Ireland is a global centre for servicing the insurance industry. Our insurance market is the fifth largest in the EU and our reinsurance market is the second largest. This is an exciting time for Insurtech in Ireland.
Ireland has the building blocks for InsurTech Growth and Success
Since IBM established an operation in Dublin in 1956, Ireland has become a technology powerhouse. We are now home to all the top 10 global software companies as well as the top 10 Born on the Internet companies. Google, for example, now has over 9,000 working in its EMEA HQ here, with dozens of functions and teams supporting its global operations.
The international (re)insurance industry in Ireland is a more recent addition to the FDI landscape. In 1990 XL established its first foothold in Europe here in Dublin, and other big names followed. Ireland is now a global centre for servicing the insurance industry across all its sub-sectors including life, non-life, specialty insurance and reinsurance. The insurance industry here operates at a global scale, servicing over 25 million customers in more than 100 countries. Our insurance market is now the fifth largest in the EU and our reinsurance market is the second largest. The assets of Insurance Companies in Ireland are now over €300 billion. Eleven of the Top 15 global insurers are based here as well as the Top five global reinsurers and the top three global insurance brokers. As one of few locations globally with a proven track record in both (re)insurance and technology, Ireland is a natural home to the next generation of disruptive Insurtech companies.
Ireland also has an emerging and exciting portfolio of tech startups and scaleups that are focused on serving the Insurance sector. Several Insurtech companies are building products using Artificial Intelligence, Internet of Things among other disruptive technologies.
We now have over sixty two Irish Insurtech companies here. They are growing rapidly – together they have raised over €136 million in equity funding over the last few years. And the pace of startups in the sector is increasing – since covid, over fifteen new InsurTech businesses have been born here.
It’s probably not surprising that most Irish Insurtech businesses focus on FinTech, Enterprise Solutions and HealthTech, but the sector is quite diverse, with some companies looking to serve AgriTech, Security, Ed-Tech and other sectors.