European Insurance Forum focuses on Brexit, regulation and Ireland as a location for insurance business
Over 240 senior executives from the international insurance industry gathered in Croke Park at the European Insurance Forum (EIF), a leading conference for the re/insurance sectors, to hear from global industry leaders, regulators and political commentators on key topics affecting the sector such as Brexit, geopolitical risks and the low interest rate environment.
First hosted in 1999, this year’s event was under the umbrella of Insurance Ireland and is a major part of the efforts to promote Ireland as a location for insurance and reinsurance business.
Speaking at the conference, Insurance Ireland CEO Kevin Thompson said, “The conference theme is ‘Change the Game’ and this reflects an industry in a constant state of change as it responds to Brexit, increasing advances in technology and regulatory changes which are revolutionising the landscape of a sector which underpins the economic life of the country.”
“With one in four jobs in financial services in Ireland being in insurance, this event is also about getting out a positive message about Ireland’s benefits as a location for insurance investments post-Brexit. Brexit is both a major challenge and opportunity for the industry and Insurance Ireland is keen to promote Ireland’s strengths, including the deep pool of insurance talent. To grow the sector here, Insurance Ireland again called for regulatory ‘grandfathering’ of UK-based insures which would give them fast-track approval to locate in Ireland based on their good standing with the UK regulator, the Prudential Regulation Authority (PRA).”
Keynote speaker Paul Mason said “Insurance is a risk assessment business and increasingly we are seeing a change internationally from economic risk to political risk. In Europe alone, the stakes in each election are getting higher both for their domestic impacts and what they mean for the European project. Having an understanding of these dynamics is critical for any business and I was pleased to discuss them at EIF.”
The key themes discussed were:
The Low Yield World – how is the industry coping in the current low interest environment
The Changing Tax Landscape – how will BEPS, CCCTB, future UK Tax strategy and potential US tax reforms impact on the industry
Brexit impacts for Irish and the global industry
Technology – the trends, the hype and the cultural lag
The future of re/insurance in the context of evolving regulation and technological change was also debated as part of a strong line up of speakers and panellists including: Paul Mason; Gerry Cross, Director of Policy and Risk, Central Bank of Ireland; Helena Walsh, Executive Director, Cicero Group; Alpesh Doshi, Founder, Fintricity and Frank Mee, President, Insurance Ireland.