The number of insurance and resinsurance businesses based in Ireland has fallen 39% since 2009, a new study has found.
Life companies have dropped by 42% over the period and non-life firms by 29%, while the volume of re-insurers has decreased by 47%.
These include growing pressure on EU cross-border business models, which was one of the main reasons behind some of the companies coming to this country in the 1990s and 2000s. Respondents to the Milliman survey said EU membership and market access, as well as the fiscal regime, the availability of skilled talent and the regulatory regime were all highly important factors behind their decisions to come to Ireland in the first place.
Ireland is now the fourth biggest hub for insurance in the EU and among the most important centres anywhere in the world.