This write-up details exactly why Ireland has the advantage over off-shore models. Ireland is an outstanding place for locating an insurance business. From the beginning, the IFSC has positioned itself as a low tax, well regulated, onshore place for business. Regardless of the negative comments by a few inside the home-based and international media, international financial services operations that stake their reputations on the locations in which they pick to do business are being drawn to Ireland.
Winning this business in a cut-throat global market is really a tribute to those who, when the IFSC was being set up in the difficult times of the late nineteen eighties, eschewed the offshore regulatory model and opted instead to rely upon the EU regulating framework. It has proved to be vital to facilitate cross-border advertising of insurance and reinsurance goods from Ireland through the entire EU.
As discussed fairly recently, investment funds are moving to Ireland via offshore jurisdictions as higher financial regulations makes it much less attractive to market offshore investment products into the EU and OECD countries.
Insurance has constantly been a monetary service that has been operating out of locations that have strong regulation, financial stability and a sound reputation as central values. It is no coincidence that countries like Switzerland and Canada are home to some of the world’s largest insurance organizations.
By sustaining a well regulated insurance industry, the Irish authorities have made Ireland an ever more attractive location for pan-European insurance operations to be set up here. Not only does this lead to the maintenance and boost in employment with excellent quality jobs, it is also a vote of confidence in Ireland’s potential when organizations such as Aviva, AXA, RSA, Willis and Zurich grow their operations here.
The existence of powerful global brands operating successful companies is the very best advertisement for Ireland as a preferred area for internationally traded goods and services.
Author: Brian ByrneThis author has published 1 articles so far.