An Insurance Ireland report, entitled ‘Creating the Future for Insurance in Ireland’, was published in April 2014.  The report covers life, non-life, healthcare and pensions markets, and assesses the current position of the insurance industry in Ireland. 

Key features of the report are that it identifies challenges and opportunities for the insurance industry in Ireland, and provides policy proposals aimed at improving the industry’s future prospects.

The report highlights the following:

• The contribution of the Irish insurance sector to the economy – over 4% of tax receipts with total tax payments estimated at €1.6bn.
• The level of employment provided by the insurance sector – approximately 27,000 employed directly and indirectly, and a forecast for the creation of an additional 3,000 jobs in the insurance sector over the next five years.
• The potential for the insurance sector to invest €1bn in Irish infrastructure projects through the recently announced Ireland Strategic Investment Fund. 
• Ireland’s potential as a global centre for insurance innovation through collaboration with the IT sector and the creation of centres of excellence.

To view further details on the Insurance Ireland website, please click here. 

Contributed by:  Niall Campbell