Thursday 19 October 2017

Insurers say Irish regulation out of step

Insurance Ireland’s Kevin Thompson
Insurance Ireland’s Kevin Thompson
Colm Kelpie

Colm Kelpie

Almost three-quarters of insurers say the regulatory regime here is more demanding when compared with other territories or EU countries.

Just over a quarter of those with UK operations say their organisation is considering relocating some or all of their operations here post-Brexit, according to a survey by Insurance Ireland and consultants PwC.

It found the top challenges for the Irish insurance industry are over-regulation (70pc), cyber threats (66pc) and skills availability (53pc), although globally these challenges are of much greater concern. Over a quarter of Irish respondents to the survey said they had been a victim of a cyberattack over the last few years.

However, Insurance Ireland CEO Kevin Thompson said the data shows that Ireland is in the frame for Brexit-related investments.

"Insurance and reinsurance in Ireland have undergone significant changes in recent years but these findings show a sector keen to expand through investing in staff and new innovative capabilities to meet customer needs," Mr Thompson said.

"It is also clear that Ireland is in the frame for Brexit-related investments which can enable our continued growth as an international hub for insurance."

Dublin has secured a number of Brexit-related wins in the insurance sector in recent months, including Legal & General, XL Group and Beazley. However, the capital has lost out to Luxembourg, Brussels and Frankfurt after big-name insurers AIG, Lloyd's and Standard Chartered revealed their plans.

Irish Independent

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