Insurers 'could move to the Republic after Brexit'
Thirty insurance companies have expressed interest in setting up in the Republic in recent months because of Brexit, Ireland's Central Bank said yesterday.
A day after AIG announced it was setting up an operation in Luxembourg, in a blow to Dublin's post-Brexit ambitions, the Republic's regulator said five companies had sought authorisation as insurance or reinsurance undertakings since November, and another five had signalled a firm intention to do so.
A further 20 insurance entities have contacted the Central Bank to discuss authorisation, Sylvia Cronin, director of insurance supervision, claimed.
"Unlike other financial sectors, insurance firms are not generally waiting for Article 50 to be triggered before implementing their strategies on location," Ms Cronin added at a an event organised by financial services firm KPMG.
AIG, which already has an office in Ireland but does not write business, said yesterday that from 2019 it was proposing to have two AIG subsidiary insurance companies in Europe.
One would be in the United Kingdom to write UK business and one in Luxembourg for European Economic Area and Swiss business.