European Insurance Forum focuses on Brexit, regulation and Ireland as a location for insurance business

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European Insurance Forum focuses on Brexit, regulation and Ireland as a location for insurance business

• Keynote address was from economist and commentator Paul Mason on geopolitical risks & their relevance to business • Conference promoted Ireland as a location for insurance & Insurance Ireland’s proposal for ‘fast-track’ regulatory approval for UK insurers

May 25, 2017.  Over 240 senior executives from the international insurance industry gathered in Croke Park at the European Insurance Forum (EIF), a leading conference for the re/insurance sectors, to hear from global industry leaders, regulators and political commentators on key topics affecting the sector such as Brexit, geopolitical risks and the low interest rate environment.

First hosted in 1999, this year’s event was under the umbrella of Insurance Ireland and is a major part of the efforts to promote Ireland as a location for insurance and reinsurance business.

Speaking at the conference, Insurance Ireland CEO Kevin Thompson said, “The conference theme is ‘Change the Game’ and this reflects an industry in a constant state of change as it responds to Brexit, increasing advances in technology and regulatory changes which are revolutionising the landscape of a sector which underpins the economic life of the country.”

“With one in four jobs in financial services in Ireland being in insurance, this event is also about getting out a positive message about Ireland’s benefits as a location for insurance investments post-Brexit. Brexit is both a major challenge and opportunity for the industry and Insurance Ireland is keen to promote Ireland’s strengths, including the deep pool of insurance talent. To grow the sector here, Insurance Ireland again called for regulatory ‘grandfathering’ of UK-based insures which would give them fast-track approval to locate in Ireland based on their good standing with the UK regulator, the Prudential Regulation Authority (PRA).”

Keynote speaker Paul Mason said “Insurance is a risk assessment business and increasingly we are seeing a change internationally from economic risk to political risk. In Europe alone, the stakes in each election are getting higher both for their domestic impacts and what they mean for the European project. Having an understanding of these dynamics is critical for any business and I was pleased to discuss them at EIF.” 

The key themes discussed were:

• The Low Yield World – how is the industry coping in the current low interest environment
• The Changing Tax Landscape – how will BEPS, CCCTB, future UK Tax strategy and potential US tax reforms impact on the industry
• Brexit impacts for Irish and the global industry
• Technology – the trends, the hype and the cultural lag

The future of re/insurance in the context of evolving regulation and technological change was also debated as part of a strong line up of speakers and panellists including: Paul Mason; Gerry Cross, Director of Policy and Risk, Central Bank of Ireland; Helena Walsh, Executive Director, Cicero Group; Alpesh Doshi, Founder, Fintricity and Frank Mee, President, Insurance Ireland. 

Ends

Notes for Editors:

• Total insurance industry employment in Ireland is over 28,000 both directly and indirectly
• Gross premium income for Insurance Ireland members was €51 billion in 2015
• The industry in Ireland holds €200 billion in assets under management with €35 billion invested in Irish infrastructure and Government debt
• The insurance industry pays €1.6 billion in tax and one in four jobs in finance are in insurance

Media contact:
John Byrne
Insurance Ireland
Tel: (+353) 01 644 7781 / 087 938 3852

Nuala Buttner
Q4 Public Relations
Tel: 01 475 1444 / 085 174 4275
 

Article Published: 25/05/2017