IL&P raises dominance of assurance market

IRISH Life & Permanent has increased its dominance of the €7.3 billion life assurance and pension market, cornering 24% of the Irish market — up 2%.

Bank of Ireland lags in second place with 18% (up 1%) while AIB’s Ark Life is trailing badly in third place with just 11% (up 1%) of the market, according to figures released by the Irish Insurance Federation (IIF) for 2002.

IIF members took in €7.2533bn in aggregate premium earnings in 2002, up 12% on premium income in 2001 the figures reveal. The total value of life assurance protection in force at the end of 2002 was estimated at €205bn (€183bn in 2001).