Friday 15 November 2019

Insurance for Brexit: CEOs see UK units moving here

Insights: Insurance Ireland president Ann Kelleher at the launch of the report, which gauges CEO perspectives
Insights: Insurance Ireland president Ann Kelleher at the launch of the report, which gauges CEO perspectives

Shawn Pogatchnik

A THIRD of insurers in Ireland are mulling moving their UK units here post-Brexit, double the interest seen just a year ago.

A THIRD of insurers in Ireland are mulling moving their UK units here post-Brexit, double the interest seen just a year ago.

A survey of chief executives from 32 insurance firms with operations here found 35pc "are considering relocating some or all of their operations to Ireland post-Brexit".

A year ago, 17pc of CEOs were looking at relocating UK business here.

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The report, by PwC and Insurance Ireland, found CEOs viewed Ireland as an attractive EU destination for UK operations, but with downsides too. Ireland's regulatory framework was regarded as challenging by 56pc of respondents, down from 70pc a year ago.

Difficulties faced by executives in finding suitable residential and office accommodation, school places for children, and other infrastructural pressures such as transport, were cited by 38pc of CEOs as disincentives to moving here - almost three times more than worried about the same issues last year.

"Addressing Ireland's competitiveness should be the top Government priority," said Insurance Ireland president Ann Kelleher, the chief executive of Ark Life Assurance.

Irish Independent

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