EU and International Affairs
Ireland has established itself as a leading centre for insurance services in recent years and this has been driven by the ability to provide insurance products on a pan-European basis. The Irish-cross border sector now writes business into more than 110 countries with more than 25 million customers. The Irish insurance industry is therefore fundamental to the functioning of the economy as well as providing essential financial and economic services across Ireland, the European Union and globally.
Consequently, the European single market, allowing the provision of services across the EU, and its further global integration are key prerequisites for a continued success story of the Irish economy and insurance industry. We strongly believe that, Ireland and our insurance industry can be a key driver for a more integrated Europe in the near and medium-term future. A braver and stronger Irish voice is necessary, to ensure the EU continues to develop towards as an open and competition-oriented economy.
Therefore, there is a strategic rationale for the Irish insurance industry to enhance its position as a constructive stakeholder in European discussions on regulatory and other matters. Insurance Ireland opened an EU and international office 2018 in Brussels to enhance its support to its more than 130 members and to facilitate greater engagement with key stakeholders across Europe. The move reflects the importance of European regulation for all aspects of insurance in Ireland. More generally, it emphasises the Irish industry’s commitment to Europe at an important juncture.
In addition, we are closely working together with our sister associations and support the advocacy of Insurance Europe, the European association for national representative bodies, and the Global Federation of Insurance Associations (GFIA) at international level. Our commitment to GFIA allows us to engage at international level and create positive externalities of our expertise in the global insurance market.
To find out more about our work in Brussels check out our Insurance Ireland in Europe brochure.
Insurance Ireland - The Voice of Insurance
SEVEN KEY ASKS OF THE IRISH INSURANCE INDUSTRY IN EUROPE
Competition: Advocate in co-operation with like-minded member states to ensure that the characteristics of small, open and competition-driven economies are reflected in EU policy matters relating to insurance.
Consumer: Foster the commitment of EU institutions and member states to the fundamental freedoms, i.e. the freedom to provide services and the freedom of establishment, to allow for fair competition and consumer choice in the insurance market across the Union.
Regulatory supervision: Pursue the further integration of the EU insurance market based on common sound, sensible and proportionate standards under the co-operative supervision of national supervisory authorities and the co-ordination of EIOPA.
Simplification: Facilitate the economic and social role of insurers by reducing the complexity of the insurance supervisory regime ‘Solvency II’ and avoiding excessive capital requirements to enable insurers to contribute to a sustainable, innovative and digital EU.
Digital age: Support an innovative European economy and society by ensuring that the regulatory framework on prudential regulation, data protection and privacy and consumer protection are consistent and flexible to reflect the rapid innovation and changes in consumer habits and needs.
Sustainability: Ensure that the future regime towards a sustainable Europe allows for a sound integration of existing policies and avoid the discrimination of investment or insurance counterparts which cannot fulfil the information requirements necessary (i.e. SMEs).
Social: Enable insurers to contribute to a sustainable Irish and European framework encouraging personal pensions savings and avoiding old-age poverty and contributing to solutions to the demographic challenge.