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Advocacy and Policy Development

Behind nearly all legislation and regulation affecting and likely to affect insurers in the coming years is the effort to understand and respond to emerging trends that will fundamentally alter the relationship between industry innovators, policy-makers, legislators and consumers.

These trends are social, technological, economic, environmental and political. Social trends include the rise of social networks as a potential platform for increasing consumer power; technological developments include the rise of automation, new software and ‘apps’ that promise to transform not only the exchange of data but also the nature of consumer transactions that take place between individuals and insurance companies; economic developments include the major fiscal challenges created by an ageing population, the decline of a job-for-life and the chronic lack of savings by individuals for their future retirement and health needs; environmental challenges include the impact of extreme weather events and climate risk; and political challenges include the potential for governments to respond to anxiety about the future with damaging measures such as: inappropriate regulation, financial repression (using private sector saving to serve political objectives) and preventing promising new uses for technology that could allow for better data sharing and risk management.

Insurance Ireland is committed to an open dialogue between insurers, the technology industry, economists, consumers, NGOs, policy-makers, legislators and regulators so that the industry’s capacity to innovate and better serve social needs can be understood.

 

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