Strength through resilience, adaptability and trust – insurance for a stronger Europe - Speech by Deputy Governor McMunn at Insurance Ireland

In a keynote to Insurance Ireland, Central Bank of Ireland Deputy Governor McMunn set out a forward-looking strategic frame for the Irish and European insurance industry built on three pillars: operational and financial resilience, adaptability to structural change, and trust earned through conduct and governance. The address is strategic rather than rule-setting, but it signals supervisory expectations that will shape engagement priorities across the sector. For compliance and risk leaders, the practical message is that boards should be able to demonstrate how they bend without breaking under macro shocks, how they are responding to technological transformation including AI and digitalisation of distribution, and how consumer outcomes and culture are being evidenced rather than asserted.

Firms should anticipate closer supervisory scrutiny of resilience testing, outsourcing and third-party dependencies, climate and nature-related risk, and governance of technology change. Recommended actions: map the three pillars against existing frameworks such as Solvency II governance and ORSA, operational resilience and outsourcing regimes, and consumer protection requirements; refresh board-level narrative and MI so that adaptability and conduct culture are measurable; and prepare senior management to articulate strategy, risk appetite and consumer outcome evidence in supervisory dialogue. Cross-border and group entities operating in Ireland should also consider how the European 'stronger Europe' agenda affects regulatory engagement and market positioning.

No new binding requirements or deadlines are introduced by this speech, so the principal risk is strategic and reputational rather than an immediate compliance obligation.