Dublin GAA AIGThe insurance sector is one of the major contributors to sports sponsorship and commercial partnership in Ireland. A new report published by Sport for Business member PwC has outlined how it could have the potential to add another 3,000 jobs in the coming years. That is a potential which should be backed and broadly supported by the sports sector.
Major multinational companies including Liberty Insurance, Aon, AIG, Allianz and Aviva are already heavily involved with major projects across a wide range of sports. The sector presently employs 27,000 but the report highlighted thee areas of Government intervention where improvements could be made.
Three initiatives
First is to reform income tax for foreign executives so as to encourage more companies relocate senior management teams here.
Second is to introduce a reform of pensions and health insurance which would encourage consumers to take up those kinds of policies earlier in their working lives.
Third is to develop Ireland as an innovation hub for the global insurance industry. Between them these could account for 750, 500 and 1,750 jobs respectively.
To do so would increase the need of those companies to invest back into their local communities and there are few better options than sport for satisfying this.
Sport for Business certainly welcomes publication of the report and would actively encourage the implementation of the steps suggested.