Insurance Corporations Statistics – Q3 2023

Publication date:  1 December 2023

Key Points

• Total assets of the Irish insurance corporation (IC) sector decreased by 2.3 percent (€10 billion) during Q3 2023 to stand at €408 billion (Chart 1). This partially reverses the growth seen in the first half of 2023, but remains 5.6 percent higher compared to Q4 2022. The largest decrease was seen in debt securities which fell by €3.2 billion (4.3 percent).
• Technical reserve (TR)¹ liabilities decreased slightly in Q3 2023 with non-unit linked life insurance TRs declining by 5.5 percent while non-life insurance TRs remained stable. (Chart 2). Notable since end-2021, non-unit linked life insurance TRs remain down by 21 percent, while unit-linked life TRs are down 6 percent. Conversely non-life insurance TRs have grown 30 percent over the same period.
• The non-unit linked ITRs of the reinsurance subsector² have grown since 2022, while the life subsectors’ have declined (Chart 3). This may reflect transactions as well as changes relating to other variables (for example interest rates).

Summary Charts

Chart 1: Assets of Irish insurance corporations

Chart 2: Liabilities of Irish insurance corporations

Chart 3: Development of non-unit linked insurance technical reserves by subsector

[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.

[2] Life ICs - S128B; Reinsurance ICs - S128A; Non-life ICs - S128C

Related Data Sets

Download the Insurance Corporation Statistics tables in CSV format.