2023
0
Ireland Car Insurance Market Report 2023
2023-06-02T04:03:56+01:00
OX1154605
1495
163773
[{"name":"Insurance","url":"https:\/\/store.mintel.com\/industries\/finance\/financial-services\/insurance"}]
Report
en_GB
“While there are definite challenges facing the car insurance market – not least the impact of inflation on consumers’ finances and the impact of claims inflation on insurers’ own profitability…

Ireland Car Insurance Market Report 2023

£ 1,495 (Excl.Tax)

Description

“While there are definite challenges facing the car insurance market – not least the impact of inflation on consumers’ finances and the impact of claims inflation on insurers’ own profitability – the obligatory nature of car insurance makes the industry fairly resilient. The current challenges can be seen as largely temporary rather than fundamental or long-standing.”

– Brian O’Connor, Category Director for Ireland, April 2023

Key issues covered in this Report:

  • Market drivers and dynamics around car insurance.
  • Car ownership and driving habits among NI and RoI consumers.
  • Ownership of car insurance and the types of policies held.
  • Consumer behaviour around arrangement/renewal of car insurance.
  • Consumer attitudes towards car insurance, their current policies, shopping around, use of price comparison sites, electric vehicles and car telematics.

Table of Contents

  1. Overview

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

    • The Market
    • Claims inflation hitting market now, but should abate in coming years
      • Figure 1: Category outlook for car insurance, 2023-28
    • Total value of gross written premiums to reach almost €1.9 billion 2023
      • Figure 2: Gross written premiums, estimated, forecast and projected, IoI, RoI and NI, 2018-27
    • Coming years to see steady but marginal growth
      • Figure 3: Index of gross written premiums, estimated, forecast and projected, RoI and NI, 2018-27
    • Market Drivers
    • Under-pressure consumers likely to shop around for car cover
    • Uncertain capacity on part of consumers to absorb higher premiums
    • Lack of confidence likely to cause postponement of major outlays
    • Car insurance premiums in NI at highest point in more than a decade
    • Average car insurance premium in RoI more than €600 in Q1 2023
    • Premiums highest for younger motorists in both NI and RoI
    • Innovations
    • Consumer
    • Car ownership at 77% in RoI, 75% in NI
      • Figure 4: Whether consumers personally own a car, NI and RoI, 2023
    • Almost half (45% in NI, 44% in RoI) purchased their current car new
      • Figure 5: Details of car ownership, NI and RoI, 2023
    • Not having a driving licence main reason for not owning car
      • Figure 6: Reasons for not owning a car, NI and RoI, 2023
    • Fully comprehensive cover the most popular form of car insurance
      • Figure 7: Types of car insurance currently held, NI and RoI, 2023
    • Majority shop around at renewal, but most do not end up switching
      • Figure 8: Consumer behaviour when last arranged/renewed car insurance policy, NI and RoI, 2023
    • AXA the market leader for car insurance in NI
      • Figure 9: Providers of car insurance, NI, 2023
    • AXA leads RoI market with 22% share
      • Figure 10: Providers of car insurance, RoI, 2023
    • Around nine in 10 say they are happy with their current policy
      • Figure 11: Agreement with selected statements relating to car insurance, NI and RoI, 2023
  3. The Market – Key Takeaways

    • Under-pressure consumers likely to shop around for car cover
    • Uncertain capacity on part of consumers to absorb higher premiums
    • Lack of confidence likely to cause postponement of major outlays
    • Car insurance premiums in NI at highest point in more than a decade
    • Average car insurance premium in RoI more than €600 in Q1 2023
    • Premiums highest for younger motorists in both NI and RoI
  4. Market Size and Forecast

    • Market to return to profitability once inflation abates
      • Figure 12: Category outlook for car insurance, 2023-28
    • Total value of gross written premiums up 3% in 2023
      • Figure 13: Gross written premiums, estimated, forecast and projected, IoI, RoI and NI, 2018-27
    • Gross written premiums to grow marginally but steadily
      • Figure 14: Index of gross written premiums, estimated, forecast and projected, RoI and NI, 2018-27
  5. Market Drivers

    • Inflation, cost-of-living hikes to encourage even more shopping around
      • Figure 15: Consumer price index, RoI and UK (including NI), 2016-22
      • Figure 16: Whether consumers have been affected by any of these issues over the last two months, NI and RoI, 2023
    • Capacity to absorb higher premiums limited among Irish consumers
      • Figure 17: How consumers describe their financial situation at the moment, NI and RoI, 2023
    • Limited appetite for upgraded cover or newer, more expensive vehicles
      • Figure 18: How consumers feel about their financial future over the next year or so, NI and RoI, 2023
    • Car insurance premiums in NI at highest point in more than a decade
      • Figure 19: Car insurance premiums, average prices, UK (including NI), Q2 2022-Q1 2023
    • Average premium in NI more than 7% above UK average
      • Figure 20: Car insurance premiums, average prices by region, UK (including NI), 2022-23
    • NI premiums up 21% in 12 months ending Q1 2023
      • Figure 21: Car insurance premiums, annual % increase by region, UK (including NI), Q1 2023
    • Average premium in RoI more than €600 in Q1 2023
      • Figure 22: Car insurance premiums, average prices, by province, RoI, 2023
    • Car insurance premiums still higher for men than women
      • Figure 23: Car insurance premiums, average prices, by gender, UK (including NI), 2022-23
    • Younger motorists paying significantly more for car insurance
      • Figure 24: Car insurance premiums, average prices, by age, UK (including NI), 2022-23
      • Figure 25: Car insurance premiums, average prices, by age, RoI, 2023
  6. Companies and Innovations – Key Takeaways

    • New players enter an already competitive insurance market
    • Rental subscription services offering flexibility
  7. Who’s Innovating?

    • New players enter an already competitive insurance market
      • Figure 26: Agreement with selected consumer attitudes and behaviours towards car insurance, NI and RoI, 2023
    • Rental subscription services offering flexibility
      • Figure 27: Selected key factors driving consumer behaviour around value, IoI, 2023
  8. 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
    • 123.ie (RSA Ireland)
    • Key Facts
    • Product Portfolio
    • Recent Developments
  9. The Consumer – Key Takeaways

    • Car ownership at 77% in RoI, 75% in NI
    • Almost half (45% in NI, 44% in RoI) purchased their current car new
    • Not having a driving licence main reason for not owning car
    • Fully comprehensive cover the most popular form of car insurance
    • Majority shop around at renewal, but most do not end up switching
    • AXA the market leader for car insurance in NI
    • AXA leads RoI market with 22% share
    • Around nine in 10 say they are happy with their current policy
  10. Car Ownership and Driving Habits

    • More than three in four Irish consumers own a car
      • Figure 28: Whether consumers personally own a car, NI and RoI, 2023
    • Car ownership highest among ABC1s and older consumers
      • Figure 29: Consumers who personally own a car, by gender, age, and social class, NI and RoI, 2023
    • Almost half of all motorists purchased their current car from new
      • Figure 30: Details of car ownership, NI and RoI, 2023
    • Most non-drivers do not have a driving licence
      • Figure 31: Reasons for not owning a car, NI and RoI, 2023
  11. Type of Car Insurance Owned

    • Most motorists have fully comprehensive cover
      • Figure 32: Types of car insurance currently held, NI and RoI, 2023
    • Ownership of fully comprehensive cover unaffected by cost-of-living pressures
      • Figure 33: Consumers who have fully comprehensive car insurance, NI and RoI, 2021-23
    • Older motorists most likely to have fully comprehensive cover
      • Figure 34: Consumers who have fully comprehensive car insurance, by gender and age, NI and RoI, 2023
    • TPFT cover particularly common among younger motorists
    • Scope for greater uptake of telematics cover
      • Figure 35: Consumers who have a policy that calculates their premium based on how well they drive (sometimes referred to as blackbox technology or telematics), NI and RoI, 2019-23
  12. Arrangement and Renewal

    • Most motorists shop around, but most ultimately do not switch
      • Figure 36: Consumer behaviour when last arranged/renewed car insurance policy, NI and RoI, 2023
    • Tendency to shop around firmly established among consumers
      • Figure 37: Consumer behaviour when last arranged/renewed car insurance policy, NI and RoI, 2023
    • Younger motorists least inclined to shop around
      • Figure 38: Consumers who shopped around at last arrangement/renewal, by gender, age and social class, NI and RoI, 2023
    • Younger motorists also least inclined to stay with current insurer
      • Figure 39: Consumers who stayed with their existing insurer at last arrangement/renewal, by gender, age and social class, NI and RoI, 2023
  13. Main Providers of Car Insurance

    • Four biggest providers in NI control less than 40% of market
      • Figure 40: Providers of car insurance, NI, 2023
    • Four biggest providers in RoI control almost two thirds of market
      • Figure 41: Providers of car insurance, RoI, 2023
  14. Attitudes towards Car Insurance

    • High level of satisfaction with current policies
      • Figure 42: Agreement with selected statements relating to car insurance, NI and RoI, 2023
    • Women and older motorists most likely to be happy with current policy…
    • …perhaps because they are less likely to have made a claim
      • Figure 43: Motorists who have made a claim on their car insurance policy in the last three years, by gender and age, NI and RoI, 2023
    • Even those with cash to spare are shopping around, comparing prices
    • Monthly option important to young and those struggling financially
    • Younger consumers dubious about fairness of car telematics
  15. Appendix – Data Sources, Abbreviations and Supporting Information

    • Data sources
    • Generational cohort definitions
    • Abbreviations

About the report

This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

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