As director of insurance at the Central Bank of Ireland, Sylvia Cronin has really grasped the opportunities provided by Brexit. Ireland has created a regulatory environment that successfully attracted international insurers to domicile in the Emerald Isle and it looks set to cement its position by providing refuge to UK insurers keen to maintain EU market access. She has used both the carrot and the stick when addressing UK business. Relocating to Ireland will involve more than just a brass plaque and token office from firms, she has said, but in return they will benefit from a regulator with strong international experience.
What do you enjoy most about your job?
Working in the public interest, leading a team of highly motivated dedicated professionals to protect consumers and regulate a domestic and European-focused insurance sector, and representing Ireland at a European level. I believe people are the foundation of a well-functioning organisation and this is especially true in the Central Bank of Ireland where there is such a diverse range of technical expertise and specialism.
Who or what has had the largest influence on your work?
The 'what' is Solvency II, with its more sophisticated risk based regulatory and supervisory regime which has transformed the way we regulate our industry. The 'who' are leaders in pursuit of excellence and my late mother who instilled fundamental key values and behaviours which have stood me in good stead throughout my career.
What is the biggest issue you are dealing with right now?
Without a doubt, Brexit represents a major shift in direction, driven by the uncertain external environment. The unprecedented nature of the event makes assessing the effects difficult and navigating a clear path challenging. It will certainly ensure an interesting and challenging couple of years ahead.
How do you expect the insurance business to evolve in the coming years?
In terms of risk assessment, the geopolitical risk introduced by Brexit and more recently the results of the US Presidential election, will likely have a profound impact on how we transact business in Ireland. Local market dynamics will be implicated; however, the unknown is, to what degree. The next key evolution is the role of digitalisation in shaping the insurance sector and the profound effects of blockchain and fintech solutions and how regulators respond to this challenge.
What interests do you have outside work?
I don't get to do either as often as I would like but I l enjoy entertaining and skiing. And of course my family who keep me firmly grounded.