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Published by: Mintel International Group Ltd.
Published: Oct. 1, 2008
Table of Contents
- Issues in the Market
- Key themes in the report
- Definition
- Abbreviations
- Market in Brief
- ‘Healthy’ consumers are being rewarded with lower premiums
- Pre-‘credit crunch’ luxury lifestyles
- Overcoming a lack of innovation in the market
- Consumer budgets to be stretched even further
- Channels to market ever evolving
- Insurance uptake reflective of Irish attitudes towards financial security
- Planning for the future
- Consumer target groups
- Internal Market Environment
- Key points
- Figure 1: Summary of key internal market environment trends, 2008
- Luxury lifestyles increasing need for better cover
- Travel insurance
- Figure 2: Number of visits abroad by Irish residents, by reason for visit, in thousands, RoI, 2003-07
- Figure 3: Number of visits abroad by UK residents, by reason for visit, in thousands, UK, 2003-07
- Car insurance
- Figure 4: Number of private cars registered for the first time, NI and RoI, 2002-06
- Home insurance
- Figure 5: Ownership of consumer durable products, NI, 2002-07
- Figure 6: Ownership of consumer durable products, RoI, 2002-07
- Legislation changes stimulating activity in the market
- General insurance
- Car insurance
- Travel insurance
- Discrimination - a thing of the past?
- Lack of faith in public health services boosting health insurance market
- Longer lives forcing market to re-evaluate
- Broader Market Environment
- Key points
- Figure 7: Summary of key broader market environment trends, 2008
- Gloomy prospects for consumers and insurers alike
- Figure 8: Economic outlook for NI and RoI, 2006-08
- Pricier housing halting residential sales
- Consumers downsize cars as reality hits home
- Rising costs of living exacerbate the money worries
- Implications for...
- ...home and contents insurance
- ...health insurance
- ...car insurance
- ...life assurance
- ...travel insurance
- Flooding causing misery for consumers
- Rewards for healthy lifestyles...
- Figure 9: Prevalence of cigarette smoking, by age, NI, 1998 and 2006
- Figure 10: Prevalence of cigarette smoking, by age, RoI, 1998 and 2007
- ...and penalties for unhealthy lifestyles?
- Obesity
- Alcohol
- Cancer
- Figure 11: Death rate*, by cause, RoI, 2004-06
- Figure 12: Death rate*, by cause, NI, 2004-06
- Population changes affecting uptake rates of different policies
- Figure 13: Number of households, by size, NI and RoI, 2000-05
- Figure 14: Average age of first time buyers, RoI, 2004-07
- Implications for...
- ...life insurance
- ...health insurance
- ...home insurance
- Market Value and Forecast - General Insurance
- Key points
- Figure 20: Insurance market cycle
- Gross written premiums set to rise as insurers tighten margins
- Figure 21: General insurance* gross written premium, NI, RoI and IoI, 2002-12
- Revving up profits
- Figure 22: General insurance* gross written premium segmentation, by sector, RoI, 2007
- Going forward
- Differences in structures alter claims costs across Ireland
- Figure 23: Net incurred claims*, NI, RoI and IoI, 2002-12
- Where there’s blame…
- A flood of claims
- A claim on the future
- Companies and Products
- Key point
- Figure 24: Insurance providers and cover they provide, NI and RoI, 2008
- Insurance companies
- Admiral Group
- Allianz Group
- AXA Insurance Ltd
- Aviva plc
- Hibernian Group
- Hibernian Life & Pensions
- Hibernian Insurance
- Direct Line Insurance plc
- Open + Direct Insurance
- QUINN Insurance Limited
- Zurich Insurance Ireland Ltd
- Vhi Healthcare (The Voluntary Health Insurance Board)
- Online providers
- Getcover.com
- Its4women.ie
- Retailers
- ASDA
- Sainsbury’s
- Tesco
- Banks and building societies
- Alliance & Leicester
- Allied Irish Bank (AIB)
- Bank of Ireland Group
- Halifax (Bank of Scotland plc)
- Halifax Bank of Scotland (Ireland) Limited
- HSBC Bank plc
- Irish Nationwide
- Nationwide
- National Irish Bank (NIB) and Northern Bank
- Permanent TSB
- Progressive Building Society
- Ulster Bank Group
- Aggregate sites
- 123.ie
- Moneysupermarket.com
- Comparethemarket.com
- Confused.com
- Chill.ie
- Other
- Post Office
- Channels to Market
- Key points
- Getting rid of the middleman
- Figure 25: Distribution channel used to purchase last motor insurance policy, NI and RoI, 2007
- Figure 27: Motor insurance purchased direct from insurance company or insurance broker, RoI, 2002-07
- Death of the travel agent?
- Figure 28: Sources of information for last holiday purchased, NI and RoI, 2007
- Figure 29: Distribution channel for travel insurance, NI, 2003-07
- Figure 30: Distribution channel for travel insurance, RoI, 2003-07
- Insurance websites still to crack life insurance market
- Expert knowledge a key feature for life assurance
- Figure 31: Distribution channels for death-only life assurance policies, NI, 2002-07
- Figure 32: Distribution channels for death-only life assurance policies, RoI, 2002-07
- Cost and convenience to drive future life assurance sales
- Potential for homeowner package deals?
- Figure 33: Mortgage arrangement channels, NI and RoI, 2007
- Figure 34: Distribution channel used to purchase buildings and contents insurance (when bought from the same insurer), NI and RoI, 2007
- The Consumer - Product Ownership
- Key points
- NI car owners becoming less cautious
- Figure 35: Percentage of adults with comprehensive car insurance for only car or most recently obtained car, NI and RoI, 2002-07
- Level of security increases with age and financial background
- Majority of consumers make do with public health services
- Figure 36: Private medical insurance ownership, NI and RoI, 2007
- Family men more health-conscious
- Figure 37: Principal cause of death, by gender, NI and RoI, 2006
- Growing interest in travel insurance
- Figure 38: Percentage of consumers who have taken holidays in the last 12 months, NI and RoI, 2002-07
- Figure 39: Percentage of consumers who have taken one, two or three holidays in the last 12 months, NI and RoI, 2006 and 2007
- Irish consumers frugal about life
- Figure 40: Ownership of life insurance, NI and RoI, 2007
- Highest ownership of death-only policies peaks at 35 year olds
- The Consumer - Consumer Loyalty
- Key points
- Long-term insurance investments have lower level of customer churn
- Figure 41: When death-only policy was taken out, NI and RoI, 2007
- Figure 42: When death or maturity policy was taken out, NI and RoI, 2007
- My home is my castle
- Age a significant factor in time of policy purchase
- Figure 43: Length of time with current death-only life insurance provider, by age, NI, 2007
- Appendix
- Figure 49: Car insurance ownership, NI, 2002-07
- Figure 50: Private medical insurance/voluntary health insurance ownership, NI, 2002-07
- Figure 51: Type and condition/treatment cover of private medical insurance/voluntary health insurance, NI, 2007
- Figure 52: Holiday and travel insurance ownership, NI, 2002-07
- Figure 53: Type of holiday and travel insurance cover taken, NI, 2007
- Figure 54: How holiday and travel insurance was bought, NI, 2002-07
- Figure 55: Life assurance ownership, NI, 2002-07
- Figure 56: Buildings and contents insurance ownership, NI, 2007
- Figure 57: Mortgage ownership, NI, 2002-07
- Figure 58: Car insurance ownership for only car or most recently obtained car, by demographic breakdown, NI, 2007
- Figure 59: Health insurance ownership, by demographic breakdown, NI, 2007
- Figure 60: Holiday and travel insurance ownership, by demographic breakdown, NI, 2007
- Figure 61: Life assurance ownership, by demographic breakdown, NI, 2007
- Figure 62: Buildings and contents insurance ownership, by demographic breakdown, NI, 2007
- Figure 63: Mortgage ownership, by demographic breakdown, NI, 2007
- Figure 64: Car insurance ownership for only car or most recently obtained car, RoI, 2002-07
- Figure 65: Private medical insurance/voluntary health insurance ownership, RoI, 2002-07
- Figure 66: Type and cover condition for private medical insurance/voluntary health insurance, RoI, 2007
- Figure 67: Holiday and travel insurance ownership, RoI, 2002-07
- Figure 68: Type of holiday or travel insurance purchased, RoI, 2007
- Figure 69: How holiday and travel insurance was bought, RoI, 2002-07
- Figure 70: Life assurance ownership, RoI, 2002-07
- Figure 71: Buildings and contents insurance ownership, RoI, 2007
- Figure 72: Where buildings and contents insurance was purchased (when from the same insurer), RoI, 2007
- Figure 73: Mortgage ownership, RoI, 2002-07
- Figure 74: Car insurance ownership for only car or most recently obtained car, by demographic breakdown, RoI, 2007
- Figure 75: Health insurance ownership, by demographic breakdown, RoI, 2007
- Figure 76: Condition/treatment cover for health insurance policy held, by demographic breakdown, RoI, 2007
- Figure 77: Holiday and travel insurance ownership, by demographic breakdown, RoI, 2007
- Figure 78: Type of life assurance policy held, by demographic breakdown, RoI, 2007
- Figure 79: Buildings and contents insurance ownership, by demographic breakdown, RoI, 2007
- Figure 80: When buildings and contents insurance policy was obtained (when buildings and contents insurance was obtained from the same insurer), by demographic breakdown, RoI, 2007
- Figure 81: Mortgage ownership, by demographic breakdown, RoI, 2007
- Figure 82: Agreement with statement ‘Before making any big outlay I think about it for a while’, NI and RoI, 2007
- Figure 83: Attitudes towards finance, NI, 2002-07
- Figure 84: Attitudes towards motivation, NI, 2002-07
- Figure 85: Attitudes towards motivation, RoI, 2002-07
- Figure 86: Attitudes towards finance, RoI, 2002-07
- Figure 87: Attitudes towards finance, by demographic breakdown, NI, 2007
- Figure 88: Attitudes towards finance, by demographic breakdown, NI, 2007
- Figure 89: Attitudes towards finance, by demographic breakdown, NI, 2007
- Figure 90: Attitudes towards motivation, by demographic breakdown, NI, 2007
- Figure 91: Attitudes towards motivation, by demographic breakdown, NI, 2007
- Figure 92: Attitudes towards motivation, by demographic breakdown, NI, 2007
- Figure 93: Attitudes towards motivation, by demographic breakdown, NI, 2007
- Figure 94: Attitudes towards finance, by demographic breakdown, RoI, 2007
- Figure 95: Attitudes towards finance, by demographic breakdown, RoI, 2007
- Figure 96: Attitudes towards finance, by demographic breakdown, RoI, 2007
- Figure 97: Attitudes to motivation, by demographic breakdown, RoI, 2007
- Figure 98: Attitudes to motivation, by demographic breakdown, RoI, 2007
- Figure 99: Attitudes to motivation, by demographic breakdown, RoI, 2007
- Figure 100: Life insurance ownership, by gender, age, socio-economic group and marital status, NI and RoI, 2007
AbstractDistribution channels for the insurance market have been evolving for some time, with the emergence of the aggregate website offering a new and more informed approach to insurance purchases.
This in turn has made some consumers less loyal, and insurers are now questioning the profitability of their business in such a price-oriented market.
Other challenges for insurers include increased legislation and control by the financial services authorities, which is of mixed advantage to consumers and industry.
This report examines the various trends that have emerged in the Irish insurance market over the past six years, in particular general insurance, health insurance and life assurance.
Key themes in the report:
- What are the key challenges for insurance providers and how are these challenges being met?
- The growth of aggregate sites is ushering in a new era for the insurance industry, but are Irish consumers mainly concerned about convenience and price, or are they looking for added value?
- High-involvement insurance products such as life assurance generally have a high level of customer loyalty. Can providers inspire loyalty in other types of insurance?
- Changing lifestyles have been driving segmentation in the insurance market in recent years. To what extent will this trend continue?
- The perceived failings of the public health services have sparked interest in health insurance.
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