Over the past couple of years, insurers have grappled with multiple new regulatory guidance papers and requirements, all while recovering from the Covid-19 pandemic and abnormal macroeconomic conditions. 2023 saw several significant legislative developments at a European level with Solvency II reform, the Insurance Recovery and Resolution Directive, and the Artificial Intelligence Act all now having advanced through the trilogue process. This all comes against the backdrop of monumental advancements in the use of AI in the insurance value-chain while consumer preferences continue to evolve in respect of both digitalised services offerings and sustainable finance.
In response to the evolving environment, the CBI have been keenly focusing on governance and risk management practices during the second-half of 2023. Recent regulatory publications have provided further insights on reserving practices, ORSA best practice, reinsurance, product governance, and digitisation. Meanwhile, the first pillars of the Individual Accountability Framework have been implemented and taken effect, while SEAR regulations shall apply from July 2024.
Similar themes are being echoed from EIOPA with focus applied on value-for-money, third-country governance, sustainable finance, and prudential treatment of climate risks.
Despite the demands on multiple fronts, most Irish insurers have demonstrated that they continue to remain financially strong with the most recent publication of SFCR data showing that average SCR coverage ratios stood at 186 per cent at 2022 year-end. Challenges lie ahead however in ensuring business strategies remain competitive and efficient in increasingly demanding regulatory, macroeconomic, and technological landscapes. This will be a critical challenge for the industry in 2024, no doubt.
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The role reports to the President and provides executive, administrative, and development support. The Director of the Office of the President serves as the primary point of contact for internal and external stakeholders on all matters pertaining to the President, serves as a liaison to the Governing Body and senior leadership team when required, and oversees internal and external communications for...
The purpose of this role is to lead the strategy, operational planning and management of the Institutional Research & Data Analytics operations, activities, and staff. The Director will guide the overall vision of the function by implementing effective strategies for data management and data analytics to support the centralised collection, management, analysis, interpretation, and reporting of data....
The purpose of this role is to lead the strategy, operational planning and managing of the Human Resources operations, activities, programmes and staff, including the EDI and Transformation and Change functions.
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The requirements are set out in the Central Bank of Ireland’s Domestic Actuarial Regime, which became effective on 1st January 2016.
Independence and rigour that provides confidence and transparency for stakeholders and society.
Regulations requiring recovery plans for (Re)insurers were published in April 2021. Following a consultation period with industry, a deadline of 31st March 2022 has been set for preparation of plans.
Digitalisation has changed the world of customer service and customer engagement rapidly. Companies are facing several touchpoints and an increasing number of incoming messages and requests. Meanwhile, customers are expecting a 24/7 self-service.
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