The Irish international insurance market saw record business volumes last year in spite of the financial crisis as more non-life insurers and reinsurers chose to relocate their operations and headquarters to Dublin.

The market saw gross premium volumes of €26.2bn (£24bn) in 2008, up significantly from the €18bn recorded in 2007, according to an annual survey of the industry from the Dublin International Insurance & Management Association (DIMA) out today.