        • Mintel Futures: Old Gold
                                                        • Market Overview

                                                          • Key points
                                                            • Both Irish economies still struggling to build momentum
                                                              • Figure 7: GDP growth, actual and forecast, RoI and NI, 2010-13
                                                            • Unemployment remains stubbornly high across Ireland
                                                              • Unemployment in RoI more than twice what it was in 2008
                                                                • Figure 8: Unemployment rate, %, RoI, Q4 2011-Q1 2013
                                                              • Some consumers bowing to financial pressure, cancelling health cover
                                                                • Recession hitting consumers' capacity to travel overseas
                                                                  • Figure 9: Overseas trips by RoI residents, 000s, 2008-12
                                                                • UK (incl. NI) motor insurance premiums coming down
                                                                  • Figure 10: Motor insurance premiums, average, £, April 2012- April 2013
                                                                • Regulatory changes to bring UK (incl. NI) motor premiums down further
                                                                  • RoI motor premiums up 3% in 12 months to mid-2012
                                                                    • Figure 11: Average motor insurance premiums, €, RoI, February 2012
                                                                  • Claim culture driving up costs
                                                                    • NI consumers still paying far more for motor insurance than RoI counterparts
                                                                      • UK (incl. NI) home insurance premiums declining
                                                                        • Figure 12: Home insurance premiums, average, £, UK (Incl. NI), April 2012-April 2013
                                                                      • RoI seeing home insurance premiums increasing also
                                                                        • Despite industry efforts, fraud still a major problem in NI and RoI
                                                                        • Strengths and Weaknesses

                                                                          • Strengths
                                                                            • Weaknesses
                                                                            • Market Size and Forecast

                                                                              • Key points
                                                                                • Gross written premiums forecast to be in region of €3.6bn in 2013
                                                                                  • Figure 13: Non-life insurance, gross written premiums, IoI, RoI and NI, actual, forecast and projected 2008-18
                                                                                • Market's 2013 value lower than at any point since pre-recession years
                                                                                  • No growth anticipated for 2013 – and only marginal growth beyond that
                                                                                    • Figure 14: Index of gross written premiums, RoI and NI, 2008-18
                                                                                • Companies and Innovations

                                                                                    • Examples of innovation
                                                                                      • Evolution of telematics/’black box’ insurance
                                                                                        • Citroen becomes first car manufacturer to fit black box as standard
                                                                                          • Allianz QuoteSME product
                                                                                            • Company profiles
                                                                                              • Figure 15: Profiled providers of insurance, RoI and NI, 2013
                                                                                              • Figure 16: Estimated share of the non-life insurance market, by company, NI and RoI, 2013
                                                                                            • Insurance companies
                                                                                              • Admiral Group Plc
                                                                                                • Allianz Group Plc
                                                                                                  • An Post
                                                                                                    • Aviva Group Ireland Plc
                                                                                                      • AXA Ireland
                                                                                                        • Direct Line Group
                                                                                                          • Hughes Insurance
                                                                                                            • Liberty Insurance (formerly Quinn Direct Insurance)
                                                                                                              • Open and Direct Insurance
                                                                                                                • Royal Sun Alliance Ireland (RSA Ireland)
                                                                                                                  • Vhi Healthcare
                                                                                                                    • Zurich Insurance
                                                                                                                      • Retailers
                                                                                                                        • Asda
                                                                                                                          • Sainsbury’s
                                                                                                                            • Tesco
                                                                                                                              • Banks and building societies – NI and RoI
                                                                                                                                • Allied Irish Bank (AIB)
                                                                                                                                  • Bank of Ireland Group (BoI)
                                                                                                                                    • Danske Bank Group
                                                                                                                                      • HSBC
                                                                                                                                        • KBC Bank Ireland (RoI only)
                                                                                                                                          • Nationwide (NI only)
                                                                                                                                            • Permanent TSB (RoI only)
                                                                                                                                              • Ulster Bank Group
                                                                                                                                                • Online providers – NI and RoI
                                                                                                                                                  • 123.ie
                                                                                                                                                    • Comparethemarket.com
                                                                                                                                                      • Confused.com
                                                                                                                                                        • Getcover and Company Ltd
                                                                                                                                                          • Its4women.ie and 25plus.ie
                                                                                                                                                          • The Consumer – Ownership of Insurance Products

                                                                                                                                                            • Key points
                                                                                                                                                                • Figure 17: Ownership of insurance products, RoI and NI, May 2013
                                                                                                                                                              • Motor most commonly-owned insurance product in Ireland
                                                                                                                                                                • Likelihood to own motor insurance increases with age
                                                                                                                                                                  • Figure 18: Ownership of comprehensive motor insurance, by age, RoI and NI, May 2013
                                                                                                                                                                • ABC1s, men and rural consumers most likely to have motor cover
                                                                                                                                                                  • Figure 19: Ownership of comprehensive motor insurance, by gender, location and socio-economic background, RoI and NI, May 2013
                                                                                                                                                                • More than two thirds of consumers own home insurance
                                                                                                                                                                  • Home insurance ownership low among consumers aged 16-34
                                                                                                                                                                    • Figure 20: Ownership of buildings and contents insurance, by age, RoI and NI, May 2013
                                                                                                                                                                  • More than 40% of all consumers own travel insurance
                                                                                                                                                                    • Figure 21: Ownership of travel insurance, RoI and NI, May 2013
                                                                                                                                                                  • Tendency to own travel cover lower among younger consumers
                                                                                                                                                                    • Figure 22: Ownership of holiday & travel insurance, by age, RoI and NI, May 2013
                                                                                                                                                                  • Ownership of travel/holiday cover also linked to socio-economic background
                                                                                                                                                                    • Figure 23: Ownership of holiday & travel insurance, by socio-economic background, RoI and NI, May 2013
                                                                                                                                                                  • Private medical/health insurance common in RoI, not so much in NI
                                                                                                                                                                      • Figure 24: Ownership of private medical/health insurance, RoI and NI, June 2012 and May 2013
                                                                                                                                                                  • The Consumer – Trust and Scepticism

                                                                                                                                                                    • Key points
                                                                                                                                                                      • More than half believe insurers behave unfairly
                                                                                                                                                                          • Figure 25: Agreement with the statement, 'Some insurers don't treat their customers fairly', RoI and NI, June 2012 and May 2013
                                                                                                                                                                          • Figure 26: Agreement with the statement, 'Some insurers don't treat their customers fairly', by gender and age, RoI and NI, May 2013
                                                                                                                                                                        • More than a fifth of RoI consumers claim to have been mis-sold products
                                                                                                                                                                            • Figure 27: Agreement with the statement, 'I have been mis-sold insurance products in the past', RoI and NI, June 2012 and May 2013
                                                                                                                                                                          • Men and consumers aged 45-54 most likely to have been mis-sold cover
                                                                                                                                                                              • Figure 28: Agreement with the statement, 'I have been mis-sold insurance products in the past', by age and gender, RoI and NI, May 2013
                                                                                                                                                                          • The Consumer – Purchasing Behaviour

                                                                                                                                                                            • Key points
                                                                                                                                                                                • Figure 29: Agreement with statements relating to insurance product purchasing behaviour, RoI and NI, May 2013
                                                                                                                                                                              • Increased willingness to spend time right policy finding
                                                                                                                                                                                  • Figure 30: Agreement with statement, 'I am prepared to spend time finding the right insurance policy', RoI and NI, June 2012 and May 2013
                                                                                                                                                                                • ABC1s and older consumers most inclined to shop around
                                                                                                                                                                                  • Big jump in use of price comparison sites when shopping around
                                                                                                                                                                                    • Consumers are more confident in the sufficiency of their cover
                                                                                                                                                                                      • Increased preference for recognisable brands
                                                                                                                                                                                      • The Consumer – Price, Value and Affordability

                                                                                                                                                                                        • Key points
                                                                                                                                                                                            • Figure 31: Agreement with statements related to the price, value and affordability of insurance products, RoI and NI, May 2013
                                                                                                                                                                                          • RoI consumers struggling to afford some types of cover
                                                                                                                                                                                            • ...yet a third of RoI consumers see added merit in being covered during a recession
                                                                                                                                                                                              • Only a minority equate cheap with poor quality
                                                                                                                                                                                              • Appendix

                                                                                                                                                                                                • RoI Toluna tables
                                                                                                                                                                                                  • Figure 32: Ownership of motor insurance products, by demographics, RoI, May 2013
                                                                                                                                                                                                  • Figure 33: Ownership of health and life insurance products, by demographics, RoI, May 2013
                                                                                                                                                                                                  • Figure 34: Ownership of building and contents insurance products, by demographics, RoI, May 2013
                                                                                                                                                                                                  • Figure 35: Ownership of holiday and travel insurance products, by demographics, RoI, May 2013
                                                                                                                                                                                                  • Figure 36: Ownership of other insurance products, by demographics, RoI, May 2013
                                                                                                                                                                                                  • Figure 37: Agreement with statements relating to insurance, by demographics, RoI, May 2013
                                                                                                                                                                                                  • Figure 38: Agreement with statements relating to insurance, by demographics, RoI, May 2013 (continued)
                                                                                                                                                                                                  • Figure 39: Agreement with statements relating to insurance, by demographics, RoI, May 2013 (continued)
                                                                                                                                                                                                • NI Toluna tables
                                                                                                                                                                                                  • Figure 40: Ownership of motor insurance products, by demographics, NI, May 2013
                                                                                                                                                                                                  • Figure 41: Ownership of health and life insurance products, by demographics, NI, May 2013
                                                                                                                                                                                                  • Figure 42: Ownership of building and contents insurance products, by demographics, NI, May 2013
                                                                                                                                                                                                  • Figure 43: Ownership of holiday and travel insurance products, by demographics, NI, May 2013
                                                                                                                                                                                                  • Figure 44: Ownership of other insurance products, by demographics, NI, May 2013
                                                                                                                                                                                                  • Figure 45: Agreement with statements relating to insurance, by demographics, NI, May 2013
                                                                                                                                                                                                  • Figure 46: Agreement with statements relating to insurance, by demographics, NI, May 2013 (continued)
                                                                                                                                                                                                  • Figure 47: Agreement with statements relating to insurance, by demographics, NI, May 2013 (continued)

                                                                                                                                                                                              Companies Covered

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

                                                                                                                                                                                              Insurance - Ireland - May 2013

                                                                                                                                                                                              £1,095.00 (Excl.Tax)