IRISH INSURANCE FEDERATION ANNUAL REPORT 2006
Irish Insurance Federation (IIF) Insurance House, 39 Molesworth Street, Dublin 2 t +353 (1) 676 1820 IRISH INSURANCE FEDERATION +353 (1) 676 1914 (Insurance Information Service) ANNUAL REPORT 2006 1890 333 333 (Insurance Confidential LoCall) f +353 (1) 676 1943 e [email protected] w www.iif.ie 1
Contents
Section A
01 Contents
02 About the IIF
04 Officers and Management
05 Board and Management Committees
07 President’s Statement
11 Chief Executive’s Report
16 Life Assurance Issues
20 Non-Life Insurance Issues
24 EU and International Review
Section B
27 Directory of Members january february march april may june july august september october november december 2
About the IIF
The Irish Insurance Federation (IIF) was founded in 1986, and is the representative body for insurance companies in Ireland. The IIF has 62 member companies, which employ over 15,000 people. This includes insurers serving both the domestic market and writing business in overseas markets from a base in Ireland. Collectively, IIF members write over 95% of all life and non-life insurance business in Ireland.
As the voice of insurance companies in Ireland, IIF’s key functions include:
• Representing its members’ interests to Government, state agencies, regulatory bodies; public representatives; other national interest groups, the media and the general public;
• Representing the position of members at a European level, particularly via Comite Europeen des Assurances, the Euorpean association for national insurance company representative bodies;
• Keeping members abreast of relevant policy and regulatory developments and providing a forum for member debate on such issues;
• Providing information to Government, the wider policy-making community and the public about insurance. security 4
Officers & Management
President Tom Barry Life Assurance Manager Jennifer Hoban Vice-President Corporate Affairs Manager John O’Neill Niall Doyle Public Affairs Manager Carmel Mulroy Chief Executive Research and Technical Resources Manager Michael Kemp Ajay Pathak Regulation & Planning Manager Paul MacDonnell Non-Life Insurance Manager Michael Horan
* Not Pictured — Paddy Byrne, Vice-President 5
Board & Management Committees
Board ‘05/06
Tom Barry President Canada Life John O’Neill Vice-President Axa Ireland Paddy Byrne Vice-President Acorn Life Brendan Murphy Allianz Ireland Rachel Panagiodis Hansard Europe Bryan Jenkins Hibernian Group Kevin Murphy Irish Life Paul Donaldson Royal & SunAlliance Maurice O’Connell External Board Member
Life Management Committee ‘05/06
Tom Barry Chair Canada Life Brian Woods Ark Life Jonathan Goold Acorn Life Brian Forrester Bank of Ireland Life/New Ireland Assurance Tony O’Riordan Hibernian Life & Pensions Dervla Tomlin Irish Life & Permanent Patricia Hyland Royal Liver
Non-Life Management Committee ‘05/06
John O’Neill Chair Axa Ireland Brendan Murphy Allianz Ireland Adrienne O’Sullivan DAS Group Robert Rheel Eagle Star Insurance Dick O’Driscoll Hibernian General Insurance Paul Donaldson Royal &SunAlliance As at 31.12.2005 6
Board & Management Committees
In addition to the Board and the Life and Non-Life Management Committees, a wide range of other committees and working groups meet throughout the year, dealing with specialist areas.
Board Sub Committees
Codes and Standards, Risk Improvement and Cost Reduction Distribution and Intermediary Relations EU and International Affairs Political, Media and Communications Regulatory, Legislative and Fiscal
Life Committees & Working Groups
International Life Assurance Committee Pensions Committee Tax, Actuarial and Finance Committee Underwriting and Claims Committee
Non-Life Committees & Working Groups
Anti-Fraud Working Group Claims and Legal Committee Commercial Insurances Committee Personal Insurances Committee 7
President’s Statement
Tom Barry
The IIF’s mandate — to influence the increases pressure on individual Regulatory Issues domestic and international regulatory operators and margins. For the second As mentioned, the Financial and other environments in which its successive year domestic non-life Regulator (FR), rebranded as such members operate, in order to advance premium volume fell as we continue in 2005, has now settled into its role the interests of the insurance industry to see significant rate reductions in well. The annual publication of a and its customers — continued to most classes of non-life insurance strategic plan outlining the Regulator's govern our activities in 2005. In line in the domestic market, particularly objectives is of great assistance to the with our three-year Strategic and in motor and liability. The life and IIF and other representative bodies in annual Operational Plans, we focused pensions market built on 2004’s mapping out our own agenda and is a on clearly presenting the industry’s progress with increases in both key document in defining the regulatory views to the Financial Regulator, regular premium (+14.1%) and single and consultative landscape each year. explaining the industry and its policy premium (+36.9%) sales although positions to the media and general margins continue to be under In its initial phase of operation the public, and seeking to influence pressure. Domestic Annual Premium Regulator necessarily issued a large Government policy to improve the Equivalent (APE) new business number of consultation papers, but operating environment for insurers reached €1.401 billion, up 21% this created difficulties for IIF and and consumers. on 2004. other representative bodies as it required considerable effort to 2005 proved to be another good Industry premium volume, formulate and submit views on a wide year for our non-life members, as combining life & non-life sales — was number of topics in rapid succession operating conditions were improved up 16% to €9.76 billion in 2005. The and within tight deadlines. There is by the continuing impact of the other sections of this Annual Report also a consequent danger, with so Government's insurance reform include significant further detail on all many consultation exercises coming package and the effectiveness of of the IIF’s activities in 2005 covering to fruition in rapid succession, that a industry-sponsored safety and regulatory, political, public relations large number of regulatory changes anti-fraud campaigns. The other side and technical work on both domestic could be introduced in a short period. of the continuing benign operating and EU/international issues. In the We have emphasised the need to environment is of course increased rest of this section, I want to highlight the Regulator to avoid any such competition and capacity, which a few of the key issues which we “implementation overload,” and this enhances consumer choice, but dealt with in 2005. point has been acknowledged. 8
We have also been successful transparency and intermediary The IIF has continued to highlight in achieving an understanding with remuneration, finalisation of this issue in 2005 and will continue the Regulator that it is preferable to the competency regime and the to stress the need to address the consult with the industry on technical introduction of quarterly reporting pensions gap in the coming year, issues before publishing public by insurance companies. when we hope to commission consultation papers on insurance additional research to assist in the topics and before implementing The initial three-year agreement hunt for affordable and politically regulatory changes following on funding the cost of the Financial acceptable solutions. The significant consultation exercises. The Regulator Regulator (whereby Government issue of whether to introduce has also committed itself to carrying contributes 50% of the cost and the mandatory pension funding on some out Regulatory Impact Analyses (RIAs) other 50% is derived from fees paid basis has been considered but not on any changes in regulation. This by regulated firms) expires at the end settled in the recommendations of the mirrors the Government’s introduction of 2006, and it will be a priority for National Pensions Review and is likely of RIAs for all Departments of State the coming year to engage in dialogue to continue to be a major focus of the in evaluating proposed legislation with the Department of Finance and debate. and considering the implementation the Regulator itself on ensuring cost of EU directives. During 2005, the efficiencies are achieved. IIF has pressed for incentives to FR carried out a partial RIA on its encourage the transfer of maturing proposed Consumer Protection Code Pensions and Savings SSIA funds into retirement savings of Practice and the IIF contributed an In 2004 the IIF was instrumental products, and some movement was assessment of insurance industry in raising public and political evident from the Department of compliance costs. We do not believe consciousness of the pensions gap Finance in the 2006 Budget and that this RIA exercise was satisfactory problem by highlighting through Finance Act which provide limited insofar as it lacked rigour in quantifying research and public events that there incentives for lower rate taxpayers, the benefits of the proposed regulatory is an under-provision of €6 billion though with significant conditions changes, but it was a useful first step per year in funding for retirement and limits. This is however a move in building an RIA model — a difficult income in Ireland. Significant media in the right direction and indicates task in itself — and we hope that the and political attention was devoted to a willingness on the part of the process will be refined and improved this topic in 2005, and the National Department to consider new solutions significantly in 2006 and beyond. Pensions Review, which was to further incentivise pensions advanced by one year at the request savings. It is important that this Notwithstanding continued dialogue of the Minister for Social and momentum is built on in 2006 in between the FR and representative Family Affairs, was completed determining long-term policy on associations on important matters late in the year and its report and issues such as mandatory pension such as the Consumer Protection recommendations published early savings and on the findings and Code of Practice, the administrative in 2006. However, none of the hard recommendations of the National sanctions regime, the format and policy decisions necessary to address Pensions Review itself. scope of directors’ compliance this growing problem have yet been statements, requirements for testing taken. The pensions gap continues the fitness and probity of directors to grow and, whilst the long-term and senior staff of financial firms, demographic, social and economic and mandatory competency standards consequences are beyond normal for certain employees, very few political horizons, it remains an decisions were taken in 2005 on unalterable fact that, if appropriate specific regulatory changes following responses to this increasing threat on from these consultation exercises. to Ireland’s social and economic The Consumer Protection Code is well-being are not put in place soon, scheduled to be phased in from 1st it will be impossible to avoid serious July 2006, and the Regulator’s 2006 negative long-term consequences Strategic Plan calls for significant for both the individual and the State. progress in a number of other important areas, including policy decisions on rules relating to 9
The Non-Life Business Cycle and adjudication of legal costs following Conclusion Insurance Reforms conclusion of the enquiry set up by I have enjoyed my year as In the past the highs and lows the Minister for Justice in late 2004. President of the Federation and I of the non-life insurance cycle in thank my fellow members for the the domestic market have been It is also important that continuing confidence they have placed in me (in)famously extreme. The long-term and increased efforts are put into and the support they have given me. effects of the Government’s insurance road and workplace safety, particularly I would like particularly to thank my reform programme — in particular in the area of law enforcement. The Vice-Presidents, John O’Neill and the introduction of the Personal establishment of the Road Safety Paddy Byrne, the members of the Injuries Assessment Board process Authority and the Government’s IIF Board and the Life and Non-Life and its associated Book of Quantum commitment — after considerable Management Committees in addition of Damages for personal injury delay — to additional roll-out of the to all the members of other Committees compensation and anti-fraud reforms penalty points systems, introduction and Working Groups who have devoted of the Civil Liability and Courts Act of random breath testing, and more their time and expertise to industry 2004 — have yet to be fully assessed. effective speed law enforcement matters in 2005. I would also like to However, there is hope that we will through use of external contractors thank the Chief Executive and staff see greater consistency in the claims are welcome indicators of a new of the Federation for their excellent environment in the future leading commitment in Government to support. to lesser extremes in the cycle address the road safety agenda. although with average claim amounts Tom Barry continuing to be above European As we have said on many President norms. occasions in the past, the State should see both road and workplace Rates are currently at rock bottom safety as investments in the human on foot of significantly improved and economic potential of the country claims experience. However, as and not as financial drains on the current pricing decisions are not Exchequer. All research indicates based merely on historical information that, in pure economic terms, even but on future expectations, it will be very high levels of investment in difficult to maintain existing low rates safety generate a significant positive in the medium term, particularly given cost/benefit balance. In insurance negative developments in road crash terms — again reiterating a message and casualty frequency which impacts we have stated on numerous directly on motor insurance claims previous occasions — there is a direct frequency. correlation between premium levels and the claims environment. Motor However, a long-term improvement and liability insurance prices will only in the consistency of the operating remain consistently low in the medium environment would help to attract to long-term if claims frequency and additional underwriting capital from cost are kept under control. existing and new players and thus increase consumer choice. Whilst the best estimate of the effect of the reforms to date is that they have been positive, it is important to generate and maintain the political will to see through the bedding-in of the reforms and to implement a number of outstanding recommendations of the Motor Insurance Advisory Board Report of 2002. We would in particular like to see early action on reforms to the system of assessment and 10
may
Pictured are Charlie McCreevy, European Commissioner for Internal Market and Services with IIF President, Tom Barry.
may
Pictured are IIF President, Tom Barry; Financial Services Ombudsman, Joe Meade; and IIF’s outgoing President, Paul Donaldson at the AGM and Annual lunch. 11
Chief Executive’s Report
Michael Kemp
In the past year IIF continued to of topics and issued regular press In my report I wish to concentrate concentrate on: releases covering topical issues. on key topics of common interest to all members, life and non-life, Regulation Campaigns in particular our regulatory, policy Our primary interaction is with the We continued our very successful advocacy and media activities. Financial Regulator (FR) on consumer anti-fraud campaign in 2005. We also protection and prudential supervision continued our support for the road Regulation, Legislation & Policy issues, covering both international safety campaigns of the National Formation and domestic insurance topics and Safety Council; and the promotion of Financial Regulator broader financial services regulation occupational safety & health through We maintained both high level issues. We also represent the our membership of the Workplace liaison with the Financial Regulator industry on market issues in dealings Safety Initiative (WSI) and our and regular operational review with The Competition Authority, support of the National Irish Safety meetings with supervisory and the Pensions Board, the Financial Organisation (NISO); consumer protection personnel in Services Ombudsman and other the FR during 2005, in addition to State agencies; International regular contacts on specific issues. In addition to providing support Government Policy & Legislation and assistance to members on access The main consultations to which The IIF engages with Ministers, to, and conditions in, other markets IIF responded were: Departments of State, opposition through our network of international and backbench TDs and Senators contacts, we represent the Irish Consumer Protection Code of and Oireachtas Committees on a market’s EU and international interests Practice range of policy and legislative issues; through membership of the European After an extended period of detailed Insurance Committee (CEA) and wider contacts and consultation with Media Relations international contacts. consumer and financial services Our mission is to explain the industry interests, including IIF, insurance industry and its views to There are detailed reports on the Financial regulator published the broadcast and print media and our life and pensions, non-life and its revised draft Code of Practice their audiences. In 2005 we dealt with international/EU activities in the in December 2005. The majority of over 500 media enquires on a range relevant sections of this report. points of concern to IIF members 12
were successfully resolved by the Directors’ Compliance Statements The IIF’s 2006 Pre-Budget Submission consultation process and we believe In April 2005, the Minister for proposed: that the Code will stand as an Commerce and Trade referred the • Incentives to encourage further equitable, balanced and up-to-date requirement — introduced by the development of the Irish savings statement of consumer rights in the Companies (Auditing and Accounting) culture with the objective of financial services sector. Existing Act 2003 — for company directors to closing the €6 billion p.a. savings/ rules which are retained in the new produce annual compliance statements pensions gap; Code will continue to apply; new to the Company Law Reform Group. general principles in the Code will be The Group recommended significant • Financial incentives for SSIA introduced on 1st July 2006, with new changes to the proposed regime for account holders to encourage them detailed rules to be implemented on a implementing the 2003 Act’s to reinvest some or all of their staggered basis. requirements. IIF also had discussions maturity proceeds in retirement with the Financial Regulator about savings; Competency Testing the interaction of these requirements Following the initial consultation with other compliance certificates • The allocation of resources to in 2004, and further contacts during stemming from recent financial improve road safety; and 2005, the Regulator published a services legislation and the existing further Consultation Paper on its prudential regulation regime. • The abolition of the 2% stamp duty proposed competency requirements Departments of State on non-life insurance premiums. for employees of financial services providers and intermediaries. The We had dealings with a number Financial Services Ombudsman requirements are set to apply from of Departments of State in 2005, The new Financial Services 1st January 2007. principally the Departments of Ombudsman scheme took over Finance (financial services regulation, the functions of the Insurance Administrative Sanctions implementation of EU Financial Ombudsman of Ireland in April A consultation paper on the services Directives, taxation and 2005. Advance funding, pending the proposed administrative sanctions Budget issues etc.), Social & Family collection of levies from member regime was issued at the end of Affairs (national pensions policy), firms, was provided by the IIF and 2004. The Regulator’s response to the Transport (motor insurance and road the Irish Bankers Federation, and consultation was issued in October safety issues), Justice (legal reforms, subsequently set off against levies 2005, together with an outline of the taxation of legal costs, EU on regulated firms. This stopgap procedures and guidelines to apply. Directives...), and Enterprise, Trade & arrangement was made necessary by Employment (occupational safety & the Department of Finance’s decision Remuneration and Transparency health, draft EU Services Directive). to hand over responsibility for the The Regulator issued a consultation new service to the FSO Council at a document on Remuneration and In particular, we continued to very early stage before arrangements Transparency at the beginning of press the Department of Finance had been made for its independent 2005. It appears that no decisions for amending regulations on financing. on any regulatory changes are to be implementation of the EU Insurance taken until the latter part of 2006. Mediation Directive. Whilst the The Insurance Ombudsman of competency issues are being Ireland scheme was wound up Quarterly Reporting addressed through the Regulator’s following a smooth transition of The Regulator issued a consultation continuing consultation exercise on jurisdiction to the FS Ombudsman. document on Quarterly Reporting of minimum competency standards for The new FS Ombudsman,Joe Meade, supervisory statistical and other data both intermediary and company addressed the IIF Annual Lunch in September 2005. staff, there remain a number of in May 2005 and IIF subsequently unsatisfactory features in the original met the Ombudsman to discuss regulations brought forward by the administration arrangements and Department to implement the transitional and jurisdictional issues. Directive, and we await further IIF’s representation on the FSO amending regulations. Council has recently changed and we are now represented by Frank Wynn (Irish Life). 13
Revenue Commissioners Financial Services Inter-Association Public Relations Activities We had dealings with the Revenue Network Our Board Subcommittee on Commissioners on a number of issues The IIF continues to represent Political, Media & Communications during 2005, most particularly in members’ interests through issues met regularly in 2005. The relation to their continuing investigation co-operation and joint action with Subcommittee oversaw the IIF’s into the source of funds used to other representative associations interaction with the political and purchase single premium investment where possible. In addition to ad hoc media worlds, and guided our policies over a number of years. bi-lateral co-operation with bodies publishing, events and campaign The IIF acted as a conduit for such as the broker representative activities during the year. communications between the market associations, Financial Services and Revenue and as a facilitator for Ireland (FSI) and the Irish Bankers’ In particular, we covered: industry in negotiating the terms for Federation (IBF), we participate in the • Implementation of communications access to records for the purposes of Financial Services “Inter-Association strategies on life and non-life the sample exercises mandated by the Network” a loose alliance of a dozen market statistics, rates and 2004? Finance Act to enable Revenue or so representative bodies which operating conditions; to focus its investigation. acts as a useful forum for discussions on “horizontal” issues of concern to • Supervision of the IIF’s anti-fraud Department of An Taoiseach the entire financial services market awareness campaign and operation Insurance Working Group e.g. the Department of Finance’s of the “Insurance Confidential” IIF continues to be represented continuing project on consolidation hotline; on the Insurance Working Group and simplification of financial services convened by the Department of legislation, Financial Regulator • Strategies for generating further An Taoiseach within the overarching proposals of broad application public and media debate about the structure of the Clearing House (administrative sanctions, directors’ pensions gap, and the development Group. This is a useful forum for compliance requirements etc), and of policy responses by the industry; exchange of views on international for discussion of — in some cases insurance issues between Government co-ordination of response to — issues • Media and political opportunities representatives, regulators, raised at the Regulator’s Industry to raise awareness of the insurance professional advisers and the industry, Consultative Panel. and broader environmental and as well as involving the IDA and economic consequences of climate others responsible for promoting Publications change, particularly the risk of Ireland as a base for international IIF publications during 2005 included: increased incidence and cost of financial services activities. • The Annual Report (published in flooding. May, to coincide with the AGM In 2005, in addition to looking after and Annual Lunch); Information Service the market’s interest in the promotion For the second year running, the and development of international • The Factfile (August); IIF’s free public Insurance Information insurance activities, the Insurance Service (IIS) recorded a decrease Working Group was instrumental in • Insurance Update newsletter in the total number of queries and contributing to the Irish position on (3 editions); complaints handled. 10,662 people negotiation of the EU Reinsurance contacted the IIS in 2005, of which: Directive, and addressing concerns • Insurance Watch — members’ about potential over-regulation and e-zine (5 editions); • 9,657 had insurance queries (down issues arising from changes in the 11.7%); and Regulator’s authorisation and • Papers delivered at our seminars supervisory processes. on Climate Change and Flooding • 1,005 registered complaints (down (October) and Solvency II 18.5%). (November). 14
As in previous years, the majority of the complaints related to non-life insurance issues, with life and pensions related complaints accounting for only 10% of the total number.
In addition to direct contacts by consumers, the IIS continued to receive a significant number of enquiries/referrals from other sources, including the Office of the Director of Consumer Affairs, Government Departments, Citizens’ Advice Bureaux, the offices of the Insurance Ombudsman and latterly the Financial Services Ombudsman, the Consumers’ Association of Ireland, march the Garda Siochana, solicitors, the Financial Regulator and the Pensions One of the posters from IIF’s successful anti-fraud campaign Board.
The Insurance Confidential hotline, established in February 2003 for members of the public to report suspected insurance fraud, continued to receive a considerable number of calls (640 new cases in 2005). In 2005 outstanding sections of the Civil Liability and Courts Act 2004 were commenced, firming up the guidelines for claims procedures and bolstering the anti-fraud provisions introduced in 2004.
Michael Kemp Chief Executive nurture 16
Life Assurance Issues
Tom Barry & Jennifer Hoban
IIF was active on a range of issues and implementation of regulations can be distinguished from other of relevance to the life and pension issued under the Social Welfare investigations in that insurers have members throughout 2005. The and Pensions Act 2005 (relating paid all tax due. following report summaries some to investment, disclosure and new of the key issues and activities. requirements for scheme trustees Section 42 Finance Act 2005 to be appropriately qualified). IIF also The gross roll-up tax regime for Pensions responded to the Pensions Board’s life assurance policies, which was The IIF has helped raise the national Review of the Funding Standard for introduced in 2001, provides that a pensions debate to a new level in defined benefit schemes. policy incurs an exit tax (at the 2005 and the topic is now gaining standard rate of tax plus 3%) on the wide coverage it merits. The current Pensions Board came certain chargeable events e.g. to an end in December 2005 and encashment, maturity or assignment. In February 2005, Minister Brennan Ciaran Long (Irish Life) stepped down Section 42 of the Finance Act 2005 announced that he was bringing as IIF representative after many provided for an additional charge forward completion of the review of years. Our nominee Dervla Tomlin to the exit tax to arise on the 7th the current strategy required under (Irish Life) was appointed by the anniversary of a life assurance policy the Pensions Act from September Minister as the IIF representative to and at 7-yearly intervals thereafter. 2006 to June 2005. IIF made a the new Board. submission to the Review and The provision was subject to a participated in the discussions Revenue Investigation Commencement Order to allow time through its representative on the Toward the end of 2004, Revenue for further discussions and during Pensions Board. The National announced its intention to carry out the year IIF made a number of Pensions Review was published an investigation into the source of submissions querying the need for the in January 2006. funds of holders of single premium new charge to tax, seeking to restrict insurance policies. IIF representatives the impact of the changes and arguing IIF made a submission on the held a number of meetings with against the retrospective nature of the implementation of the new EU Revenue to discuss the proposed changes (which would potentially Pensions Directive in 2004 and scope of the investigation and impact on policies taken out since during 2005 was in contact with the practical considerations. IIF has 2001). IIF also sought a level playing Pensions Board about the content highlighted that the investigation field for competing investments 17
available from domestic and overseas non-genetic laboratory tests or providers. investigations, treatment and family history (although access to family Some of IIF’s concerns were history information could also become addressed in the Finance Act which regulated by the legislation at some provides for longer deemed disposal point in the future). Previously the periods and extends the regime to area of genetic tests was governed by domestic unit trusts and overseas an IIF Code of Practice — this Code life policies. However IIF is still in ceased to have effect when the discussions with the Department of legislation came into force. Finance about the practicalities of some aspects of the proposed regime Money Laundering (which will impact on policies from During the year, IIF continued to 2009). participate in the Government Money Laundering Steering Group chaired Endowment Mortgages by the Department of Finance. Towards the end of 2005, the Financial Regulator requested a At the request of the Financial meeting with IIF to discuss endowment Regulator, representatives of IIF mortgages. The Regulator stated member companies met with the that it would like to see some inspection team of the Financial standardisation of the information Action Task Force who visited Ireland received by endowment mortgage mid-year to carry out a review of policyholders and an increase in anti-money laundering legislation the frequency of communications and procedures. to annually. In response, IIF Life Members agreed that all companies Special Savings Incentive Accounts would undertake to issue annual During the year, IIF facilitated communications to policyholders with further discussions between Revenue effect from 1st April 2006 and IIF and representatives of life assurance proposals on increased information SSIA Qualified Fund Managers to are close to finalisation. discuss various administration issues including the procedures to apply to Disability Act 2005 maturities in 2006/2007. More recently, A revised Disability Bill was following the publication of the 2006 published towards the end of 2004 Finance Bill, IIF and Revenue have and became law in mid-2005. Under met to discuss practical issues the provisions of Part 4 of the Act arising from the incentive scheme (which came into effect on 31st to encourage holders of SSIAs to December 2005) an insurer cannot reinvest the proceeds in approved request, take into account or process pension products. the results of genetic tests. This applies to both positive and negative Financial Planning Diploma Board tests and is an exception to the In 2005, IIF life members continued normal duty of full disclosure of their financial support of the Financial material facts which applies to Planning Diploma Board. The 2005 insurance applications. grant amounted to €116,665.
However this exception does Tom Barry not change the legal obligation of Chair, Life Management Committee applicants for life assurance to provide the insurer with full details Jennifer Hoban of any symptoms experienced, Life Assurance Manager 18
november
Pictured are IIF’s Corporate Affairs Manager, Niall Doyle with IIF President Tom Barry delivering the pre-budget submission to the Department of Finance. protection 20
Non-Life Insurance Issues
John O’Neill & Michael Horan
Continued improvement in the context, the primary target of the from the obvious need to reduce the underlying claims environment led Government’s Road Safety Strategy human cost of road crashes, it is vital to further reductions in premiums 2004-2006 was to reduce fatalities that claims frequency and costs are across all classes of business in to no more than 300 by 2006. kept under control to enable the 2005. The ongoing effects of current historically low motor Government initiatives such as the On a more positive note, after premiums to move upwards simply in PIAB and the Civil Liability and Courts intensive IIF lobbying, it is expected line with overall inflation rates. If the Act undoubtedly contributed to this, that long-awaited legislation to allow number of motor crashes continues as did IIF’s anti-fraud campaigns. the outsourcing of the operation of to increase and the cost of settling However, our poor road safety record automated speed cameras and to ensuing claims also increases then in Ireland remains a serious concern provide for random breath testing will inevitably premiums charged for this and has the potential to cause motor be enacted in 2006. Both of these class of business will rise. claims costs and premiums to rise. measures will assist law enforcement efforts by greatly increasing the Workplace Safety Road Safety number of speed checks and breath IIF continued to work with IBEC, IIF have been a major commercial tests it is possible to carry out, thus ICTU, the CIF and others on the sponsor of the National Safety deterring those who speed and development of the Workplace Safety Council’s road safety advertising and drink-drive. Initiative, the purpose of which is, educational initiatives for many years. inter alia, to identify ways of reducing However, despite the best efforts of While it is fair to say that there accidents and to improve management the National Safety Council, the was a loss of momentum in the of the outcome of accidents by, for serious problems of speeding and Government’s road safety efforts example, encouraging rehabilitation drink-driving persist. This is because in 2005, IIF are hopeful that the and resolving problems in a non- education has not been complemented above-mentioned legislation, the adversarial way. IIF also worked by adequate enforcement of the law. computerisation of the penalty points closely with the National Irish Safety Consequently offenders continue to system, the new Garda Traffic Corps Organisation (NISO) during the year. believe they will not be caught. This and the new Road Safety Authority destructive mindset resulted in 399 will all assist in improving our road fatalities on our roads in 2005, up safety record. Increased enforcement from 374 in 2004. To put this in of the law is essential. Quite apart 21
Insurance Confidential Hotline Personal Injuries Assessment Board Oireachtas Joint Committee Report IIF ran a public awareness (PIAB) The Oireachtas Joint Committee campaign during the year to publicise The PIAB bedded down in 2005 on Enterprise and Small Business our lo-call hotline, Insurance following its launch in mid-2004. conducted further oral hearings in Confidential 1890 333 333. Since IIF fully support the PIAB and it is 2005 and published its Third Interim IIF launched its original campaign in pleasing to say that early experience Report on Reforms to the Irish February 2003 approximately 2750 has been encouraging. As a State Insurance Market, in early January cases of suspected fraud have been Agency charged with providing 2006. The report was timely in that it reported. These break down as independent assessment of highlighted many of the failings which follows: compensation the PIAB has reduced exist in the implementation of the the cost of delivering compensation road safety agenda. The report also • 67% motor; (i.e. legal and other costs) and the acknowledged that premiums have • 22% employer’s and public liability; amount of time it takes to finalise a fallen dramatically for both business • 8% property; claim. However, the PIAB is still in its and private consumers in recent years. • 3% other. infancy and it is therefore too soon to judge what the long-term effects of Legal Costs Working Group IIF will run more advertising the PIAB will be. IIF made a submission to the Legal campaigns in 2006 to heighten public Costs Working Group appointed by the awareness that false or exaggerated Competition Authority Report Minister for Justice, Equality and Law claims directly impact on the cost The Competition Authority Reform to examine the present level of insurance. As before, our message published its report Competition Issues of legal fees and costs arising in civil will be that people who make in the Non-Life Insurance Market, in litigation. The final report of the fraudulent claims are essentially March. Most of the Competition Working Group was published in stealing from honest policyholders Authority’s recommendations were early January 2006 and IIF welcome whose premiums pay for those addressed to the Financial Regulator in particular the Working Group’s fraudulent claims. and other Government departments recommendations that a Legal Costs and IIF have been in discussion with regulatory body should be established Flooding and Climate Change these bodies over the course of to set guidelines for the assessment IIF hosted a seminar in October the year as to how the report’s of costs and that a Legal Costs to discuss the implications for the recommendations can be implemented. Assessment Office should replace the insurance industry of changing As it happens, thanks to actions taken current Office of the Taxing Master. international and Irish weather both by the Government and the IIF agree with the Working Group that patterns. Speakers at the seminar insurance industry itself, the claims greater simplicity and transparency included international climate experts environment has improved which in is needed in the assessment of as well as representatives of Met turn has led to existing players in the costs and look forward to early Éireann and the Office of Public market increasing their capacity and implementation of the Working Works (OPW). The OPW has a vital a number of new entrants joining Group’s recommendations. role to play as the lead agency in the market. It should be noted that delivering future policy on flooding the report did not find that there is John O’Neill and IIF trust that the Government will a cartel, collusion or price-fixing Chairman, Non-Life Insurance provide it with adequate resources arrangements operating in the Irish Management Committee to perform this role. IIF would like insurance market. to achieve a way forward whereby a Michael Horan national programme of preventative Non-Life Insurance Manager actions minimises the risk of flooding and allows insurers to provide cover against a risk rather than a certainty of flooding. 22 october
Pictured right are Dr. Andrew Dlugolecki, International Climate Expert and Michael Kemp, CEO, IIF, at the seminar organised by the IIF on climate change and flooding. october
Pictured are climate change seminar speakers, L—R: Ray McGrath, Met Office; Dr Andrew Dlugolecki, Climate Expert; Dr. Silvio Tschudi, Swiss Re; Grant Gillespie, RPS; Michael Kemp, IIF; and Mark Adamson, OPW. october
The IIF sponsored “Arrive Alive” road safety campaign was launched by the NSC in October. regulation 24
EU and International Review
Paul McDonnell
The following report provides a review This examined a number of issues On 4th July, the European of developments at EU and international including: the importance of impact Commission issued a call for advice level and IIF’s activities in this regard studies; the real cost of unnecessarily from CEIOPS (amongst others). in 2005. conservative solvency rules; the CEIOPS remains committed to wisdom of following the Basel II a risk-based approach whilst Solvency II approach; the compromise between recognising that internal models have The Committee of European harmonisation and flexibility; the a role. CEA has, however, expressed Insurance and Occupational Pensions challenge of taking a simple standard the following concerns: that CEIOPS’ Supervisors (CEIOPS), which consists approach but still allowing a approach will lead to a ‘mixed model’ of representatives of Member States’ sophisticated Internal Model approach; — part economic risk-based approach national supervisory authorities, is group issues; concentration; and part arbitrary measures, such as providing the bulk of the input for diversification of risk; risk transfer; Solvency I; that insurers may be the technical measures that will fungibility of capital; cross border required to hold more assets than lead to the new Solvency II regime. supervision and European are necessary — an overly prudent The IIF through its European supervision; potential destabilisation approach; that diversification may be representative body, Comite through impact on equity markets insufficiently incorporated into the Europeen des Assurances (CEA), and cost of volatility; the role of Solvency II framework; the issue of has been responding to CEIOPS. governments in encouraging and groups still not properly addressed; good risk management; risk mitigation and insufficient harmonisation. In March 2005, the European (risk transfer). Commission finalised three On 28th November, the IIF held its contributions to the project. The The third was on “Why Care Should own Seminar on Solvency II to update first was a study with Mercer Oliver Be Taken When Using Basel II,” as a members about the issues and Wyman to compare solvency models starting point for Solvency II which challenges involved. so that the correct requirements explains how the difference between could be arrived (this requirement is banking and insurance needs to be The Commission proposal for a known as Pillar 1). The second was a borne in mind when approaching framework directive is now expected study of the high-level structural and solvency. Following these papers around July 2006 with an intensified political issues relating to solvency II. CEA committed to concentrating on timetable for consultation with the approach to building Pillar 1. CEIOPS and CEIOPS publishing its 25
own Quantitative Impact Studies and absolutely necessary for consumer direct insurers. The new regime also reports in response to requests for protection — it could mean that the sets solvency requirements. Both advice from the Commission. discussion should be restricted to life and non-life reinsurance will life insurance. CEA suggests that it be subject to the same solvency Insurance Guarantee Schemes must further be possible to limit requirement as non-life direct The negative consequences of the compensation. insurance. Non-life reinsurers will failure of Independent Insurance on be allowed to increase this solvency several European markets led the • CEA advocates that any discussion margin by up to 50% through the European Commission’s DG Market on guarantee schemes in the non- EU comitology procedure. The to consider the possibility of life area must be held separately requirements are transitional into harmonising national schemes for and restricted to compulsory that they will not pre-empt Solvency the protection of policyholders when insurance (except compulsory II requirements when these are insurers are wound up. As a result motor insurance and compulsory implemented. The law will phase out the Commission has proposed the workmen’s compensation schemes collateral requirements which are introduction of mandatory insurance where they already exist). currently imposed by some Member guarantee schemes. The European States. Member States have two Commission issued working papers in • Limitation of Coverage: CEA years to implement the directive with January and May and a draft proposal considers that any directive on transitional arrangements of an extra in December which is intended for insurance guarantee schemes to eliminate collateral requirements. adoption during 2006. The CEA should be restricted to contracts position was stated in comments — with consumers. The reference International Financial Reporting responding to the working papers — to small businesses should be Standards published in March and November. deleted in order to avoid probable International Financial Reporting misunderstanding regarding Standards (IFRS) have applied to The CEA position is the scope of this concept. This EU-listed companies since early 2005 • Obligation to create a scheme: approach should be complemented — insurers have an interim standard Member States should not be by allowing Member States to (Phase 1). Work by the International obliged to set up any type of exclude certain listed insurance Accounting Standards Board (IASB) is guarantee fund. Measures to claims from the scope. In this not likely to result in a final standard prevent insolvency should be context, it would be relevant to for Phase II before 2009 or later. preferred and any existing provide the opportunity to exclude On 21st July the Chief Financial measures to prevent insolvency risks or beneficiaries outside Officers of major insurers (CFO should be acceptable. the EU. Forum) published a set of high-level principles for Phase II as follows: • Home Member State principle: • Continuity of insurance portfolio: CEA is of the view that basing CEA supports transfer or guarantee • The accounting standard should mechanisms to protect policyholders of contracts. The possibility for reflect the insurance business on the home country principle is the scheme to intervene in the model and how risk is managed; in line with the need for equal insurance contract to modify its • The asset/liability accounting treatment of EEA nationals. provisions and guarantee if need mismatch inherent in Phase I However, a company should have be should be offered. standards should be properly the option to ask the host country addressed; (supervisory authority or scheme It is not expected that a proposal • There should be global manager) for coverage of its will be adopted in 2006. convergence of insurance branch. The authority or scheme accounting standards. manager for its part should have Reinsurance Directive the option to accept this request The Directive was approved by An IASB discussion paper on how or to reject it. the European Council on 17th October. these and other aspects of IFRS The Directive allows reinsurers should be progressed is due in the • Claims covered by the scheme: operating in one Member State to last quarter of 2006. CEA believes that any discussion operate in another — allowing for on an insurance guarantee scheme prudential supervision of its home Paul MacDonnell should be limited to what it is country — bringing them into line with Planning and Regulation Manager 26
november
Mike Frazer, Financial Regulator’s Office; Michael Kemp, IIF; Giovanni Gentile, SwissRe and Patrick Brady, Financial Regulator’s Office are pictured at the Solvency II Seminar hosted by IIF. MEMBERS’ DIRECTORY 28
ACE European Group Ltd Senior Management Team Ground Floor, Guild House, Charlie Farrell, Underwriting Manager P & C Guild Street, IFSC, Dublin 1. Eugene O’Brien, Claims Manager P & C T 01 636 9100 Paul Downing, Business Development Manager, A & H F 01 636 9111 Eamonn Egan, Regional Development Manager W www.acelimited.com
Acorn Life Limited Senior Management Team St. Augustine Street, Paddy Byrne, Chief Executive Galway, Co Galway. Jonathan Goold, Finance Director & Actuary T 091 535 700 Ger Ryan, Head of Operations F 091 535 750 E [email protected] W www.acornlife.ie
AIG Europe (Ireland) Limited Senior Management Team AIG House, Sean B. Hehir, Managing Director Merrion Road, Dublin 4. David A. Kent, Finance Director T 01 208 1400 Matt Rafferty, Commercial Lines Director F 01 283 7774 Michael Leahy, Claims Director E [email protected] Sean Clifford, Financial Controller W www.aig.com Francis O’Fiacháin, Co. Secetary, Administration Manager Debbie Hegarty, HR Manager Paul Winters, SME Manager Declan O’Rourke, Financial Lines Manager Simon P. Russell, Property Manager Hillary Browne, Business Development Manager Aidan Connaughton, Personal Lines Manager Fergus Carolan, Accident & Health Manager Tom Donlan, Actuarial Services Manager Catherine Molloy, Legal Manager Marie Moore, Medical and Rehab Manager
AIG Life (Ireland) Ltd Senior Management Team AIG Centre, IFSC, Sean Hehir, Director North Wall Quay, Dublin 1. Peter Mansell, Director T 01 802 8911 R. Kendall Nottingham, Director F 01 829 1313 Niall Sommerville, Director W www.aig.com Marc Sevestre, Director Elizabeth Larrissy, General Manager Nigel Hewett, Appointed Actuary
Allianz Ireland plc Senior Management Team Burlington House, Brendan Murphy, Director, Group Chief Executive Burlington Road, Dublin 4. Michael Carr, Human Resources Director T 01 613 3000 Marie Corry, Finance Director F 01 613 4444 Aidan Hanratty, Sales & Commercial Director E [email protected] Nick Hughes, Information Systems & Operations Director W www.allianz.ie Sean McGrath, Actuarial Director Sean Maher, Risk Management Director Michael Nolan, Claims Director
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Anglo Irish Assurance Co plc Senior Management Team Heritage House, William McAteer, Chairman 23 St. Stephens Green, Dublin 2. Walter Tyrrell, Chief Executive T 01 616 2828 F 01 616 2850 E [email protected] W www.aiac.ie
Axa Ireland Ltd Directors Wolfe Tone House, Dennis Holt, Chairman Wolfe Tone Street, John O’Neill, Chief Executive Dublin 1. Aidan Cassells, Executive Director, Business Operations T 01 872 9888 Richard Whelan, Executive Director, Finance F 01 873 2755 Peter Hubbard, (UK) Non-Executive Director W www.axa.ie Phillipe Maso, (FR) Non-Executive Director Francois de Méneval, (FR) Non-Executive Director Pat Barry, Company Secretary
Senior Management Team John Farrell, Director of Claims & Underwriting Colm McGrattan, Director of Human Resources Padraic Mills, Director of IT, Administration and Innovation Derek Bain, Director of Acturial
Bank of Ireland Life Senior Management Team (Including New Ireland Assurance) Brian Forrester, Managing Director Grattan House, Sean Casey, Finance Director & Actuary Bank of Ireland Head Office, Dermot Murray, Sales Director Bancassurance Lower Baggot Street, Dublin 2. Dave Swanton, New Ireland Assurance, Sales & Bank of Ireland Life, Marketing T 01 703 9500 Maurice Chadwick, Operations Director F 01 662 0811 Tom Collins, Operations Director E info@bank of ireland.ie W www.bankofirelandlife.ie
Barclays Assurance (Dublin) Limited Senior Management Team 47-48 St. Stephen’s Green, Kieran Murphy, Managing Director Dublin 2. Aidan Larkin, Director, Operations & IT T 01 608 7100 David Shaw, Head of Operations & IT F 01 676 2430 Steve Gardner, Head of Actuarial E [email protected] John FitzGerald, Head of Product Derek Hall, Head of Compliance & Risk Graham Siobhan, Finance Manager
Barclays Insurance (Dublin) Limited Senior Management Team 47-48 St. Stephen’s Green, Kieran Murphy, Managing Director Dublin 2. Aidan Larkin, Director, Operations & IT T 01 608 7100 David Shaw, Head of Operations & IT F 01 676 2430 Steve Gardner, Head of Actuarial E [email protected] John FitzGerald, Head of Product Derek Hall, Head of Compliance & Risk Graham Siobhan, Finance Manager
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BUPA Ireland Senior Management Team Mill Island, Martin O’Rourke, Managing Director Fermoy, Ann Broekhoven, Director of Provider Contracting Co Cork. Niall Devereux, Director of Finance & Development T 025 42121 Sean Murray, Director of Marketing F 025 42122 Ann O’Donnell, Director of Operations and Sales W www.bupaireland.ie Donal Clancy, Director of Operations
Canada Life Assurance (Ireland) Limited Senior Management Team Canada Life House, Temple Road, Tom Barry, Senior Vice-President & Managing Director Blackrock, Co. Dublin. Vivienne Kane, Company Secretary & Chief Compliance Officer T 01 210 2000 Michael Murphy, CFO and Chief Actuary F 01 210 2024 Eunan O’Carroll, Executive Director Sales & Marketing E [email protected] Dan O’Donovan, Managing Director, Setanta Asset Management W www.canadalife.ie Ruairi O’Flynn, VP of I.S. Europe & Reinsurance
Cardif Pinnacle (Life) Senior Management Team 5 George’s Dock, IFSC, Dublin 1. Conor Molloy, Managing Director T 01 612 5380 F 01 612 5385 W www.cardifpinnacle.com
Cardif Pinnacle (Non-Life) Senior Management Team 5 George’s Dock, IFSC, Dublin 1. Conor Molloy, Managing Director T 01 612 5380 F 01 612 5385 W www.cardifpinnacle.com
Citilife Financial Limited Senior Management Team 1 North Wall Quay, Dublin 1. Debbie Miller, Managing Director T 01 622 2000 F 01 622 4007
Combined Insurance Company of Europe Ltd Senior Management Team Merrion House, Richard M. Ravin, Managing Director Merrion Road, Roger Powell Dublin 4. Raymond Skilling T 01 269 6522 John P. Hughes F 01 283 8585 Desmond Miller W www.combinedeurope.com Sue Bertlin Andrew Stodhart Michael Taylor, Secretary
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Combined Life Assurance Company of Europe Ltd Senior Management Team Merrion House, Richard M. Ravin, Managing Director Merrion Road, Dublin 4. Roger Powell T 01 283 9834 Raymond Skilling F 01 283 8585 John P. Hughes W www.combinedeurope.com Desmond Miller Sue Bertlin Andrew Stodhart Michael Taylor, Secretary
Combined Life Assurance Company Ltd Senior Management Team Merrion House, Merrion Road, Dublin 4. Kevin Kennedy, Managing Director T 01 283 9836 Martin Hoy, General Manager F 01 283 8585 W www.aon.co.uk
DAS Legal Expenses Insurance Company Ltd Senior Management Team 12 Duke Lane, Dublin 2. Adrienne Y. O’Sullivan, General Manager T 01 670 7470 Michael English, Operations Manager F 01 670 7473 E [email protected] W www.das.ie
Eagle Star Insurance Company (Ireland) Ltd Senior Management Team Zurich Insurance Ireland Limited Robert Rheel, Chief Executive Eagle Star House, Ballsbridge Park, Dublin 4. Eoin Ward, Chief Operations Officer & Chief Financial Officer T 01 667 0666 Mark Thornburgh, Director of Loss Management Division F 01 667 0644 Kieran Murphy, Director of Consumer Division E [email protected] Patrick Manley, Director of Broker Division W www.eaglestar.ie Dermot Peakin , Director of HR & Shared Services
Eagle Star Life Assurance Company of Ireland Ltd Senior Management Team Eagle Star House, Frascati Road, Michael J. Brennan, Chief Executive Blackrock, Co Dublin. Dermot Browne, Director Sales, Marketing & IT T 01 283 1301 Brendan Johnston, Director Pensions F 01 283 1547 Anthony Brennan, Finance Director E [email protected] Patrick Coyle, Director Operations & Company Secretary W www.eaglestarlife.ie Ann Powell, Director Investments
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Eagle Star European Life Assurance Company Ltd Senior Management Team Eagle Star House, Frascati Road, Michael J. Brennan, Managing Director Blackrock, Co Dublin. Ann M. Powell, Director Investments T 01 209 2097 Anthony Brennan, Finance Director F 01 283 5911 Ken Spillane, General Manager
Ecclesiastical Insurance Office plc Senior Management Team 65 Fitzwilliam Square, Dublin 2. Desmond Campbell, Manager for Ireland T 01 662 4933 Hilary Barnes, Finance and Administration Manager F 01 662 4639 Conor Lindsay, Business Development Manager E [email protected] Dave Moore, Operations Manager W www.ecclesiastical.ie
ECCU Assurance Company Ltd Senior Management Team 31-41 Lower Mount Street, Eilis Morgan, Director Dublin 2. Cecil Donovan, Director T 01 614 6700 James B. Flangan, Director F 01 614 6701 Lauri Healy, Director Denis P. O’Leary, Director
Equitable Life Assurance Society Walton Street, Aylesbury, Bucks, HP21 7OW.
FBD Insurance plc Senior Management Team FBD House, Phillip Fitzsimons, Managing Director Bluebell, David Flynn, Company Secretary Dublin 12. Niall Higgins, Claims Manager T 01 409 3200 Andrew Langford, Executive Director, Finance F 01 455 4308 Nigel Monaghan, Retail Sales Manager W www.fbd.ie Martin Moran, Executive Director, Insurance Enda O’Brien, Executive Director, Treasury Eimear O’Broin, Executive Director, Information Technology Adrian Taheny, Executive Director, Marketing & Sales
Friends First Life Assurance Ltd Senior Management Team Friends First House, Adrian Hegarty, Group Chief Executive Cherrywood Business Park, John O’Dwyer, Managing Director Loughlinstown, Thomas J. Browne, Chief Financial Officer Dublin 18. Richard O’Sullivan, Appointed Actuary T 01 661 0600 Sean Wade, Head of Group Corporate Services/Compliance Officer F 01 661 6651 Adam Lyon, General Manager, Business Development – PRSA Actuary W www.friendsfirst.ie Tom McCormack, General Manager, Retail Dermot Goode, General Manager, Corporate & Professional
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Genworth Financial Insurance Senior Management Team 31-36 Golden Lane, David Lane, Regional Manager Western Europe Dublin 8. Redmond McDonnell, General Manager T 0818 200 023 F 0818 200 024 W www.genworth.ie
Genworth Financial Assurance Senior Management Team 31-36 Golden Lane, David Lane, Regional Manager Western Europe Dublin 8. Redmond McDonnell, General Manager T 0818 200 023 F 0818 200 024 W www.genworth.ie
Halifax Insurance Ireland Ltd Senior Management Team Dromore House, East Park, Jerry White, Managing Director Shannon, Co Clare. Peter Doyle, Finance Director T 061 477 000 Paul Clark, Sales and Service Director T 061 477 019 Caroline Holmes, Senior Manager HR W www.halifaxinsuranceireland.ie Seamus Dowling, Senior Manager Services Neil MacDonald, Senior Manager Operations Support John Cleary, Senior Manager Products
Halifax Assurance Ireland Ltd Senior Management Team Dromore House, East Park, Jerry White, Managing Director Shannon, Co Clare. Peter Doyle, Finance Director T 061 477 000 Paul Clark, Sales and Service Director T 061 477 019 Caroline Holmes, Senior Manager HR W www.halifaxinsuranceireland.ie Seamus Dowling, Senior Manager Services Neil MacDonald, Senior Manager Operations Support John Cleary, Senior Manager Products
Hansard Europe Ltd Senior Management Team Enterprise House, Frascati Road, Gordon Marr, Chairman Blackrock, Co Dublin. Rachel H. Panagiodis, Managing Director T 01 211 2800 Carmel Brennan, Appointed Actuary F 01 211 2850 Fintan Byrne Director, Operations E [email protected] Stefan Ziegenhagen, Company Solicitor W www.hansard.com
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Hartford Life Limited Senior Management Team Unit Three, Swords Business Campus Lincoln Collins, Chief Executive Swords, Co. Dublin. Deborah Berg, Chief Information Officer T 01 883 0340 Bill Carroll, Director of Corporate Governance F 01 890 7775 Pat Hayes, Finance Director E [email protected] Aidan O’Donnell, Chief Actuary W www.thehartford.ie Liam O’Keeffe, Customer Service & Operations Director
HCC International Insurance Company plc Senior Management Team Summit House, Embassy Office Park, Derek J. Phelan, Associate Director Kill, Co. Kildare. Peter Lynch, Underwriting Manager T 045 886993 F 045 886998 E [email protected] W www.hccint.com
Hibernian Group plc Senior Management Team Hibernian, Haddington Road, Brian Jenkins, Group Chief Executive Dublin 4. Lionel Hogan, Company Secretary T 01 607 8000 Jackie Hunt, Group Financial Director F 01 607 8388 Brian Dalton, Director of Group Human Resources Kevin Garland, Director of Group IT
Hibernian General Insurance Ltd Senior Management Team Haddington Court, Dick O’Dirscoll, Managing Director Haddington Road, John Gregan, Director of Claims Dublin 4. Brian Huston, Director of Product & Pricing T 01 607 8000 John O’Grady, Director of Finance F 01 607 8112 Michael Garvey, Director of Underwriting & Distribution Mary Cregan, Director of Direct Business
Hibernian Life and Pensions Senior Management Team Ark Life Ltd Tony O’Riordan, Managing Director 60-63 Dawson Street, Charles Henihan, Director of Broker Distribution Dublin 2. Billy Finn, Distribution Director T 01 617 8000 Brian Downes, Customer Services Director F 01 677 4860 Gareth McQuillan, Marketing & Product Development Director W www.hibernian.ie Ed McGivney, Finance Director Tony Jeffery, Actuarial Director John Gilmore, Implementation Director Kevin Garland, IT Director
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HSBC Life (Europe) Ltd Senior Management Team HSBC House, Harcourt Centre, Dermot Gorman, Head of Insurance Harcourt Street, Dublin 2. Tim Davies, Head of Life Insurance T 01 631 8357 Fiona Denvir, Head of Actuarial F 01 433 7535 Jason Palmer, Head of Customer Services & Local Compliance Officer E [email protected] Jonathan Cole, Head of Finance James Milner, Head of UK Sales Support John Poulter, Business Development Manager
Irish Life Senior Management Team Irish Life Centre, Lower Abbey Street, Dublin 1. David Went, Chief Executive, Irish Life & Permanent plc T 01 704 2000 Kevin Murphy, Chief Executive, Irish Life Retail Division F 01 704 1903 Donal Casey, Chief Executive, Irish Life Corporate Business Division W www.irishlife.ie Bruce Maxwell, Chief Actuary
Irish Life International Senior Management Team 100 Lower Mount Street, David Fagan, Chief Executive Officer Dublin 2. Mark Maguire, Head of Actuary and Product Development T 01 704 1500 Conor McCarthy, Sales Manager F 01 704 1922 Ian Murphy, Head of Legal and Compliance E [email protected] Mairead O’Carroll, Chief Financial Officer W www.irishlifeinternational.com Paul Lyons, Chief Operating Officer
Irish Public Bodies Mutual Insurances Ltd Senior Management Team 12-14 Lower Mount Street, Pat O’Loughlin, General Manager Dublin 2. Alan Connolly, Assistant General Manager T 01 639 5500 Terry O’Neill, Claims Manager F 01 639 5510 Enda Brazel, Liability Manager E [email protected] Joseph Reynolds, Property & Motor Manager W www.ipb.ie Ciara Norris, Accountant Patrick McGinley, Investment Manager Rosemary Reilly, Company Secretary & Assistant General Manager
London General Insurance Company Ltd Senior Management Team Merrion House, Kevin Kennedy, Managing Director Merrion Road, Dublin 4. Martin Hoy, General Manager T 01 283 9836 F 01 283 8585 W www.aon.co.uk
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Mapfre Asistencia Agency Ireland Senior Management Team Ireland Assist House, Noel Quirke, Managing Director of UK & Ireland 22-26 Prospect Hill, Andrew Lawless, Financial Director of UK & Ireland Galway. Marco Magliocco, General Manager T 091 501600 Alan McGilton, Commercial Manager F 091 501618 E [email protected] W www.mapfreasistencia.ie
New Technology Insurance Senior Management Team 3rd Floor, Fleming Court, Tim Scrivener, Chief Executive Flemings Place, Mark Bow, Operations Director Dublin 4. Anne Arigho, Finance Director T 01 632 4000 Jarlath Ward, Financial Controller F 01 614 0044 Karen Tracy, Underwriter E [email protected] Louisa Goodliffe, Business Development Manager W www.nti-insurance.com Farid Oudjane, IT Manager
Phoenix Life & Pensions Limited Senior Management Team Edward Pavilion Keith Greenfield, Deputy Managing Director Albert Dock Mike Kipling, Head of Actuarial Liverpool, L3 4SL Roger Craine, Finance Director T 0151 703 5000 W www.phoenixlifegroup.co.uk
Probus Insurance Company Europe Ltd Senior Management Team Hertz Europe Service Centre, Mark Scanlon, Insurance Manager Swords Business Park, Nigel Ennis, Claims Manager Swords, Philip Brady, Finance Manager Co. Dublin. Robin Wrisley, Compliance Manager T 01 829 1293 F 01 829 1294 W www.probus-insurance.com
Prudential International Assurance plc Senior Management Team Montague House, Peter Towers, Chairman & Director, International Adelaide Road, Martin Cosgrove, Managing Director Dublin 2. Bruce Gunn, Appointed Actuarial T 01 483 0500 Fraser Johnston, Director of Product and Market Development F 01 676 2599 Steve Johnson, Sales Director
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QUINN-direct Insurance Senior Management Team Dublin Road, Sean Quinn, Chairman Cavan, Liam McCaffery, Chief Executive Co Cavan. Colin Morgan, General Manager T 049 436 8475 Shane Morrison, Financial Planning Director F 049 432 4277 Trevor Shaw, Commercial Director E [email protected] Kevin Lunney, Director W www.quinn-direct.com Paddy Mullarkey, Non-Executive Director Jim Quigley, Non-Executive Director Vincent Clancy, Non-Executive Director
QUINN life-Direct Limited Senior Management Team Dublin Road, Sean Quinn, Managing Director Cavan, Liam McCaffery, Secretary/Director Co Cavan. Kevin Lunney, Director T 1850 77 1851 Siobhan Gannon, General Manager Director F 049 436 0234 Phillip Clarke, Non-Executive Director E [email protected] John White, Non-Executive Director W www.quinn-life.com Philip Simpson, Appointed Actuary Maeve Murphy, Compliance Officer
Royal & SunAlliance Senior Management Team 13-17 Dawson Street, Paul Donaldson, General Manager Dublin 2. Iain Walsh, Finance T 01 677 1851 Eamon Hurley, Strategic Change & IS F 01 671 7625 Ken Norgrove, Underwriting E [email protected] Ken Kennan, Distribution & Business Development W www.royalsunalliance.ie Barry Holmes, Human Resources Philip Smith, Operations Peter Burke, Claims Patrick Nally, Marketing/PR
Royal Liver Assurance Ltd Senior Management Team Royal Liver Assurance House, Steve Burnett, Chief Executive Westland Park, David Woods, Chairman Willow Road, Bill S. Connolly, Secretary Dublin 12. Kevin Dobson, Group Services Director T 01 429 2600 George McGregor, Finance Director F 01 456 4503 Patricia Hyland, ROI Distribution Director W www.royal-liver.com Mike Warr, Manufacturing and Operations Director
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Sanpaolo Life Ltd Senior Management Team 28 Windsor Place, Matthew J. Coffey, General Manager Dublin 2. David Sheehan, Finance Manager T 01 661 7707 F 01 661 7727 E [email protected]
Santam Europe Limited Senior Management Team 2A Parkview House, Jean Hellewell, General Manager Beech Hill Office Campus, Vincent Cunningham, Finance and Operations Manager Beech Hill Road, Andri Britz, Underwriting Manager Dublin 4. Damian McKenna, Claims Manager T 01 205 3519 F 01 205 3550 E [email protected] W www.santameurope.ie
The Scottish Legal Life Assurance Society Ltd Senior Management Team 95 Bothwell Street, Gerard Kay, Chief Executive Glasgow Tom Ord, Actuary G2 7HY, Scotland Peter Steven, Chief Financial Officer T +44 141 222 5000 John Love, Head of IT, Personnel & Republic of Ireland Operations F +44 141 222 5050 Jim Reid, Compliance Officer & Internal Auditor E [email protected] W www.scotlegal.com
Scottish Mutual International plc Senior Management Team Styne House, Niall Gallagher, Managing Director Upper Hatch Street, Anthony Haynes Dublin 2. John Finnegan T 01 804 4000 Kerr Luscombe F 01 804 4005
Scottish Provident Ireland Senior Management Team Styne House, Geraldine Mogridge, Head of Operations Upper Hatch Street, Claire McKenna, Head of Corporate Resources Dublin 2 Mairead Ruane, Head of Legal & Compliance T 01 804 4004 Shay Hiney, Head of Broker Contact F 01 804 4005 W www.scotprov.ie
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SEB Life (Ireland) Assurance Company Ltd Senior Management Team 34 Fitzwilliam Square, Peter Nilsson, Chairman of Board Dublin 2. Nils Liljeberg, Managing Director T 01 638 1700 F 01 638 1701 W www.seb.se
Skandia Life Ireland Limited Senior Management Team Regus House — 4th Floor, James Roberts, Director Harcourt Road, Brian Brennan, General Manager Dublin 2. T 01 402 9422 F 01 477 3454 E [email protected] W www.skandia.ie
St. James’s Place International Senior Management Team Fleming Court, Sheelagh Malin, Managing Director Flemings Place, Michael Wilson, Chairman Dublin 4. Eugene McCarthy, Non-Executive Director T 01 660 6100 Fintan McKeon, Finance Director F 01 231 3291 Stephen Williams, Group Services Director E [email protected] W www.sjpc.co.uk
St. Paul Travelers Insurance Company Ltd Senior Management Team Block 1, Harcourt Centre, Peter Hayden, General Manager Harcourt Street, David Bourke, Deputy General Manager Dublin 2. Paula Hodson, Deputy General Manager T 01 609 5600 John Sheehy, Head of Claims F 01 662 4945 Alan Grace, Commercial Insurance Manager W www.stpaultravelers.ie Ciara Holt, Administration Manager Ann O’Brien, Human Resources Manager Breda Peters, IT Manager
Standard Life Senior Management Team 90 St. Stephens Green, Michael Leahy, Chief Executive Dublin 2. Fidelma Healy, Operations Director T 01 639 7000 Lorraine Hogg, Finance & Actuarial Director F 01 639 7047 Nigel Dunne, Sales & Marketing Director E [email protected] W www.standardlife.com
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Sun Life Assurance Company of Canada (UK) Ltd Senior Management Team Matrix House, David Davies, Chairman Basing View, Janet Fuller, Chief Executive Officer Basingstoke, Neil Haynes, Finance Director Hampshire RG21 4DZ. James Prieur, Executive Director T 01256 849018 Donald Stewart, Executive Director W 01256 849392 Anthony Davidson, Non-Executive Director E [email protected] Sir Robert Reid, Non-Executive Director W www.sloc.co.uk Jon Ross, Compliance Officer Robert, Littlejohn, Company Secretary & Legal Adviser
Vhi Healthcare Senior Management Team IDA Business Park, Vincent Sheridan, Chief Executive Purcellsinch, Dr Bernadette Carr, Medical Director Dublin Road, John Creedon, Information Technology Director, Kilkenny. Tony McSweeney, Director of Individual & Corporate Business T 1850 444 444 Declan Moran, Marketing & Business Development Director E [email protected] Willie Shannon, Finance Director W www.vhi.ie Michael Owens, Human Resources Director Brighid Smyth, Head of Corporate Communications
MEMBERS’ DIRECTORY