2022
0
Ireland Car Insurance Market Report 2022
2022-06-07T04:09:48+01:00
OX1100235
1495
151961
[{"name":"Insurance","url":"https:\/\/store.mintel.com\/industries\/finance\/financial-services\/insurance"}]
Report
en_GB
“Like many markets, inflation will be a major factor in car insurance in the coming 12-18 months. With household budgets under mounting pressure, consumers will look to reduce their outgoings…

Ireland Car Insurance Market Report 2022

£ 1,495 (Excl.Tax)

Report Summary

“Like many markets, inflation will be a major factor in car insurance in the coming 12-18 months. With household budgets under mounting pressure, consumers will look to reduce their outgoings in any area possible, which likely means more shopping around and a greater willingness to switch.”
Brian O’Connor, Senior Consumer Analyst

This Report looks at the following areas:

  • The impact of COVID-19 on the car insurance market in NI and RoI.
  • Market drivers and dynamics in the car insurance industry.
  • Car ownership and driving habits among Irish consumers.
  • Ownership of car insurance and types of policies currently held.
  • Consumer behaviour around arrangement/renewal and how consumers typically pay for their car insurance.
  • Consumer attitudes towards car insurance, premiums, shopping around and new technologies.

Table of Contents

  1. Overview

    • What you need to know
      • Key issues covered in this Report
        • Products covered in this Report
          • Definitions
          • Executive Summary

              • The impact of COVID-19 on the car insurance market
                • Figure 1: Short, medium and long-term impact of COVID-19 on car insurance, April 2022
              • The market
                • Total value of gross written premiums approaching €2 billion in 2022
                  • Figure 2: Gross written premiums, private motor insurance, actual, estimated, forecast and projected, IoI, RoI and NI, 2017-27
                • Growth in coming years to be in region of 3% per annum
                  • Figure 3: Index of gross written premiums, private motor insurance, actual, estimated, forecast and projected, RoI and NI, 2017-27
                • Market Drivers
                  • Economic forecasts downgraded for NI and RoI economies
                    • High inflation hitting consumers’ incomes
                      • High level of concern about short-term financial situation
                        • Cost of car insurance increasing in NI, falling slightly in RoI
                          • More than three quarters of consumers in Ireland own a car
                            • 36% in RoI, 30% in NI driving more now than last year
                              • Consumer
                                • Fully comprehensive cover most popular by far in NI and RoI
                                  • Figure 4: Type of car insurance that consumers have, NI and RoI, 2022
                                • Most consumers shop around but stay at renewal time
                                  • Figure 5: How consumers last arranged/renewed their car insurance policy, NI and RoI, 2022
                                • Majority pay car insurance premium in single payment
                                  • Figure 6: How consumers pay for their car insurance policy, NI and RoI, 2022
                                • Majority policyholders are content with current policy
                                  • Figure 7: Agreement with statements about car insurance, NI and RoI, 2022
                              • The Market – Key Takeaways

                                • Economic forecasts downgraded for NI and RoI economies
                                  • High inflation hitting consumers’ incomes
                                    • High level of concern about short-term financial situation
                                      • Cost of car insurance increasing in NI, falling slightly in RoI
                                        • More than three quarters of consumers in Ireland own a car
                                          • 36% in RoI, 30% in NI driving more now than last year
                                          • Market Size and Forecast

                                              • Short, medium and long-term impact on the industry
                                                • Figure 8: Short, medium and long-term impact of COVID-19 on car insurance, April 2022
                                              • Total value of gross written premiums to increase in 2022
                                                • Figure 9: Gross written premiums, private motor insurance, actual, estimated, forecast and projected, IoI, RoI and NI, 2017-27
                                              • Modest year-on-year growth expected in coming years
                                                • Figure 10: Index of gross written premiums, private motor insurance, actual, estimated, forecast and projected, RoI and NI, 2017-27
                                            • Market Drivers

                                              • Economic growth forecasts downgraded for both Irish economies
                                                • NI economy expected to grow by 3.6% in 2022
                                                  • Figure 11: Economic growth, estimate and forecast, UK and NI, 2021-23
                                                  • Figure 12: Unemployment rate, estimate and forecast, UK and NI, 2021-23
                                                • RoI economy expected to grow by 4.8% in 2022
                                                  • Figure 13: GDP and MDD, estimated and forecasted, RoI, 2021-24
                                                  • Figure 14: Unemployment rate, estimated and forecasted, RoI, 2021-24
                                                • Rampant inflation eroding incomes, squeezing spending capacity
                                                  • Figure 15: Annual inflation, UK (including NI), 2021-23
                                                  • Figure 16: Harmonised Index of Consumer Prices, RoI, 2021-24
                                                • Majority of consumers say they have been hit by rising prices
                                                  • Figure 17: Whether consumers have been affected by these issues over the last two months, NI and RoI, 2022
                                                • Majority of consumers worried to some degree about financial situation
                                                  • Figure 18: How consumers feel about their financial situation over the next year or so, NI and RoI, 2022
                                                • UK premiums rising again
                                                  • Figure 19: Average car insurance premiums, by policy type, UK (including NI), 2018-21
                                                  • Figure 20: Average car insurance premiums, by policy type, UK (including NI), Q1-Q4 2021
                                                • Car insurance premiums in NI among the costliest in UK
                                                  • Figure 21: Average car insurance premiums, by region, UK (incl. NI), Q3 and Q4 2021
                                                  • Figure 22: Average car insurance premiums, % change, by region, UK (including NI), Q3-Q4 2021
                                                • RoI car insurance premiums in decline since 2018
                                                  • Figure 23: Average motor insurance premium, by coverage type, €, RoI, 2009-20
                                                • Number and cost of car insurance claims down in RoI
                                                  • Figure 24: Total ultimate claim numbers, private motor insurance, 000s, RoI, 2009-20
                                                  • Figure 25: Total ultimate claim cost, private motor insurance, € millions, RoI, 2009-20
                                                • Car ownership at above three quarters in Ireland
                                                  • Figure 26: Car ownership, NI and RoI, 2022
                                                • Car ownership levels impacted by age, employment status and income
                                                  • Figure 27: Car ownership, by age and employment status, NI and RoI, 2022
                                                  • Figure 28: Car ownership, by social class and household income, NI and RoI, 2022
                                                • Most non-car owners do not yet have a driving license
                                                  • Figure 29: Reasons for not owning a car, NI and RoI, 2022
                                                • Most car owners bought their car second-hand
                                                  • Figure 30: Details of car ownership, NI and RoI, 2022
                                                • Around a third of all motorists driving more now than last year
                                                  • Figure 31: Whether consumers are currently driving more, the same or less in an average month than they were 12 months ago, NI and RoI, 2022
                                                • Younger motorists driving more, while older motorists driving less
                                                  • Figure 32: Whether consumers are currently driving more, the same or less in an average month than they were 12 months ago, RoI, 2022
                                                  • Figure 33: Whether consumers are currently driving more, the same or less in an average month than they were 12 months ago, NI, 2022
                                              • Companies and Innovations – Key Takeaways

                                                • Using AI to streamline the insurance process
                                                  • Chilean insurance company offers assurance
                                                    • Incentives to go green
                                                    • Who’s Innovating?

                                                      • AI playing a bigger role in car insurance
                                                        • Car insurance assessment centres
                                                          • UK insurers offering incentive for electric drivers
                                                            • Figure 34: New car registrations, by engine type, RoI, January-April 2020 and 2021
                                                            • Figure 35: Type of car consumers intend to buy in the next three years, NI and RoI, 2021
                                                        • Companies and Brands

                                                            • Abbey Insurance Brokers/Abbey Autoline
                                                              • Key Facts
                                                                • Product Portfolio
                                                                  • Recent Developments
                                                                    • Admiral
                                                                      • Key Facts
                                                                        • Product Portfolio
                                                                          • Recent Developments
                                                                            • Allianz
                                                                              • Key Facts
                                                                                • Product Portfolio
                                                                                  • Recent Developments
                                                                                    • Allied Irish Bank
                                                                                      • Key Facts
                                                                                        • Product Portfolio
                                                                                          • Recent Developments
                                                                                            • Aviva
                                                                                              • Key Facts
                                                                                                • Product Portfolio
                                                                                                  • Recent Developments
                                                                                                    • AXA
                                                                                                      • Key Facts
                                                                                                        • Product Portfolio
                                                                                                          • Recent Developments
                                                                                                            • Bank Of Ireland
                                                                                                              • Key Facts
                                                                                                                • Product Portfolio
                                                                                                                  • Recent Developments
                                                                                                                    • Direct Line Group
                                                                                                                      • Key Facts
                                                                                                                        • Product Portfolio
                                                                                                                          • Recent Developments
                                                                                                                            • FBD
                                                                                                                              • Key Facts
                                                                                                                                • Product Portfolio
                                                                                                                                  • Recent Developments
                                                                                                                                    • Liberty Insurance
                                                                                                                                      • Key Facts
                                                                                                                                        • Product Portfolio
                                                                                                                                          • Recent Developments
                                                                                                                                            • An Post Insurance
                                                                                                                                              • Key Facts
                                                                                                                                                • Product Portfolio
                                                                                                                                                  • Recent Developments
                                                                                                                                                    • Ulster Bank
                                                                                                                                                      • Key Facts
                                                                                                                                                        • Product Portfolio
                                                                                                                                                          • Recent Developments
                                                                                                                                                            • 123.ie (RSA Ireland)
                                                                                                                                                              • Key Facts
                                                                                                                                                                • Product Portfolio
                                                                                                                                                                  • Recent Developments
                                                                                                                                                                  • The Consumer – Key Takeaways

                                                                                                                                                                    • Fully comprehensive cover most popular by far in NI and RoI
                                                                                                                                                                      • Most consumers shop around but stay at renewal time
                                                                                                                                                                        • Majority pay car insurance premium in single payment
                                                                                                                                                                          • Majority policyholders are content with current policy
                                                                                                                                                                          • Type of Car Insurance Held

                                                                                                                                                                              • Majority of motorists have fully comprehensive car insurance
                                                                                                                                                                                • Figure 36: Type of car insurance that consumers have, NI and RoI, 2022
                                                                                                                                                                              • Age a major factor in type of cover held by motorists
                                                                                                                                                                                • Figure 37: Consumers who currently have fully comprehensive car insurance, by age, NI and RoI, 2022
                                                                                                                                                                                • Figure 38: Consumers who currently have third party or TPFT cover, by age, RoI, 2022
                                                                                                                                                                              • Telematics not yet making inroads into mainstream insurance market
                                                                                                                                                                              • How Policies are Arranged/Renewed

                                                                                                                                                                                  • Only around a quarter switched providers at renewal time
                                                                                                                                                                                    • Figure 39: How consumers last arranged/renewed their car insurance policy, NI and RoI, 2022
                                                                                                                                                                                  • Majority of consumers shopped around at renewal time
                                                                                                                                                                                    • Figure 40: Whether consumers shopped around or stayed with existing provider when last arranging/renewing their car insurance policy, NI and RoI, 2022
                                                                                                                                                                                  • Motorists aged 55+ most inclined to shop around at renewal time
                                                                                                                                                                                    • Figure 41: Consumers who shopped around at last renewal, by gender, age and social class, NI and RoI, 2022
                                                                                                                                                                                  • Men and C2DEFs most likely to renew policy with existing insurer
                                                                                                                                                                                    • Figure 42: Consumers who stayed with existing insurer at last renewal, by gender, age and social class, NI and RoI, 2022
                                                                                                                                                                                • Paying for Car Insurance

                                                                                                                                                                                    • Most motorists pay their premium upfront in one payment
                                                                                                                                                                                      • Figure 43: How consumers pay for their car insurance policy, NI and RoI, 2022
                                                                                                                                                                                    • Older motorists, high earners settling premium in one payment
                                                                                                                                                                                      • Figure 44: Consumers who pay their annual car insurance premium in one payment, by age, NI and RoI, 2022
                                                                                                                                                                                    • Young, low-income and families more likely to pay instalments
                                                                                                                                                                                      • Figure 45: Consumers who pay their annual car insurance premium monthly via direct debit, by social class and annual household income, NI and RoI, 2022
                                                                                                                                                                                      • Figure 46: Consumers who pay their annual car insurance premium monthly via direct debit, by age, NI and RoI, 2022
                                                                                                                                                                                      • Figure 47: Consumers who pay their annual car insurance premium monthly via direct debit, by children in household, NI and RoI, 2022
                                                                                                                                                                                  • Attitudes Towards Car Insurance

                                                                                                                                                                                      • Most consumers are happy with their current car insurance deal
                                                                                                                                                                                        • Figure 48: Agreement with statements about car insurance, NI and RoI, 2022
                                                                                                                                                                                      • Happiness with policy consistent across all demographics
                                                                                                                                                                                        • Figure 49: Consumers who say they are happy with their current policy, by age, social class and gender, NI and RoI, 2022
                                                                                                                                                                                      • Most policyholders have limited experience of making a claim
                                                                                                                                                                                        • Willingness to put in effort to get a better deal
                                                                                                                                                                                          • Strong agreement that driving an electric vehicle should be rewarded
                                                                                                                                                                                          • Appendix – Data Sources, Abbreviations and Supporting Information

                                                                                                                                                                                            • Data sources
                                                                                                                                                                                              • Generational cohort definitions
                                                                                                                                                                                                • Abbreviations

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