The Central Bank has received five applications for authorisation from foreign insurance companies that want to locate an operation in Ireland as a result of Brexit.
 
It said a further five have signalled a "firm intention" to apply. 

The regulator has been contacted by another 20 insurance companies to discuss authorisation. 

"Unlike other financial sectors, insurance firms are not generally waiting for Article 50 to be triggered before implementing their strategies on location," said Sylvia Cronin, Director of Insurance Supervision at the Central Bank. 

She added the regulator was open to discussion and engagement with any applicant. 

Her comments come after insurance giant AIG opted to set up its European operation in Luxembourg instead of Dublin, which was on a shortlist of possible locations. 

The Irish authorities had met with AIG in an effort to bring the operation to Ireland.  

Separately, the Central Bank today released statistics showing banking offices resident in Ireland reported total operating income of €2.4 billion for the last three months of 2016, an increase of 10% on Q4 2015.

Banking offices resident in Ireland reported total losses of €83m during Q4 last year, bringing total profits for 2016 to €2.2 billion.

The figures also show interest income received from loans and deposits accounted for €1.41 billion, or 58%, of total operating income.