Following successive adverse shocks over the last decade and in the face of the medium-to-longer term economic transitions such as climate change and population ageing, enhancing the resilience of the economy should be a key objective of public policy over the coming years. The experience of the pandemic is a vivid example of the value of building resilience in the public finances.
Moreover, the dissemination of information on the price of risk should lead to more ef cient resource allocation.2 The sector also plays an important role in channelling household savings into nancial markets and the real economy. This happens on an international scale. Irish insurers wrote over € of gross premiums in 2021, more than two-thirds of which was written ‘cross border’.