Opening remarks
Distinguished Guests, Ladies and Gentlemen, good morning.
I’m delighted to join you for the opening of the 8th Annual Insurance Europe International Conference.
I want to extend a special welcome this morning to the many delegates who have travelled from overseas.
I want to thank Kevin Thompson and Insurance Ireland for inviting me to address you this morning. I think it is wholly fitting that Dublin was chosen for this year’s conference, given that Insurance Ireland is this year celebrating its 30th year.
Ireland’s economic recovery
As Ireland this year commemorates the centenary of the 1916 Rising - an important milestone in our development as a democratic and Independent Irish State - we are once again living through momentous times. I am here today as Taoiseach of Ireland’s new Partnership Government, which took office just a few short weeks ago. My focus in leading this Government will be on building a strong economy and a fair society for the benefit of all the Irish people.
Our job will be to continue the strong progress made in recent years in rebuilding Ireland's economy, restoring competitiveness and creating employment.
In 2015, Ireland was the fastest growing economy in Europe and both the European Commission and the OECD expect Ireland to remain the strongest performing economy again in 2016.
However, economic statistics are a cold comfort to those in Ireland and across Europe who have not seen any recovery in their own lives.
Our challenge is to ensure that recovery delivers real improvements in peoples’ lives. Here in Ireland we are seeing the recovery materialise in more jobs and more opportunities for our people.
As of yesterday, we have seen our unemployment rate fall to 7.9%, down from 15.1% at the height of our crisis.
Each new job created is another family looking forward to a brighter future, each new job created by a business is a sign of returning confidence and growth, and each new job created leads to more resources to fix the many challenges we face as a society.
For these reasons our commitment is to continue to focus on providing the best environment for business and job creation.
Our ambition is to help create 200,000 new jobs by 2020 and bring the unemployment rate down to under 6% in the coming years.
Insurance sector
And of course the Insurance sector makes a major contribution to Ireland’s economic growth and development.
Last year, the value of Ireland’s exports in insurance services was over €10 ½ billion.
And the insurance companies who invest in Ireland do so because of our distinctive strengths. As so many employers here today can attest – the Irish people – their talent, skills, attitude and adaptability – are second to none. We have a young, highly-educated, English-speaking, flexible workforce. We also have strong supports for research and innovation activities, a business-friendly environment and a highly-competitive and transparent corporate tax regime.
As home to many of the world’s leading insurers and reinsurers, Ireland has a long track record and deep knowledge of the insurance industry. Many leading companies are choosing Ireland as the location for research and innovation facilities, and for advanced operations in areas like Data Analytics, Governance, Risk and Compliance.
IFS2020
This progress hasn’t happened by chance. For thirty years, Ireland has targeted international financial services as a strategically-important sector.
Today, we have an ambitious five-year Government strategy in place to grow and develop the sector. This Strategy aims to position Ireland as a world-leading location for financial services companies.
A little over one year into this process, we are firmly on track. In 2015 alone, we achieved employment growth of 7.4 per cent in the sector. I want to acknowledge the positive contribution that industry representative groups – including Insurance Ireland – have made to delivering our Strategy.
I would like to take this opportunity to acknowledge the very useful engagement officials have had with the insurance industry throughout the transposition process for the Solvency II Directive, which came into effect on 1st January 2016.
This new framework should improve risk management, encourage the development of more sustainable business models and deliver more consistent supervisory approaches across Member States, with the key aim of increasing consumer protection.
Brexit
Before I finish I just want to touch on one topic that is high on our agenda and I’m sure it is something that your industry is watching
closely.
In just under a month the people of the United Kingdom will be going to the polls to decide on their future in the European Union.
Engagement in this debate is a priority for the Irish Government for four good reasons:
First, for the sake of the EU itself. The EU needs renewal and we need a strong UK on board to help the Union become strong again through new reforms to deliver new jobs and opportunity for our people.
Second, for the sake of Northern Ireland. Joint EU membership will help Northern Ireland transition to its full economic and social potential.
Third, to ensure that the strong bonds between Britain and Ireland are preserved. This includes the Common Travel Area which has existed since the foundation of the State and allows us to travel easily across these islands.
Fourth, for the sake of sustaining our mutual economic growth. We trade around €1.2 billion euro of goods and services every week between our two countries.
While this is clearly a matter for the British people themselves to decide, it is of profound importance to the EU and to Ireland.
In the run-up to the referendum, I believe that it is important that the Irish position is understood.
I intend to make a number of visits to Britain and Northern Ireland over the course of the next month.
I will also be asking a number of Ministers to visit Britain during this time to reach out to Irish citizens living there; to engage with friends of Ireland and the wider business community who have an interest in British-Irish economic cooperation.
Because I strongly believe it is critically important that our voice is heard, as Britain’s closest neighbour and indeed friend, on this issue.
In outlining our position we do so as a close neighbour of the UK, an ally, a European partner and a co-guarantor of peace in Northern Ireland. And as a friend.
Conclusion
For now, I hope I have impressed on you that this Government is serious about promoting Ireland as a place you can believe in, the importance we place on our insurance industry, domestic and international, and the potential we see for further growth.
I wish you well for this conference, and for the remainder of your stay in Ireland.
Thank you.
ENDS