How Global Insurance Trends Will Shape the Irish Market in 2026

The latest EY global insurance outlook report identifies five major forces reshaping the industry, which will also influence the Irish market:

  • New approaches to growth; shifting strategies through M&A, product innovation, and portfolio focus.
  • Resetting AI strategy; moving from efficiency gains to enterprise‑wide transformation.
  • Preparing for market softening; emphasising disciplined cost optimisation and resilience.
  • Rise of private capital; reshaping competition, capital flows, and risk transfer models.
  • Workforce and cultural transformation; addressing critical digital and AI‑related skills gaps.

Ireland, as a well-established base for international insurers and cross-border operations, continues to attract firms seeking stability, regulatory clarity, and access to EU markets. Many of the themes identified in our report extend beyond global carriers and are equally relevant to the Irish insurance landscape.

As global markets soften, Irish insurers will face increased scrutiny, particularly regarding cost optimisation, prompting companies to rethink operations and address the challenges of outdated IT platforms and data silos. Such transformation programmes include embedding of agentic AI into core processes.

AI adoption is gathering pace globally, and in Ireland this transformation will unfold amid strengthened regulatory oversight. Under the revised Consumer Protection Code coming into effect in March 2026, customer interests are placed firmly at the centre of decision making. Insurers must balance the shift towards more digital and AI-enabled services with a commitment to transparency, accountability, and consumer-centric design.

Furthermore, worldwide talent shortages in digital, data, and AI skills are mirrored in the Irish market. As Ireland cements its reputation as a strategic hub within the insurance ecosystem, competition for specialist expertise is set to intensify.

 

 

Global Insurance Report 2026

This year’s Outlook goes beyond the complexity of the current landscape facing insurers to focus on growth and innovation strategies to position markets leaders to succeed. It sets out valuable insights and practical strategic imperatives to help leaders navigate market volatility, leverage AI for competitive advantage, and optimize customer-centric approaches.