Life assurance firms ‘must get used to new landscape’

The life assurance market continues to operate at pre-crisis operational capacity and capability, which has led to increased competition in the sector.

Together with increased regulation, companies have to get used to a different landscape, said Mark Burke, head of life insurance supervision at the Central Bank.

Speaking at the Life & Pensions Industry — The Big Picture conference in Dublin yesterday, Mr Burke noted that the market had another very challenging year in 2012. New business volumes fell for the fifth consecutive year and new business underwritten was down 9%. Since the peak of the market, new business volumes are down between 60-70%. There is also growing market concentration, with the three largest industry players now accounting for all policies issued.