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The Quill - H1 2025 Issue

Jun 2, 2025
4 min read

Welcome to The Quill

Your sharp take on the insurance market

Welcome to the second (and revamped!) insurance newsletter, The Quill, where I bring you some of the key insights and topical conversations taking place in the insurance sector both locally and globally.

In this issue:

  • H1 2025 Insurance Sector Overview

  • Regulation Overview

  • Mergers & Acquisitions News

  • NEW FEATURE - Q&A with CEO of Carrow Insurance, Ronan Conboy


H1 2025 Insurance Sector Overview

Global

Slower growth than 2024 correlated with slower global GDP growth caused primarily by trade fragmentation and US tariffs as well as ongoing geopolitical instability.

  • Total GWP +2.0% (vs. 5.2% in 2024)

  • Non-Life: +2.6% (down from +4.7%)

  • Life: +1.0% (down from +6.1%)

Europe

Slower growth for similar reasons as above with additional slowdowns in non-life caused by softening rates.

  • Total GWP +1.8% (vs. +2.7% 2024)

  • Non-life +1.7% (down from 3.7%)

  • Life +1.9% (down from 2.5%)

Ireland

Irish forecasts on GWP for 2025 not released yet (at the time of writing) but the Insurance Technical Reserves (ITRs) indicate increased underwriting activity:

  • Non-life ITRs +9%

  • Life ITRs +8%

  • Motor insurance premiums up 9% in H1 2025 due to +25% rise in claims costs.

  • Health insurance premiums moderating from +12% in 2024 to 5%-8% in 2025.

  • Reinsurance premium growth expected to be between 5%-11% (down from 14.5% in 2024).


Regulation Overview

I know how everyone working in the insurance space loves regulatory change! So I thought I’d pull together a quick overview of the regulatory changes that are being discussed this year to date:

DORA

The varied digital maturity for the broker/intermediary channel makes standardisation hard for the sector. The shift to a unified ICT risk oversight, is a substantial cultural change for many insurers, and the 3rd party contract remediation is complex and resource heavy leading some insurers to look for deadline extensions from the CBI.

EU AI Act

Established in 2024 to apply gradually over 2025–2027. The CBI acting as Market Surveillance Authority for insurance entities in Ireland. Key areas being monitored relate to culture, governance and ethical AI use.

SII

The cost-of-capital rate was reduced from 6% to 4.75% this year reducing the capital needed to be held against liabilities. Simplified models introduced to reduce the burden on smaller of captive insurers.

Consumer Protection Code

New ‘secure customer interests standard’ applied for all customers not just retail, Opt-in now required for minor policies, further transparency in rebates and fees and a wider definition of vulnerable consumers and more…


Mergers & Acquisitions News

Less broker consolidation activity in this YTD so far however:

  • Fairstone added two further businesses (Declan Maher Financial Services in Co. Tipperary and Gilroy Gannon in Sligo) this brings them to 10 acquisitions in Ireland in total.

  • LHK Group acquired Dublin broker Robert Blythman and Associates Limited.

  • Arachas acquired Mulryan O’Gorman insurance brokers in Galway this April.

  • AA Ireland have been growing their insurance broking business strongly for the last few years and their US PE owners have appointed Continuum Advisory Partners to advise on a potential sale.

  • Assured Partners acquired CFM group at the end of Q1, and at the end of last year they signed a deal to be acquired by Gallagher, this is currently being reviewed by the FTC in the US so the final closing is anticipated in H2 2025.


Q&A Corner

In this issue, I’m delighted to introduce our new Q&A feature - each quarter, I’ll sit down with an important figure form the world of Insurance for a 1-2-1 Q&A to get their take on the market and outlook for the coming months.

This quarter, I was privileged to sit down with Carrow CEO Ronan Conboy for a Q&A on his career in insurance.


It’s not often you meet someone that rose to become the CEO of an insurance Company (part of Global Insurance Business) while still in their 30's!

Ronan talks about how he ended up working in the sector, what kept him engaged over the years, how the industry is evolving, what changes he forecasts as well as why it’s a great career option for young people to consider. We also learn how he ended up also becoming an honorary New York State Trooper (....yes, you heard that right!)


On how he got started in insurance:

“When I graduated, I had offers from life companies, insurers and banks. What swung it for me with RSA was the culture. It was open, transparent and friendly, whereas the banks still felt stodgy. I thought I’d give insurance a couple of years - and then I grew to love it.”

On misconceptions about the industry:

“That it’s boring and stuffy. In reality, there are huge opportunities across underwriting, actuarial, cyber, finance, sales and more. It’s global, so you can build a great career in Ireland or take it abroad.”

On advice he still follows:

“One of the best bits of advice I got was to always keep it simple. Don’t overcomplicate things, be professional and give people a quick answer.”


Thanks for reading

Are you hiring or thinking about a move?

Adam’s deep network across Ireland’s insurance market means he knows where the right people (and the right opportunities) are.


Adam: adam@fortis.ie | +353 87 097 9955

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