Insurance Ireland, the representative body for the Irish Insurance industry, has called for a dedicated Stakeholder Consultative Forum on Finance and Insurance to inform the Government’s approach to Britain’s negotiated exit from the European Union.
Insurance Ireland believed that Irish interests would be best served by Britain remaining in the EU, and in May the Taoiseach highlighted the importance of the insurance sector and Ireland’s trading relationship with the UK.
Insurance Ireland CEO Kevin Thompson stated “The process and outcome of the UK’s negotiated exit from the EU are of great importance to our sector and the 28,000 people employed directly and indirectly in insurance in Ireland. Our members stand ready to constructively assist the formation of a policy approach to the negotiations that ensures our interests are protected and advanced and we call on the Government to convene such a forum.
Ireland has become a major location for international insurance with ten of the top twenty largest insurance companies globally operating in Ireland serving the domestic and international markets. Currently, one in four jobs in finance in Ireland are in insurance, with a footprint right across the country. The Insurance Industry holds €200 billion in assets in Ireland of which €35 billion is invested in Irish infrastructure and government debt, generates €32bn in premium income (domestic and overseas) and employs more than 28,000 people.