Welcome from CEO
A Message from Kevin Thompson, CEO, Insurance Ireland
CEO’s Review of 2016
2016 was a landmark year for Insurance Ireland marking our organisation’s 30th anniversary. During this time, the sector’s importance to the domestic economy has grown and Ireland has become an international hub for insurance and reinsurance. This was reflected in the hugely successful hosting of the three-day 8th International Insurance Europe Conference in May 2016 with over 650 guests from 50 countries attending.
We leveraged the occasion of the Insurance Europe Conference to launch the Ireland for Insurance brochure, published in association with IDA Ireland, which highlighted Ireland’s strengths and attractions for the international insurance industry. In addition to a full calendar of member focused events, 2016 saw increased industry advocacy across all classes of insurance on key policy areas such as universal pensions, motor insurance and health, to name but a few. For example, Insurance Ireland fully engaged in the public and policy debate on the rising cost of motor insurance to help implement effective policy responses. We also took the lead on the issue of universal pensions and produced a landmark report, A Universal Pension for Ireland.
There was also increased engagement with stakeholders, especially through our international partner organisations such as Insurance Europe, and this was reinforced following the merger with DIMA, the Dublin International Insurance and Management Association, to allow the industry to speak with one voice. The importance of strong industry representation is crucial in the post-Brexit environment to ensure the sector’s views are heard.
On the regulatory front, our interactions with the Central Bank of Ireland included discussions on the payment of commissions, Solvency II and the proposed funding levy, among many other issues. 2016 also saw a platform emerge for future industry representation and growth as Insurance Ireland has taken a leading role in the development of Insurance Technology or InsurTech, through academic and professional services partnerships.
Innovation will be central to the industry’s growth in future years and this will be supported by our series of strategic partnerships. The Insurance Ireland-PwC Knowledge Strategic Alliance Partnership focuses on evidence-based advocacy; our partnership with Accenture covers the area of innovation; the Conduct and the Customer Strategic Partnership with KPMG considers the potential outcomes of existing and proposed regulations on consumers and the industry; and our work with Deloitte has led to the development of the Market Intelligence Portal which was launched in 2015.
Another highlight was the announcement of the 2017 Year of Inclusion initiative which will focus on the industry’s current and future workforce and the need for the industry to embrace diversity and inclusion.
Further details on these and other areas are detailed in our 2016 Annual Report which can be accessed here: https://www.insuranceireland.eu/news-and-publications/publications/insurance-ireland-annual-report-2016