Irish insurers caught out by economic contraction

And with insurance buying activity expected to shrink by up to 6% this year, it will be difficult for rate rises alone to generate growth in premium volume

The Irish insurance market deteriorated in the second half of last year and looks likely to have experienced its worst underwriting result since 2002, based on the results of two of the market’s three largest companies, Hibernian Aviva and FBD. Between them they have 30% of the Irish non-life market.