Apart from Brexit, Ireland’s compensation culture has also contributed to the wave of departures, according to finance minister Paschal Donohoe

More than 200 foreign insurance companies have chosen to pull out of Ireland in the past five years because of high claims and their fears of restrictions on trading across borders after Brexit.

The exodus comes amid mounting concerns that a loss of capacity in key areas such as public liability cover is making some businesses uninsurable.

Since 2014, the Central Bank of Ireland has been notified by 157 non-life insurers based in other EU countries of their intention to stop operating in Ireland.

Outflows spiked after 2016 when Britain voted to leave the EU.

Another 42 non-life insurers have closed a head office or branch operation in Ireland since 2014.

Life insurance has suffered less attrition, with fewer than 50 players leaving the market