Where to locate you insurance business

This write-up details why Ireland has got the edge over off shore models. Ireland is an excellent place for locating an insurance enterprise. From the start, the IFSC has branded itself as being a very low tax, well regulated, onshore location. Regardless of the bad commentary by several within the home-based and international media, international monetary services businesses which will stake their reputations on the places in which they pick to do business are becoming attracted to Ireland.

Winning this business in a cut-throat global market is really a tribute to those that, when the IFSC was being established in the challenging times of the late nineteen eighties, eschewed the offshore regulatory model and opted instead to rely upon the EU regulatory framework. This has proved to be crucial to facilitate cross-border advertising of insurance and reinsurance goods from Ireland throughout the EU.

As layed out fairly recently, investment funds are migrating to Ireland from offshore jurisdictions as greater financial regulations makes it less appealing to market offshore investment items into the EU and OECD countries.

Insurance has always been a financial service that has been situated in locations that have powerful regulation, monetary stability along with a good reputation as core values. It is no coincidence that locations like Switzerland and Canada are home to a few of the world’s largest insurance organizations.

By maintaining a well regulated insurance sector, the Irish regulators have made Ireland an ever more appealing location for pan-European insurance businesses to be established here. Not only does this lead to the maintenance and increase in employment with great quality jobs, it’s also a vote of confidence in Ireland’s potential when companies like Aviva, AXA, RSA, Willis and Zurich grow their businesses here.

The existence of powerful global brands operating successful businesses is the greatest advertisement for Ireland as a preferred location for internationally traded services and goods.

McCann Fitzgerald Solicitors are expert advisers to insurance & reinsurance undertakings and other service providers in the Irish insurance industry