Buoyant outlook for Ireland’s insurance industry – PwC survey

Garvan O'Neill, partner, PwC Insurance Consulting Practice and Sarah Goddard, CEO, DIMA

Buoyant outlook for Ireland’s insurance industry – PwC survey
Garvan O’Neill, partner, PwC Insurance Consulting Practice and Sarah Goddard, CEO, DIMA

Nearly three-quarters (72pc) of international insurance leaders based in Ireland are confident about business volume growth in the year ahead, up from 62pc last year, according to a new survey.

The survey by PwC among the Dublin International Insurance & Management Association (DIMA) shows that of this, 32pc are very confident, up from just 10pc last year.

Over half (59pc) of industry leaders are planning people or resource growth, however there are indications that conditions remain weak in certain areas.

Nearly a third (30pc) of respondents reported that further product innovation and diversification is the main opportunity for growth in the next three years.

Other growth opportunities include increasing existing market share (28pc) and expanding into new emerging markets (15pc).

Speaking at the survey launch at the European Insurance Forum, Garvan O’Neill, partner, PwC Insurance Consulting Practice, said the immediate and longer-term prospects for the insurance industry in Ireland were strong.

“With economies recovering, both in Ireland and globally, and longer living populations, we expect to see an increased demand for business insurance as well as for pensions and saving products.

“As a centre for insurance innovation, Ireland has a great opportunity to make a strong contribution to the global insurance industry.”