Insurance companies need to treat good internal culture as essential if they are to avoid making harmful decisions, the Irish central bank's director of insurance supervision has said.

"Addressing the area of culture is essential if we want to stop history repeating itself," Sylvia Cronin told an audience in Dublin on January 18. From early 2016, she said, the Central Bank of Ireland had made it clear that it would look at firms' culture as part of its standard supervisory approach.

But, she