Name
Global FinTech Guide
Country _ Name
Ireland
SectionTitle
InsurTech
Body
InsurTech is composed of the words “insurance” and “technology”. It is used as a collective term for the application of modern technologies in the domain of insurance services.

Digital and mobile brokers: FinTechs belonging to this category mostly act as digital insurance brokers and provide users with an overview of their insurance contracts with their respective conditions. Some FinTechs offer very short-term insurance contracts to cover specific cases which can be concluded often spontaneously via mobile devices. Oftentimes additional consulting services are offered.

Internet of things: FinTechs belonging to this category collect data by measuring for example the driving style of the customers or through wearables the customers wear to consult on, offer and/or manage the customer’s insurances.

Introduction

Attitude of the country towards InsurTech-services

The insurance industry is subject to heavy regulation and solvency requirements which are directly linked to the risks that each firm has chosen to take on. Consumer protection lies at the heart of insurance regulation. The Central Bank’s updated Consumer Protection Code comes into effect from 24 March 2026. It aims to modernise consumer protections in a digital world and clarify obligations for financial firms. Key changes include a greater focus on customer-centricity, particularly in digital services, and enhanced requirements for informing consumers effectively.

At this point, InsurTech firms have to work within a regulatory framework which was designed by reference to the business models and activities of more traditional insurers. The market potential for increased adoption of InsurTech is clear but the regulatory regime has yet to catch up.

The importance of InsurTech in harnessing the benefits of technology and digital changes was identified in the 2023 Update to Ireland for Finance. Within this Action Plan the goal was set to make Ireland a leading European Insurtech hub.



Legal affairs

Obligations and requirements to provide InsurTech-services

No data available.

Additional comments regarding the legal situation for InsurTech-services or what InsurTech’s must be aware of in this business area

No further information outside of that outlined above.



Economic conditions

Market size for InsurTech-services and biggest companies in this business area

The InsurTech sector is believed to be growing at the rate of 41% each year globally, employing over 4,600 people in Ireland across 114 businesses. (Tech collaboration could transform insurance sector, new report says – The Irish Times)
Ireland has a cluster of over 38 InsurTech companies as well as more than 200 fintech companies and is recognised throughout the world for its ability to bring leading-edge solutions to customers. (
InsurTech in Dublin, Ireland - 2025 Market & Investments Trends - Tracxn)



Additional comments regarding the economic situation for InsurTech-services or what InsurTech’s must be aware of in this business area

Ireland has a strong life insurance and life reinsurance sector. To maintain this position and to further develop the sector, it has been acknowledged that more collaboration with InsurTech is needed. A greater engagement with InsurTech will enable Ireland to promote a community of government, financial and technology enterprises driven by a common set of purposes around themes such as health and wellness, integration of insurance into the digital ecosystem, and big data.

The current joint FSI/II IFS Insurance Working Group aims to place a greater focus on InsurTech as a key area for exploration, including personalised consumer engagement models to promote health and wellness, with a view to bringing concrete suggestions to the Joint Committee.

It has been stated in the Ireland for Finance 2025 action plan that InsurTech proposals will be presented to the Joint Committee.



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