Current Market Overview
The Irish insurance market is projected to reach €51.99 billion in gross written premiums in 2024, with life insurance dominating at €41.52 billion 5. This significant market size ensures competitive options for consumers.
Key Market Rates 2024
Current mortgage and insurance rates in Ireland:
- Mortgage rates: Variable rates from 4.02%, Fixed rates from 2.85% 4
- Long-term fixed rates starting from 3.95% 1
- Mortgage protection insurance from €50 per month for €500,000 coverage 1
Leading Insurance Providers in Ireland
Major providers offering mortgage and life insurance include:
- Avant Money
- Irish Life
- Zurich Life
- Royal London
- New Ireland
Market Statistics
- 67% of Irish households own their own home
- 32% of households are currently renting
- Average monthly mortgage payment: €1,757 (with 10% deposit)
- Average monthly mortgage payment with government support: €976 (with 50% deposit) 2
Recent Regulatory Changes
Important updates in the Irish insurance market:
- The Central Bank’s “Blue Book” reporting system has been updated for enhanced transparency in insurance data collection 3
- New Solvency requirements implemented for insurance providers
- Enhanced consumer protection measures introduced
How to Choose the Right Coverage
Mortgage Protection Insurance
- Legally required for mortgage holders
- Coverage matches your mortgage amount
- Rates vary based on:
- Age
- Health status
- Mortgage amount
- Term length
Life Insurance
- Recommended coverage: 10x annual salary
- Flexible terms and coverage options
- Can complement mortgage protection
Cost-Saving Tips
- Compare multiple providers
- Consider joint policies
- Lock in rates while young and healthy
- Review coverage annually
- Take advantage of green mortgage rates when applicable 1
Common Questions
Q: Can I switch providers to save money? A: Yes, with potential savings of up to €3,600 on average for mortgage protection insurance 6
Q: Do I need both mortgage protection and life insurance? A: While mortgage protection is legally required, additional life insurance provides broader financial security for your family.
Customer Success Stories
(Example based on market data) “Switching our mortgage protection policy saved us €250 annually while maintaining the same coverage level. The process was straightforward and worth the effort.” – Dublin homeowner
Next Steps
- Calculate your coverage needs using our online tools
- Request quotes from multiple providers
- Review policy details carefully
- Schedule a consultation for personalized advice
