June 27th. Insurance Ireland, the representative body for the Irish Insurance industry, has called for a dedicated Stakeholder Consultative Forum on Finance and Insurance to inform the Government’s approach to Britain’s negotiated exit from the European Union.

Insurance Ireland has firmly been of the view that our interests are best served by Britain remaining in the EU and this view was clearly articulated to all our stakeholders. This included the 650 delegates at last month’s Insurance Europe Conference in Dublin at which the Taoiseach highlighted the importance of the insurance sector and our trading relationship with the United Kingdom.

While Thursday’s referendum result is disappointing, it is now vital that a constructive position on Finance and Insurance is developed through a dedicated forum to protect our national interests in these sectors.  

Insurance Ireland CEO Kevin Thompson stated “The process and outcome of the UK’s negotiated exit from the EU are of great importance to our sector and the 28,000 people employed directly and indirectly in insurance in Ireland. Our members stand ready to constructively assist the formation of a policy approach to the negotiations that ensures our interests are protected and advanced and we call on the Government to convene such a forum.”

Ireland has become a major location for international insurance with ten of the top twenty largest insurance companies globally operating in Ireland serving the domestic and international markets. Currently, one in four jobs in finance here are in insurance, with a footprint right across the country.

Media contact:

John Byrne

Communications Manager

+ 353 87 938 3852

john.byrne@insuranceireland.eu

Notes for Editors:

·         The Insurance Industry holds €200 billion in assets in Ireland of which €35 billion is invested in Irish infrastructure and government debt, generates €32bn in premium income (domestic and overseas) and employs more than 28,000 people.

·         Insurance Ireland members pay out more than €10 billion in claims to Irish customers and contribute over €1.8 billion in tax to the Irish exchequer per annum.

·         Insurance Ireland represents 95% of the domestic insurance and 80% of the international Life Insurance market.