Chief Executive’s Review
The overarching theme of 2015 for the insurance sector was ongoing and fundamental change. At an industry level we said goodbye to Solvency I; saw a further significant deterioration in the motor claims environment; had to adapt to the introduction of Lifetime Community Rating in health insurance; and witnessed further progress towards the development of a universal pension.
Insurance Ireland was at the fore in its proactive response
to these issues during 2015.
In addition, we welcomed the appointment of a dedicated minister to take responsibility for the international financial services sector in Ireland.
It was also a year which saw some significant changes at Insurance Ireland. In the first instance, we altered our status to that of limited company and moved to a new office location in the IFSC that better serves our members’ needs.
We increased our advocacy capability through the appointment of Insurance Ireland’s first ever Director of Government Affairs. This key appointment complements our increased level of media engagement and ensures our voice is heard in all the right quarters.
Our capability in this regard was further enhanced through our Strategic Alliance Partnership initiative, which addresses topics such as innovation, market intelligence, conduct risk and knowledge.
Stakeholder Engagement
Regulation is a key area for Insurance Ireland and its members seek to engage constructively with the Central Bank of Ireland (CBI) at all levels and meet regularly with key CBI personnel on an ongoing basis.
We also responded to the joint CBI/Department of Finance consultation on a move towards full industry funding for the CBI. Our response provided input regarding governance standards, the need for continued public scrutiny, and a phasing in of any change.
The funding regime to support the actions of the CBI will be a key focus of our work in 2016. Insurance Ireland will continue to oppose excessive and unnecessary costs, whilst simultaneously advocating that the standard of regulatory oversight is advanced to become best in class internationally.
Conclusion
2015 once again saw Insurance Ireland and our industry rise to respond to the quite considerable challenges faced across all sectors. This report offers an outline of what is necessarily a small cross-section of the vast range of activities and initiatives undertaken on our members’ behalf.
The coming year promises to be no less challenging but rewarding as well. We have the 8th Insurance Europe International Conference to look forward to and I am confident that with the support of the industry we will host a memorable conference which will reflect well on both Insurance Ireland and its members, as well as Ireland as a location to do business.
We must also look ahead to some of the key issues which will shape the future direction of our industry. These include our ageing society and the need to fund retirement; the ongoing and accelerating digital revolution; climate change; and the ability of the state to maintain support levels in areas such as health, retirement, and social protection.
These issues present both opportunities and threats and will require a truly proactive sector that is creative and bold in its thinking and which has the ability to set an evidence based yet politically neutral agenda which our national policy makers can engage with.
A further key area of focus is regulation. Effective regulation is in everybody’s interests, and something that insurers wholeheartedly support. However, in the rapidly evolving digital world in which we operate a regulatory framework that supports innovation and technological advances in the industry will be a key success factor.
In meeting these and other challenges we will continue to adopt the partnership approach with the industry which has served us so well up until now. Our Strategic Alliance Partnerships are helping us develop expertise and knowledge in critically important areas and will play a vital role in our future work on behalf of the industry.
Insurance Ireland will continue to work on behalf of the industry, engaging with stakeholders including government, regulators, the media and the wider public in order to ensure that our voice is heard whenever and wherever it matters.
Insurance Ireland – Annual Report 2015
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