-
Aviation Advisory
Our dedicated Aviation Advisory team bring best-in-class expertise across modelling, lease management, financial accounting and transaction execution as well as technical services completed by certified engineers.
-
Consulting
Our Consulting team guarantees quick turnarounds, lower partner-to-staff ratio than most and superior results delivered on a range of services.
-
Business Risk Services
Our Business Risk Services team deliver practical and pragmatic solutions that support clients in growing and protecting the inherent value of their businesses.
-
Deal Advisory
Our experienced Deal Advisory team has provided a range of transaction, valuation, deal advisory and restructuring services to clients for the past two decades.
-
Forensic Accounting
Our Forensic and Investigation Services team have targeted solutions to solve difficult challenges - making the difference between finding the truth or being left in the dark.
-
Financial Accounting and Advisory
Our FAAS team designs and implements creative solutions for organisations expanding into new markets or undertaking functional financial transformations.
-
Restructuring
Grant Thornton is Ireland’s leading provider of insolvency and corporate recovery solutions.
-
Risk Advisory
Our Risk Advisory team delivers innovative solutions and strategic insights for the Financial Services sector, addressing disruptive forces, regulatory changes, and emerging trends to enhance risk management and foster competitive advantage.
-
Sustainability Advisory
Our Sustainability Advisory team works with clients to accelerate their sustainability journey through innovative and pragmatic solutions.
-
Asset management Asset management of the futureIn today’s global asset management landscape, there is an almost constant onslaught of change and complexity. To combat such complex change, asset managers need a consolidated approach. Read our publication and find out more about what you can achieve by choosing to work with us.
-
Internal Audit Maintaining Compliance with New EU Pension Directive IORP IIOn 28 April 2021, the Irish Government transposed IORP II (Institution for Occupational Retirement Provision), an EU directive on the activities and supervision of pension schemes, into law.
-
Risk, Compliance and Professional Standards FRED 82 – Periodic Updates to FRS 100 – 105The concept of a new suite of standards for the UK and Ireland, aligning with international financial reporting standards, was first conceived in 2002
-
Audit and Assurance Auditor transition: how to achieve a smooth changeoverAppointing new auditors may seem like a daunting task that will be disruptive to your business and a drain on the finance function. Nevertheless, there are a multitude of reasons to consider a change, including simply seeking a ‘fresh look’ at the business.
-
Corporate Tax
Our Corporate Tax team is made up of more than 40 highly experienced senior partners and directors who work directly with a wide range of domestic and international clients; covering Corporation Tax, Company Secretarial, Employer Solutions, Global Mobility and Tax Incentives.
-
Financial Services Tax
The Grant Thornton team is made up of experts who are fully up to date in terms of changing and evolving tax legislation. This is combined with industry expertise and an in-depth knowledge of the evolving financial services regulatory landscape.
-
Indirect Tax Advisory & Compliance
Grant Thornton’s team of indirect tax specialists helps a range of clients across a variety of sectors including pharmaceuticals, financial services, construction and property and food to navigate these complexities.
-
International Tax
We develop close relationships with clients in order to gain a deep understanding of their businesses to ensure they make the right operational decisions. The wrong decision on how a company sells into a new market or establishes a new subsidiary can have major tax implications.
-
Private Client
Grant Thornton’s Private Client Services team can advise you on all areas of financial, pension, investment, succession and inheritance planning. We understand that each individual’s circumstances are different to the next and we tailor our services to suit your specific needs.
With the recent announcement by Ulster Bank and KBC that they are to leave Ireland, it focusses the lens on the General Insurers in Ireland and the viability of shareholders return. There are more players in the Insurance industry compared to the Banking industry, which has resulted in more competition. However, that being considered, the various Insurers are caught between a rock and a hard place when it comes to managing various stakeholder expectations:
The expectation from policyholders and the public is to bring premium costs down with the political class continuously beating that drum to gain favour with the public. However sometimes these stakeholders forget or ignore that the cost of claims and to a lesser extent the cost of regulation are the main factors which drives the premium amount.
The recent adoption of the Personal Injury Guidelines by the Judicial Council on 6 March 2021 is welcome news. The guidelines will replace the Book of Quantum and provide a recalibration on damages awards in personal injuries claims. The upshot from the guidelines is a reduction in whiplash and minor injury awards and that more actions would begin and end in lower courts meaning that insurance companies will incur lower claims costs and legal fees. However, Ireland is still on the upper end of the awards scale when compared to similar claims in the UK and Europe.
On the other hand, medical costs, legal and reconstruction costs, to name a few, are all on the rise which is feeding into cost increases on larger claims.
The political parties are taking aim at dual pricing in the insurance market, however, banning dual pricing would remove an insurers ability to attract new policyholders and may have a negative effect on insurance competition. The appetite to go for the low hanging fruit of dual pricing will have minimal to no effect on insurance premium reduction. It does, however, obscure the reluctance to tackle the thorny issues of Law Reform, Claims Culture and increasing the powers and resources of An Garda Síochána to deal with insurance fraud. All of these topics, combined with the Government’s Action Plan for Insurance Reform, would yield a far bigger dividend by reducing insurance claims costs and, in turn, reduce insurance premiums for the policyholders.
The Central Bank of Ireland and the European Insurance and Occupational Pensions Authority are constantly increasing and refining their supervision of the Industry, which is welcome but also comes with a cost that is ultimately borne by the policyholder.
SUBSCRIBE TO OUR MAILING LIST
The last and probably the most important stakeholder to consider is the shareholder, they expect a return for the capital they have invested and with solvency rules the amount of capital invested can be very significant.
Insurance is capitalism’s closest attempt at some form of socialism. The essential ingredient in the concept of insurance is the pooling of risk and in order for any insurance system to work there has to be at least some extent to which the fortunate pay the expenses of the less fortunate. Insurers have many stakeholders to consider but at the end of the day a satisfactory return for shareholders is required to keep shareholders interested in maintaining a presence in Ireland.