Insurance Corporations Statistics

Balance sheet (assets and liabilities) data for insurance corporations resident in Ireland (ESA 2010 sector S128). Insurance corporations consists of financial corporations that are principally engaged in financial intermediation as a consequence of the pooling of risks mainly in the form of direct insurance or reinsurance.

 Key Points - Q1 2024

 Publication date: 7 June 2024

• • Total assets of the Irish insurance corporation (IC) sector increased by 5.3 per cent (€22 billion) during Q1 2024 to a new series high of €435 billion (Chart 1). The rise in total assets was driven by an increase in investment fund shares and equity shares, rising 4.2 per cent (€6.9 billion) and 9 per cent (€5.9 billion) respectively over the quarter. Reinsurance technical reserves (TRs) experienced the most notable decrease this quarter with holdings falling by 1 per cent. Total assets are 7.6 per cent higher compared to Q1 2023.
  • Insurance technical reserve (ITRs) ¹ liabilities increased notably in Q1 2024. The increase was driven by unit linked life ITRs, which grew 5.3 per cent (€14 billion).
  • For the year 2023, the total value of premiums within the Irish insurance corporation market increased marginally by 1.2 per cent (€1.2 billion), to stand at €104 billion. This increase was driven by the reinsurance sector, with premiums increasing by 5.5 per cent (€1.7 billion). Conversely, premiums in the non life insurance sector decreased by 5 per cent (€1.5 billion).

Summary Charts

Chart 1: Assets of Irish insurance corporations

Chart 2: Liabilities of Irish insurance corporations

Chart 3: Total premiums written by Irish based insurance corporations (by subsector) - Annual 2023

[1] In the insurance corporation context [insurance] technical reserves ([I]TRs) are liabilities relating to claims on (re)insurance corporations and assets relating to claims on reinsurance corporations.

Related Data Sets

Download the Insurance Corporation Statistics tables in CSV format.