BMI View: We have made minor forecast adjustments this quarter but our overall view remains optimistic.
The outlook for Ireland's insurance market remains largely positive with robust domestic economic growthboosting employment, income and private consumption rates and supporting demand for a range of life andnon-life products. High incomes, a growing age population and strong consumption levels all bode well forlife and savings and further bolster the purchases of insurance goods. We note that competitive pressuredoes limit growth potential in some mature lines and there are calls for improved regulation of sectors ofthe market in light of escalating claims costs but overall Ireland's insurance sector remains an attractivemarket.
Latest Updates And Developments
The UK's decision to leave the EU has resulted in an uptick in investor interest in the Irish insurancemarket with a number of providers reportedly considering transferring to Dublin in order to maintainaccess to the single market. Aviva is reportedly restructuring its life and general insurance business asregulated subsidiaries in the market while Legal & General is considering setting up a new Irish office.