The report covers industry developments for the past year and the role of Insurance Ireland, both domestically and internationally, in promoting the Irish insurance industry while dealing with issues that affect it, such as Insurance Ireland's role in promoting Ireland as a base for international insurance operations, particularly in light of Brexit. Insurance Ireland continued its strong lobbying activity both at home and abroad in relation to the Packaged Retail and Insurance-based Investment Products Regulations (PRIIPs), which influenced the decision by the European Commission in November 2016 to delay the implementation of PRIIPs until the 1 January 2018.
The report discusses a number of successful policy achievements for 2016. These include the Life Council's publication of "A Universal Pension for Ireland", a landmark report to inform pension policy and the Non-Life Council's policy response to the issue of the rising cost of motor insurance claims, which resulted in the Government's Cost of Insurance Working Group Report.
The report also provides information on the Insurance Ireland/DIMA merger, developments in the health and international insurance sector and how Insurance Ireland is working with the Central Bank on regulatory issues and dealing with the ongoing issue of insurance fraud in the industry.
The report is available here.