Most Irish insurance execs still upbeat on Brexit

Optimism not low despite big insurance players ditching the island for their new EU outposts

Most Irish insurance execs still upbeat on Brexit

Insurance News

By Louie Bacani

Most insurance executives in Ireland are still optimistic that their industry will benefit from the UK’s separation from the European Union, according to a survey conducted by PwC.

The firm polled attendees of a business breakfast that it recently hosted for the Irish insurance sector. Based on the findings, 58% of the respondents believe that Brexit presents more opportunities than challenges for their industry.

Nearly seven out of 10 Irish insurance executives said that Brexit has not yet affected the capital structure of their companies, the PwC survey revealed, as published by the Irish Independent.

Paraic Joyce, insurance partner at PwC Ireland, said there is “no doubt” that the Irish insurance sector faces challenges due to Brexit.

“However, this survey identifies that the majority believe Brexit will bring more opportunities than challenges,” the Irish Independent quoted Joyce as saying.

“We have a resilient insurance sector and Ireland needs to work hard to continue to promote the sector as a world-class centre of excellence in which to do business,” Joyce added.

Some big players in the insurance industry including Lloyd’s, AIG and RSA have chosen other EU states as the location of their post-Brexit hubs. However, there are still major insurers such as Admiral that remain interested in establishing a regional base in Dublin.

Related stories:
Admiral eyes Dublin for new EU base after Brexit
RSA drops Ireland for post-Brexit hub
Royal London announces plan to set up EU base outside the UK

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