THE Irish life assurance market has experienced the lowest growth rate of any major European country with consumer confidence shaken by poor investment performance and lack of transparency.

This is the finding of a study by Prospectus, Dublin based consultants. The period studied is five years to the end of 1994.

The study notes that new business growth rates have "slowed to a trickle" with just a 0.5 per cent increase in new life business in 1994.

"If you exclude pensions, then the fall off in new life business has continued into 1996 with consumer trust shaken by poor investment performance," said Mr David Duffy, managing director. Prospectus.