Republic of Ireland: A captive audience
Ireland is now home to some of the largest insurance companies in the world, thanks to rules which allow them to underwrite business throughout the European Union, writes Liam Flynn
May 12, 2003 at 08:03 PM
5 minute read
The dramatic growth of the Irish insurance and reinsurance industry in recent years was underlined by the large attendance and prestigious speaker list at the Aon European Insurance Forum, held recently in Dublin.
The statistics say it all. Figures for 2001 published by the Department of Enterprise, Trade & Employment (Dete), which regulates the industry in Ireland, show 203 insurers established in Ireland, not including captive companies or reinsurance companies. Total premium income for both Irish and foreign risks underwritten by these insurers in 2001 was e18.93bn ($20.7bn), of which e11.53bn ($12.64bn) represented domestic risk and e7.4bn ($8.1bn) represented international risk. Life premium income increased from e2.48bn ($2.72bn) in 1995 to more than five times that in 2001. Non-life premium income increased from e1.7bn ($1.9bn) in 1995 to three times that in 2001.
These figures do not include the premiums underwritten by captive companies or by reinsurers based in Ireland. The reinsurance industry in Ireland has also grown dramatically, although statistics are more difficult to come by. Dublin's International Financial Services Centre (IFSC) includes many of the world's largest and most prestigious reinsurers, including Swiss Re, Hannover Re, Cologne Re, XL Capital, Bavarian Re and QBE. Figures compiled by Standard & Poors suggest that Dublin accounts for 8% of world reinsurance premium volume, which supports the view that Dublin is close to becoming the 'Bermuda of Europe'.
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