Introduction

Under Solvency II, European insurers and reinsurers are required to publish Solvency and Financial Condition Reports (SFCRs). The SFCRs contain a significant amount of information, including details on business performance, risk profile, balance sheet and capital position. Insurers and reinsurers are also required to publish quantitative information in the public Quantitative Reporting Templates (QRTs) included within the SFCRs. This report focuses on the SFCRs published in 2025 that refer to year-end 2024.¹

Irish market coverage

All SFCRs for Irish insurance companies are available on the website of the Central Bank of Ireland (CBI) for financial year-ends in the 2016 calendar year to financial year-ends in the 2024 calendar year.² The CBI also publishes a data repository spreadsheet with detailed QRT information by company. We have produced this report using the data from this repository for the 86 non-life insurance companies that were authorised in Ireland as of 31 December 2024.

There were 86 non-life insurers authorised in Ireland as of 31 December 2024. Last year, there were 89 companies. The following companies were included in the CBI’s 2023 report but did not appear in the CBI’s 2024 report: Aetna Health Company of Europe DAC, BMS International Insurance DAC, ENI Insurance DAC, Golden Arches Insurance DAC, Medical Insurance Company DAC, Schenker Re DAC, and Zurich Insurance plc. Conversely, the 2024 report introduced several companies that were not part of the 2023 report: Offaly Insurance DAC, OUTsurance DAC, Renaissance Reinsurance of Europe DAC, and Schenker (Re)Insurance DAC. It is also noteworthy that Renaissance Reinsurance of Europe DAC is presented as a non-life insurance company in the 2024 report, whereas it was categorised as a reinsurance company in 2023.

In this report, our analysis of the Irish non-life insurance market includes direct writers only, as per the institution type categorisation in the CBI report. We have not included any reinsurers in this analysis (these are available in a separate report). Appendix 1 contains a list of all Irish non-life insurers included in our analysis.

Underlying data

In carrying out our analysis and producing this research report, we relied on data published by the CBI. We have not audited or verified this data and other information. If the underlying data or information is inaccurate or incomplete, the results of our analysis may likewise be inaccurate or incomplete.

We performed a limited review of the data used directly in our analysis for reasonableness and consistency and did not find material defects in the data.

This research report is intended solely for educational purposes and presents information of a general nature. This report is not intended to guide or determine any specific individual situation, and persons should consult qualified professionals before taking specific actions.

Analysis of Irish non-life insurers

Analysis of premiums

The total volume of gross premiums written was €23.3 billion for financial year-ends in the 2024 calendar year, which is an 18% decrease from the €28.6 billion in 2023.

This is primarily driven by the departure of Zurich Insurance plc, which converted to a German company in 2024.

The 10 Irish non-life insurers with the highest total written premiums (gross of reinsurance) in 2024 are shown in Figure 1, along with a comparison to previous years. These figures are provided in the QRT S.05.01, where gross written premiums are defined as all amounts due during the financial year. Therefore, it represents all premium income during the year (not just new business premiums), including recurring premiums on regular premium business.

The top 10 companies shown represent 66% of the total gross written premium in 2024. As can be seen, there has been strong premium growth in 2024 compared with 2023 for the top 10 companies remaining in the Irish market. Everest Insurance (Ireland) Designated Activity Company and Chaucer Insurance Company Designated Activity Company are new additions to the top 10 in 2024. In 2023, Zurich Insurance plc was ranked first in terms of gross premium written but is no longer included in the CBI data repository following its departure in 2024.

Analysis of investments

We estimate total balance sheet assets at financial year-ends in 2024 of €56.9 billion (in 2023, €69 billion).

Most of the assets relate to €31.3 billion in financial investments (in 2023, €35.1 billion) and €20.9 billion in reinsurance recoverables (in 2023, €27.2 billion). Figure 2 provides a detailed breakdown of the €31.3 billion in financial investments, which has remained largely consistent with last year’s allocation.

The majority of Irish non-life insurers continue to be heavily invested in bonds, with 27% of total investments in government bonds and 33% of investments in corporate bonds. The remainder of investments are split, as shown in Figure 3, alongside a comparison to 2023.

Analysis of solvency coverage

Solvency coverage ratios

The aggregate solvency coverage ratio for Irish non-life insurers was 197% for financial year-ends in 2024 (in 2023, 201%). This is calculated as total eligible own funds divided by solvency capital requirement (SCR) for all entities included in our analysis, based on the figures reported in SFCRs. Solvency coverage is significantly in excess of the required 100% coverage level, indicating that, in aggregate, Irish non-life insurers were in a healthy solvency position at year-end 2024.

About half of the companies have reported a reduction in solvency coverage at year-end 2024. The reduction from 201% to 197% for the overall sector is mainly attributed to the reduction in solvency coverage ratios for some of the larger entities, in particular XL Insurance Company SE, IPB Insurance CLG, Everest Insurance (Ireland) Designated Activity Company and Allied World Assurance Company (Europe) dac.

SCR: Internal model companies

There is no other change in the use of internal models for Irish non-life insurers from last year. Four Irish non-life insurers used full/partial internal models: Allianz Plc, AXA Insurance DAC, Beazley Insurance dac and XL Insurance Company SE.

Long-term guarantee and transitional measures

A number of measures are available to insurers both in terms of transitioning to the Solvency II regime and allowing for the impact of long-term guarantees. The measures include the use of the volatility adjustment or the matching adjustment (long-term guarantee measures), transitional measures on technical provisions or the risk-free interest rate term structure and transitional measures relating to the SCR.

The following two Irish non-life insurers were using the volatility adjustment as of year-end 2024:

• Allianz Plc
• XL Insurance Company SE

The benefit on the solvency coverage ratio for each company is shown in the table below. Note the volatility adjustment benefit presented is included in the reported solvency coverage ratio.

No other long-term guarantee or transitional measures were used by Irish non-life insurers at year-end 2024.

Summary

The key points noted in our analysis of Irish non-life insurers’ SFCRs are:

• Overall, there is a material decrease in gross written premiums in 2024 compared to 2023.
• Total balance sheet assets have decreased by c. 17% compared to the previous year.
• There has been a small reduction in solvency coverage ratios for many non-life insurers. This is mainly attributed to the reduction in solvency coverage ratios for some of the larger entities.
• There continues to be limited use of internal models and volatility adjustment.

¹ These SFCRs are referred to as year-end 2024 SFCRs throughout this report, as the reporting date for most companies included in the sample is 31 December 2024.

² Central Bank of Ireland. (n.d.). Solvency and Financial Condition Reports. https://www.centralbank.ie/regulation/industry-market-sectors/insurance-reinsurance/solvency-ii/solvency-and-financial-condition-report-repository..

Appendix 1: Non-life insurers included in the analysis

The following table sets out the 86 life insurers based in Ireland included in our year-end 2024 analysis.