Sarah-Goddard-DIMA

At the 2015 European Insurance Forum (EIF), Dublin International Insurance and Management Association (DIMA) CEO Sarah Goddard speaks with WRIN.tv about the biggest issues facing the industry, the growth of the Irish insurance market and the 2015 European Insurance Forum.

With Solvency II implementation scheduled for 1 January 2016, Ms. Goddard says preparations are among the many hot topics at the EIF. However, she notes that “the world doesn’t stop because regulation is changing.” Other topics discussed at the 2015 EIF include wearable technologies and people living longer and they impact risk management and the insurance industry.

Commenting on recovery of the Irish economy, Ms. Goddard says there has been growth in the technology sector. Ms. Goddard is looking forward to “hearing from Minister (of State) Simon Harris on how the Irish government is going to support Ireland as the Center for Development of Financial Technology.” Ms. Goddard says there has also been a lot of new investment into Ireland from around the globe.

With the implementation of Solvency II, Ms. Goddard believes insurers and reinsurers are prepared. “We’ve been doing a lot of work with the Central Bank on aspects of the ORSA…We’ve done a lot of work on Pillar III Reporting…”. Ms. Goddard says in certain areas, Ireland is much ahead of the pack.” Ireland has the second most internal models authorized by the Central Bank, behind the UK.

According to Ms. Goddard, merger and acquisition activity around the world is having an impact on Ireland. Over the past year, many organizations have been setting up operations in Ireland, including eight new captives. Ireland is being recognized as a center of excellence in both the European and international community.

For more World Risk and Insurance News from the 2015 European Insurance Forum (EIF) Conference in Dublin, visit the dedicated EIF 2015 Channel in the WRIN.tv On Demand Library.

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