Ed Sibley: Insurance Ireland - PwC CEO Survey Report Breakfast Briefing

Address by Mr Ed Sibley, Deputy Governor (Prudential Regulation) of the Central Bank of Ireland, at the Insurance Ireland - PwC CEO Survey Report Breakfast Briefing, Dublin, 27 September 2019.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Central bank speech  | 
30 September 2019

Good morning ladies and gentlemen. I am pleased to be here this morning, and would like to thank Insurance Ireland and PwC for inviting me to speak to you all today.

The Insurance Ireland / PwC CEO Survey, published today, contains some interesting insights, including the resilience of CEO optimism about the future, some of the challenges the industry faces and the potential disruption from innovation.  In my last speech on insurance, I focused primarily on the current functioning of the insurance market in Ireland, so today I will take my lead from the survey and focus my remarks on the future and on areas that I believe warrant your attention over the short and longer term.

Specifically, I will:

  • urge you to continue to prepare for the plausible scenario of UK leaving the European Union without a deal;
  • highlight that the insurance industry is arguably the most exposed financial services sector to the risks, challenges and opportunities of innovation, climate change and demographic developments, and needs to be taking action now to meet these challenges successfully;
  • update you on the Central Bank of Ireland's (the 'Central Bank') increased focus on recovery and resolution planning; and
  • outline the work that we are doing to drive the insurance industry to address its disappointing lack of progress in improving diversity at senior levels.