Insurance Corporations Statistics – Q3 2022

Publication date:  6 December 2022

Key Points

  • Total assets of the Irish insurance corporation sector fell by 1.3 percent (€5 billion) over Q3 2022 to stand at €388 billion.  Equities and investment fund shares experienced declines of 2.9 percent and 2.2 percent, respectively. This continues a trend in recent quarters, with assets down 8.6 percent on the series high of €425 billion at end-2021.
  • Technical reserves decreased in Q3 2022, falling by 1.8 percent (€6 billion) over the quarter and 10.3 percent (€37 billion) over the year to date. 1 Liabilities relating to equity and life insurance technical reserves have fallen, while non-life insurance technical reserves have increased. Loans and debt securities issued have remained broadly stable.
  • As interest rates have increased since Q4 2021, non-unit linked life insurance technical reserves have fallen by 19.6 percent, from €55 billion to €44 billion. During the same period, the value of derivative liabilities increased and now exceed the value of derivative assets. 2

Summary Charts

Chart 1:  Assets of Irish insurance corporations by instrument type 

 Total assets time series 

Chart 2: Liabilities: technical reserves, equity, loans and debt securities issued by Irish insurance corporations 

Liabilities development

Chart 3: Financial derivative assets and liabilities of Irish insurance corporations 

Derivatives development

 

[1] In the insurance corporation context technical reserves are liabilities relating to claims on (re)insurance corporations and assets relating to claims by (re)insurance corporations on reinsurance corporations.

 

[2] The EIOPA risk free interest rate term structures are used for the calculation of technical reserves of insurance corporations.

 

*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.

Related Data Sets

Download the Insurance Corporation Statistics tables in CSV format.

Balance Sheet of Irish Insurance Corporations | xls 59 KB Premiums Claims and Acquisitions Expenses Statistics | xls 24 KB Explanatory Notes - Insurance Statistics | pdf 475 KB