Ireland’s International (Re)Insurance Market Posts Strong Growth in 2008

September 29, 2009

The Dublin International Insurance & Management Association (DIMA), the representative body for the international re/insurance industry in Ireland, has announced “another record year of premium income growth,” despite the serious economic effects of the current recession on the overall Irish economy.

DIMA reported that its members gross written premiums for 2008 reached €26.2 billion [$38.15 billion], with net premiums increasing to €21.7 billion [$31.6 billion].

DIMA also cited the following statistics for its members:
— total assets of DIMA members €65.1 billion [$94.82 billion]
— total capital and surplus €12.4 billion [$18 billion]
— total cash and investments €36.2 billion [$52.74 billion]
— number of DIMA member companies 61
— number of employees 876

Sarah Goddard, CEO of DIMA, commented: “Despite the general turmoil last year in the international financial services sector, re/insurance substantially has proved resistant to the tribulations affecting other areas and shown its overall resilience as an industry.

“In Dublin’s 20th year as an international re/insurance hub, these statistics show that the market is truly established as a leading centre for the industry. We continue to see new companies set up operations in Dublin, and the majority of companies already established here expect to see growth in their business over the course of this year.”

Barry O’Leary, CEO Of the Irish Development Authority noted that “another year of premium growth in DIMA membership is a welcome reflection of the resources the Irish Government with the support of IDA Ireland have dedicated to attracting investment in the International Services Sector to Ireland. Ireland continues to grow as a leading centre for international financial service activities and IDA looks forward to continuing to work with DIMA to avail of future opportunities in the international re/insurance industry.”

DIMA is also well positioned to continue that growth in 2009. Just last week Willis Group Holdings Limited announced that its Board of Directors had approved changing the company’s place of incorporation from Bermuda to Ireland [See IJ web site – https://www.insurancejournal.com/news/international/2009/09/21/103908.htm] In March the UK’s Beazley Group changed its domicile, becoming “incorporated in Jersey and tax resident in the Republic of Ireland.”

Source: DIMA – www.dima.ie

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