Consisting of a mix of domestic and international insurance companies, the Irish insurance industry is a vital sector of the country’s financial services industry, Although relatively small compared to larger European markets, it plays a crucial role in the Irish financial sector.

European Insurance Forum 2023

EY Financial Services Ireland were proud sponsors of the 2023 European Insurance Forum which took place on 12 October 2023 at The Printworks, Dublin Castle. The theme of this year’s event was “A New Era for Insurance” where industry stakeholders looked at the role of the insurance industry and regulation in Europe, particularly Solvency II and what is being done to restore trust in the sector.

The ‘Protection Gap’ – the difference between the amount of insurance coverage that is needed to adequately protect against a particular risk or set of risks and the actual insurance coverage in place -was a key discussion point at the event. Addressing the Protection Gap is a complex challenge for the insurance industry, governments, and policymakers. It involves promoting greater awareness of insurance needs, developing innovative insurance products, improving risk modelling and assessment, and implementing public policy measures to make insurance more accessible and affordable for those who need it.

By working government and regulators, Insurers can ensure that suitability and affordability is at the centre of policy decisions and implementation. Essentially, it’s designing product offerings that suit the market so that the industry is fit for purpose for the future consumer.

Amongst the industry experts speaking at the event were EY UK & Ireland Cyber Security Leader, Puneet Kukreja and EY EMEIA Financial Services Insurance Leader, Philip Vermeulen. Watch our short highlights reel below.

EY reflects on the recent Insurance Ireland/Milliman industry report

In this short video, James Maher, Insurance Sector Lead and Ed Sibley, Regulatory Lead discuss the recent Insurance Ireland Report entitled ‘Protecting Tomorrow’, which gives a detailed analysis of the Insurance industry in Ireland today.
James and Ed discuss the key issues, challenges and opportunities for the insurance industry in Ireland today, namely the Protection Gap, innovation in the industry and how regulation acts as both an enabler and a challenge for firms. They also look at the importance of data in ensuring companies stay ahead with regards to the regulatory agenda.

To read the full report:  Protecting tomorrow: the future of the Irish insurance industry (milliman.com)