The total level of domestic business in the Irish life and industrial insurance sector dropped in 2011 by almost €500 million, according to the Central Bank, which released the latest available figures yesterday.

In a sector that has experienced overall decline, the broader value of all international insurance business related to Irish-based companies in 2011 was also on the wane.

While the level of recent activity was up in many of the providers, the gross value of new domestic policies was down across Irish Life and Zurich, in particular, from comparative figures supplied for 2010.

Irish Life saw a decrease in new policies, dropping from an overall revenue of some €1.7 billion in 2010 to €1.3 billion the following year, accounting for most of the overall sector decline.

Activity at Zurich Life Assurance dropped from €1.15 billion in 2010 to €977 a decline in receipts of €171 million.

The total value of both foreign and domestic risk business, in terms of interaction with offices in Ireland and abroad, amounted to €22.3 billion for 2011, compared to €24.4 billion in 2010.

Figures also reveal the net level of business revenue in the life assurance sector. In terms of Irish risk business, the total amount stood at €60.9 billion in 2011, compared to €63.4 billion for the previous year.