Insurers keen to work with minister and Government

to ensure Irish insurance market remains competitive on the international stage

·       Irish market perfectly positioned to lead in insurance across the EU

Insurance Ireland, the leading voice on insurance in the Irish market, has said it is keen to work with Government to ensure Ireland remains a leader in insurance and reinsurance across Europe and internationally.

Insurance Ireland was delighted to welcome Minister of State for Financial Services, Credit Unions, and Insurance Neale Richmond who joined industry and regulatory stakeholders and members of Insurance Ireland at the annual Insurance Ireland President’s Lunch today where Insurance Ireland President Stephen Devine spoke of the opportunity for Ireland to become the leader in insurance across the EU.

As mentioned in Enrico Letta’s report to the EU Council this week, greater integration between regulators, industry and policymakers in financial services would strengthen the single market. Ireland is perfectly positioned to act as a gateway to insurance by virtue of our products and expertise.

“Insurance and reinsurance services manufactured in Ireland and supervised by the Central Bank of Ireland are state-of-the-art in the EU and globally,” Insurance Ireland President Stephen Devine said.

“Businesses and consumers around the world benefit from the excellence, experience, and capacity which we have in Ireland. However, increasing protectionism and efforts by competing jurisdictions requires greater collaboration between stakeholders in Ireland in order to take advantage of our position and experience, and grow our offering in the EU, and beyond.”

Insurance Ireland CEO, Moyagh Murdock added “Great work has been done by stakeholders to position the Irish insurance and reinsurance offering in the EU market but there are challenges ahead as some EU countries adopt a more protectionist attitude to the single market. With increasing risks resulting from climate change, cyber, and demographic changes we want to reinforce the strength of our industry in Ireland through collaboration with all stakeholders.”

Insurance Ireland looks forward to working closely with Minister Richmond as well as continuing to work with Minister Jennifer Carroll MacNeill in her role as Minister of State for European Affairs.