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(MoneyNewsWire.Net, July 05, 2017 ) In Ireland, car insurance is on the rise. The recent increase in insurance premiums is caused by a number of factors. Also, motor insurance premiums in Ireland have increased by an average of 28 percent over the last year, which is estimated to grow further as well. A new study, focusing on the current as well as future market scenario has been recently added to the vast repository of Market Research Hub (MRH), with the title of “Ireland Car Insurance- May 2017”. The study thoroughly analyzes the Ireland market for car insurance, covering market size and growth forecast. Moreover, it also highlights the drivers, restraints and opportunities expected to influence the market growth during the forecast period of 2017-2021.
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To drive legally on the roads car insurance is needed. Car insurance is now a legal requirement and there is a concern that the number of uninsured cars could rise due to higher insurance costs. There are mainly three types of car insurance available, such as third-party, fire and theft; and comprehensive. Of these, fully comprehensive insurance is usually the dearest choice for car cover but it typically provides you with a complete form of protection for your vehicle. It supplies the same protection as for third party fire and theft, plus more. In Ireland, there are a lot of insurance companies which have a lot of financial products as well as auto insurance policies with comprehensive auto insurance coverage.
Most of the motorists in Ireland have fully comprehensive car insurance and Irish consumers spending around $4,000 per year on insurance. Almost 3 million private cars on the roads across Ireland. Three-quarters of consumers personally own a car. Consumers both in NI and RoI are being confronted now with a harsh new reality: significant increases in motor insurance premiums over the past couple of years. Private motor insurance market worth almost €2 billion in 2017. As per the findings, next five years to bring moderate, steady annual growth. The study further also adds that having experienced almost explosive growth over the past couple of years as a result of very significant price increases, the private car insurance market is in line for more moderate year-on-year growth over the coming years.
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Major market factors analyzed by the study are:
Car ownership at around 75% across Ireland
NI premiums increasing, threatening affordability
RoI premiums fall slightly after consecutive years of heavy rises
From the consumer perspective, majority of consumers shop around at renewal time and roughly half of all car insurance policies arranged online. Some add-ons are popular among consumers, but most have niche appeal. AXA leads NI market, while AXA and Aviva lead RoI market.
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Key companies and brands analyzed in the study are Admiral (NI Only), AXA, An Post (RoI Post Office), FBD (RoI Only), Direct Line group (NI Only), Zurich, 123.ie (RSA Insurance Ireland), Ulster Bank, Bank of Ireland, Allied Irish Bank, Liberty Insurance (Hughes Insurance) and Abbey Insurance (NI Only).
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