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ARTICLE · 15 JANUARY 2024

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On 13 December 2023, the Central Bank of Ireland ("Central Bank") published the Insurance Quarterly ("Newsletter"). The Newsletter is an important communication tool used by the Central Bank...

IrelandInsurance
Matheson LLP
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1. Central Bank of Ireland's Insurance Quarterly – December 2023

On 13 December 2023, the Central Bank of Ireland ("Central Bank") published the Insurance Quarterly ("Newsletter"). The Newsletter is an important communication tool used by the Central Bank to convey news and insights relevant to the insurance sector as well as the Central Bank's expectations and priorities around existing requirements and views on future developments.

Some key highlights from this edition include:

Update on the Insurance Market

The Newsletter noted that in 2022, €102 billion of premiums were written by the 200+ life, non-life and reinsurance firms regulated by the Central Bank where roughly 73% were written outside Ireland. The sector saw 40% growth in the balance sheets of the Irish (re)insurance industry since 2016. Most of this has happened in an international (re)insurance space which saw an 82% growth between 2019 and 2022.

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