Insurance Corporations Statistics – Q1 2022

Publication date:  10 June 2022

Key Points

  • Total assets fell by €8.8 billion over Q1 2022 to stand at €416 billion. This marks the first fall in asset values since Q1 2020. Valuation losses on Investment Fund shares were the main driver of this decrease, falling by €5.8 billion.
  • The overall increase in total liabilities was primarily driven by an increase of €13.5 billion in Life insurance technical reserves (ITRs*), while being slightly offset by a decrease of €2.5 billion in Non-life insurance ITRs.
  • Total premiums written by Irish ICs in 2021 stood at €99 billion, with 69% being written domestically†.

Summary Charts

Chart 1: Investment Funds are the largest asset of Irish Insurance Corporations standing at €179 billion.

 

Chart 1: Investment Funds are the largest asset of Irish Insurance Corporations standing at €179 billion.

Chart 2: Life Unit-linked Insurance Technical Reserves (*ITRs) fell to €262 billion in Q1 2022, while Non-life ITRs rose to €40 billion.

 

Unit-linked Insurance Technical Reserves (*ITRs) fell to €262 billion in Q1 2022, while Non-life ITRs rose to €40 billion

 

Chart 3: Total Premiums written by Irish Insurance Corporations was €99 billion in 2021, with the majority (69%) written domestically†.  

Annual Premiums chart

*ITRs are a liability on the balance sheet of an insurance corporation (IC). They are the funds an IC holds in reserve to cover their estimated claims. These are different to the asset insurance technical reserves and related claims.

 

**EEA = European Economic Area

 

***United Kingdom moved from EEA to Non-EEA from 2020 onwards

 

†”Domestically” refers to premiums underwritten domestically, it is possible for the location of the risk to differ from the location of underwriting in some instances.

 

Note: This statistical release references outstanding amounts for assets and liabilities and premiums written, claims incurred and acquisition expenses of Insurance Corporations resident in Ireland.

Related Data Sets

Download the Insurance Corporation Statistics tables in CSV format.

Balance Sheet of Irish Insurance Corporations | xls 58 KB Premiums Claims and Acquisitions Expenses Statistics | xls 24 KB Explanatory Notes - Insurance Statistics | pdf 475 KB