On 4 April 2013, the Central Bank of Ireland (the Central Bank) published a paper titled 'Measuring the Value Added of the Financial Sector in Ireland'. This analysed the contribution of the financial sector in Ireland to Irish economic activity. Interestingly, the 'value added' of the insurance sector in 2011 was measured to be €2.3 billion, representing 1.5% of Gross Domestic Product and 15% of the value added of the financial sector generally. This represented a fall from the 2008 peak of €2.6 billion. The paper notes that, during 2010, there were just over 20,000 people employed by the insurance sector (of which 405 were employed in the reinsurance sector). The paper also highlights that the structure of insurance groups is changing as a result of regulatory developments; resulting in the use, more frequently, of a single insurer operating on a pan European basis via branches, rather than via multiple insurance subsidiaries.