General Insurance Article - Ireland’s growing construction sector to aid non-life growth


According to a new report by Timetric, growth in the construction sector is expected to fuel the expansion of non-life insurance in the next three years. Overall, the non-life gross written premium is expected to increase from EUR4.1 billion in 2013 to EUR4.2 billion in 2018, at a forecast-period CAGR of 0.3%.

 Property insurance was the second-largest category - after vehicle insurance - in the non-life segment in 2013, with a gross written premium of EUR1.3 billion. The introduction of public-private partnerships (PPP) to facilitate public infrastructure is expected to act as a stimulus to Ireland’s construction industry and increase opportunities in the property insurance sector.

 “Infrastructure projects will add to the supply of housing and commercial property and this is likely to impact positively upon the premiums of Irish property insurers. Furthermore, the thousands of jobs created by the projects will boost demand for more properties," comments Shabnam Sultana, Insurance Analyst at Timetric.

 Increased non-life combined ratio posing a challenge
 Ireland is exposed to floods and storms from the Atlantic Ocean, causing damage to both life and property every year. The country’s high frequency of natural disasters increased the non-life segment’s combined ratio from 98.9% in 2009 to 100.8% in 2013.

 “In 2012, high payouts due to heavy floods in Dublin drove the combined ratio up to 98.5% in 2012 from 89.8% in 2011. The high frequency of natural disasters is an ongoing challenge for Irish non-life insurers and factors such as climate change could mean a sustained period of higher combined ratios in the near future,” Sultana comments.
  

Back to Index


Similar News to this Story

Sleighing the risks by giving Santa the insurance he needs
While you might be the most magical employer in the world, we know that even you aren’t immune to the risks of running a global delivery service! From
Diversity improving in insurance and long term savings
Key figures from the Association of British Insurers’ latest Diversity, Equity and Inclusion (DEI) data collection highlight the work of insurers and
Almost a third of homeowners have been victims of burglaries
Research commissioned by Co-op Insurance reveals that almost one in three (29%) homeowners have been the victims of theft from their home. The member-

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.